When creating an estate plan, the goal is to make choices that will be useful and beneficial for years to come. Thinking ahead about the specific needs of heirs and beneficiaries can help a Louisiana adult create a plan that will secure the interests of themselves and loved ones. One way to do this is to leverage the benefits of an irrevocable trust.
What can this type of trust do?
There is often hesitation with irrevocable trusts because there is an assumption that, once assets are in the trust, the grantor completely loses control or access to them. In reality, it is possible to create this type of trust with some flexibility, depending on the situation. State laws typically control how much flexibility is possible for an irrevocable trust.
With this specific type of trust, it may be possible to create it with the intent of giving beneficiaries more control over how the assets are used. For example, an irrevocable trust can allow one to protect family land while still including provisions, allowing beneficiaries to use the land as they want after a certain number of years. One of the main benefits to this trust is that one can use it as an instrumental part of a strategy to reduce taxes associated with an estate.
Planning with a long-term perspective
Planning for the future involves creating a comprehensive estate plan that provides protections and benefits for a Louisiana adult and his or her family. This means maintaining a long-term perspective during the process. It may be helpful to work with an estate planning attorney who can help one understand the benefits and potential drawbacks of certain tools, such as an irrevocable trust.