Estate planning is important for anyone who is concerned about their legacy or about any end-of-life issues, like what kinds of emergency medical care will be provided in a life-threatening situation. There are lots of legal tools which are used in estate planning. One of the most common, and most important, tools are trusts. Clifford, Ross, Raudenbush, & Cooper can provide El Paso estate planners with help making a trust or determining if a trust is actually the right choice.
How Do Trusts Fit Into Estate Planning?
There are different kinds of trusts. You have to decide if any of the types of trusts is a good fit for your estate planning process. For example, living trusts are a frequently used estate planning tool. These trusts let you keep control over assets over the course of your life. You can name a backup trustee when the trust is created. If you suffer illness or get hurt and can’t be in control of your assets any more, then the backup trustee takes over. This ensures appropriate asset management of trust assets, without you having to create a power of attorney or without your family going to court to get guardianship.
Choosing the Right Trusts
Different trusts serve different goals. Living trusts, for example, won’t help to keep your assets held in the trust from disqualifying you from Medicaid coverage that you may need to pay for a nursing home. If your goal is an asset protection trust which lets you get Medicaid coverage without spending down assets, you have to use a different kind of trust. Certain kinds of trusts also let you skip probate, reduce estate taxes, or limit how your heirs spend an inheritance.
Getting Help With Estate Planning
Since there are different kinds of trusts and different goals for estate planning, the best approach to deciding if you need a trust is to get professional advice. Clifford, Ross, Raudenbush, & Cooper are here to provide help with issues related to trust and with all of your other estate planning needs. Instead of going it alone, have a team with the right experience by your side. Your estate should be in good hands, especially when your hands aren’t able to care for it any longer. By choosing to team up with us, you can rest easy. You and your family will benefit greatly from having these important life decisions planned out.