June 2012 Archives

June 19, 2012

Trusts

People find trusts one of the most confusing aspects of estate planning and with good reason. There are various kinds of trusts used to address individuals' unique needs. Some are to protect inheritance for young children, others are needed for business owners, and yet others are setup to offset estate taxes.

Most people setup trusts to retain control of assets they have worked years to acquire and to minimize estate taxes. Other advantages of trusts are the estate avoids probate and the last Will remains private.

Probate is the mandated process for estate reconciliation in the U.S. One of the leading reasons to avoid probate is all estate property is seized and cannot be sold or transferred until proceedings are completed.

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