Taxes are rarely the only reason, and usually not the most important reason, people have comprehensive estate plans. A trust can be used to protect, control and maximize the assets in your estate. An experienced trust consultant can ensure your assets are protected and distributed as intended upon your death.
- Maintaining control: One key reason to utilize a trust as part of your estate plan is to retain control of your assets–particularity in light of any family strife that could ensue over who gets what assets now or when you pass away.
- Protecting assets and avoiding taxes: Litigation, malpractice claims, creditors and divorce are examples of potential scenarios that should be considered when creating your estate plan. Perhaps the most obvious is to utilize a trust in estate planning to help minimize estate and gift tax liabilities. Trusts can also be used for philanthropic giving that is above the current giving limits.
- Planning for disability: Given today’s longer life spans, you may wish to develop a plan for the possibility that you may experience a disability that impairs your ability to manage financial affairs. The trust could include specific criteria to establish diminished capacity, at which point your pre-appointed successor trustee would take over management of trust assets.
Work with an experienced trust consultant to maximize today’s tax laws for your particular situation to help ensure your assets are maximized, protected and distributed as you intend.
If you need help with retirement planning or would like more information on estate planning, contact TFCU Financial Advisors today.
TFCU Financial Advisors
6501 Tinker Diagonal, MWC
(405) 737-0006
TFCUFinancialAdvisors.org
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