One aspect of planning for the future is laying out financial and legal intentions for estate assets after one’s passing. It may also include planning for the possibility of a disability or long-term health care needs. Protecting wealth is a primary goal for many in Louisiana who are considering their estate planning needs. One tool that can help them accomplish this is a trust.
What does a trust do?
There are many benefits to protecting wealth in a trust. These assets do not have to go through probate, and a trust can help one avoid or mitigate certain types of taxes. A trust also allows one to accomplish specific things for his or her estate, such as charitable giving, caring for a special needs loved one or leaving money for a minor beneficiary.
An individual considering a trust has several options from which to choose. The right option depends on the specific goals and needs one has regarding his or her estate plan. It is helpful to seek the guidance and experienced counsel of a legal professional when weighing the benefits of certain complex estate planning strategies.
Is it right for you?
Every situation is different, and each estate plan should be custom-tailored to the needs of the individual. A trust is a useful way to accomplish certain estate planning goals and protect wealth for the future. An assessment of the individual situation may reveal what steps could be practical and prudent for a complete and sustainable plan.