Your Estate Plan May Benefit From One Or More Trusts
Every estate plan will likely contain a will – they are considered foundational documents. Although they are used less often, trusts can play an equally important or greater role in achieving one’s estate planning goals.
If you have significant assets to protect, complex family dynamics or just ambitious goals for your estate, a trust may be right for you. Because trust creation and management can be complex, however, it is important to work with an experienced attorney like ours at Wolf, Baldwin & Associates, P.C. Our firm has been serving Pennsylvania clients for decades, and our lawyers offer more than a century of combined legal experience.
What Trusts Can Do For You And Your Loved Ones
Trusts are more complicated than wills, and they come with some ongoing administrative costs. However, they can help you achieve many important estate planning and personal goals, including:
- Simplifying or eliminating the need for probate
- Reducing estate taxes and inheritance taxes
- Asset protection
- Providing for a child or other loved one with special needs
- Giving you considerable control over how, when, and under what condition assets are distributed to the trust beneficiaries
- Qualifying for Medicaid to help pay for nursing home costs without entirely depleting your estate assets
- Clarifying and protecting inheritance rights in blended families (such as those of your children from a first marriage)
Trusts are highly customizable, and there are dozens of common types of trusts used to achieve specific purposes. When you contact our firm, one of our estate planning attorneys can help you determine which kind of trust (or trusts) would be appropriate for you, and help you establish it.
Talk To Us About Your Estate Planning Goals During An Initial Consultation
Wolf, Baldwin & Associates, P.C. serves Pennsylvania clients from our offices in Pottstown, Pennsburg, West Chester, and Reading. To learn more about how we can help you and your loved ones, call us at 215-679-5912 or reach out online.