A trust is an arrangement where a trustee holds assets for the benefit of the beneficiary. Trust planning can be a means to achieve certain goals. Whether it is reducing tax liability, protecting assets for the beneficiaries of your estate, or protecting assets from the costs of long-term care, contact us to discuss your options.
The beneficiaries of an estate may have creditors that can reach the assets. A beneficiary could get divorced and, if not protected, the inheritance could be subject to equitable distribution. The beneficiary could have future medical bills, future marriages, and other circumstances that could see the inheritance wasted or otherwise disposed of in a way that was not intended.
Assets that were intended to be left to the beneficiaries of the estate can also be depleted by the cost of long-term care. Trust planning can help to protect assets from the cost of long-term care.