7 Important Benefits of a Trust
One of the most powerful tools used in a comprehensive estate plan can be to
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John Diamantis, the founder of Heritage Law, is an estate planning attorney, located in Omaha Nebraska.
At Heritage Law, you have a dedicated estate attorney to help you. We specialize in trusts and estates, and strive to guide our clients through the unique situations where utilizing estate planning and trusts can provide you better protection.
Our law firm has helped many people with their estate planning needs over the years and we know exactly how to help you, too!
Trusts are an integral part of any sound estate plan because they offer protection for your property and family, and ensure that assets are distributed according to your wishes. A properly funded trust also makes it possible for you to avoid the probate process when someone dies and contains provisions if you become incapacitated.
Schedule a free consultation today to discuss whether a trust might be a good fit for you.
We are here to help you. Please contact Heritage Law and start planning for the future today.
We are a provider of many types of trusts and trust administration. Each trust serves a different purpose and can provide unique benefits. Our priority is to provide our clients with the personalized attention and guidance they need to ensure their estate planning affairs are in order.
We work with you to set up a Special Needs Trust designed specifically for a special needs loved one without risking their eligibility for government benefits.
A farm trust can protect your family farm for future generations. It’s never too late to start planning for the future, and an Irrevocable Farm Trust is a great way to start.
A Family Trust can help you divide your assets in a structured way. They are a great way to distribute your estate to your spouse, children, even charities.
Charitable Trusts allow you to structure your assets in a way that will benefit not only your charitable foundation but also you and your beneficiaries.
A Life Insurance Trust allows you to avoid or minimize estate taxes on the proceeds of your life insurance policy.
Most people believe that Revocable Living Trusts are just for the rich, yet they may provide considerable benefits to someone with even little wealth.
An Irrevocable Trust can provide your family with stability and security while providing them with many benefits.
Many people believe that Revocable Living Trusts are just for the rich, yet they may provide considerable benefits to someone with even little wealth.
A trust is a great way to protect your family’s assets when creating your complete estate plan for the future. A trust can:
Although trusts provide a similar function to a will (instructions for where your stuff will go), a trust will be far more useful for protecting your estate. Trusts are often set up to manage wealth or property and can include a fiduciary arrangement (a person who is legally required to act in the best interest of your beneficiaries).
Trusts also make it possible for you to avoid probate proceedings when someone dies or becomes incapacitated. Probating an estate is a lengthy, expensive, and public process, which can be avoided by using the trust option instead of creating a will.
We are here to help you. Please contact Heritage Law and start planning for the future today.
We work one on one with you to ensure your trust creation and estate planning process is completed from start to finish.
We ensure the estate planning strategy we put in place makes the most financial sense for your property and your family long term.
We take our time to explore all available options as we strive for excellence. We work hard so you don't have to.
A revocable trust is also called a “living trust”. As the name implies, it is a type of trust that may allow you to control your assets during your life and then allow for your estate to be passed on to your family, outside of the probate process after you pass on.
Revocable trusts are the most common form of trusts. Revocable trusts are used most often because they are very flexible and can be modified, changed, or “revoked” at any time by the person who created them. The individual in control of this trust has relinquished all rights to these assets and they’re distributed as dictated by the document itself. This means you have 100% control over what happens with the assets.
A revocable living trust can be created with a trust agreement. A trust agreement will outline general provisions such as who will serve as trustee and how much beneficiaries are entitled to receive from the assets in the event that they’re distributed among heirs.
With our experience, we know there are a lot of questions related to these topics. We understand there is no one-size-fits-all approach when it comes to establishing protections for your family and loved ones.
We are estate attorneys who care.
We also know that different situations call for different needs, so please don’t hesitate to contact us with questions.
An irrevocable trust is very different from a revocable living trust. The individual who created this type of trust has relinquished all rights to the assets, and the trust cannot be modified or revoked by anyone else – not even the person who created it.
There are many reasons why an individual might choose to create an irrevocable trust. Irrevocable trusts can be used to shelter assets from creditors, as well as the spend down associated with applying for Medicaid. Unless there are circumstances that allow for distributions from your irrevocable trust, then generally the assets will be distributed to your heirs when you pass on.
An irrevocable trust is a type of “trust arrangement” that’s created with a trust agreement that outlines general provisions such as who will serve as trustee and how much beneficiaries are entitled to receive from the assets in the event that they’re distributed among heirs. A Trust Agreement may also specify the property and sometimes who will be responsible for handling certain assets inside of it.
There are many reasons to create a trust, such as those mentioned above, but if you’re still unsure about whether or not one is right for you, talk with an estate planning attorney in your area today! They can help you understand the process and create an estate plan that works for your family.
Heritage law services clients across Nebraska and Iowa.
The details of who will administer your trust is a very important consideration you should make. You should always name your trustees, co-trustees, and or successor trustees with the highest level of care.
It is absolutely crucial that the trustee understands and gives effect to all subsections of a trust, such as those which outline their responsibilities. Trustees should uphold high standards for themselves in how they perform their duties with care, diligence, and skill, while exercising independent judgment when necessary.
When considering the trustee, keep in mind there will be many obligations they are responsible for such as identifying the assets of the trust, keeping accurate records, filing tax returns, and investing the trust’s assets in a prudent manner that will maximize growth while minimizing risk. Another important aspect of being a trustee is that you often must maintain equal treatment of all beneficiaries, meaning you cannot treat one beneficiary more generously than the others unless stated otherwise in the trust agreement.
Trust funding is another consideration of the trust administration step. A properly prepared trust requires correct funding to function correctly. Which can add more levels of complexity to the estate planning process. Most estate plans get messy quickly because trusts were never funded correctly, or updated as circumstances changed. You want to ensure the proper collection of assets that fund your trust. This ensures the beneficiaries of your trust are all taken care of.
Trust documents can be confusing, so let a trust lawyer who understands and prioritizes ways to lower estate tax.
When you work with a knowledgeable lawyer, they can help to establish the type of trust that will be most beneficial for your situation. When it comes to trusts, there is no one-size-fits all because everyone’s needs are different when constructing their estate plan. There are many considerations and factors involved in creating an effective long-term strategy.
You’ve found a trust attorney that:
Our law firm is located in Omaha, Nebraska but we serve the entire Iowa and Nebraska area. We have helped many people with their estate planning needs over the years and we know exactly how to help you, too!
At Heritage Law, we have the experience necessary to get it done right!
Call us today at 1-402-915-1039 if you would like to set up a trust for your family. We do not charge for consultations.
One of the most powerful tools used in a comprehensive estate plan can be to
A trust is a fiduciary arrangement that allows for one or more third party trustees to hold assets on behalf of the beneficiary. With these arrangements, taxes are minimized and other benefits may be present as part of an estate plan if well-crafted.
A fiduciary is a person or organization that has the responsibility of looking out for someone’s best interests. This includes making sure they are not being taken advantage of by any other parties, such as in business deals and investments on their behalf. They have to be trustworthy with all information given to them about the individual so it can’t go into wrong hands if there were ever an issue where somebody wanted access to this information without permission from what could happen otherwise. Trustworthiness is essential when dealing with financial matters because you would want your money handled responsibly since its yours and no one should touch it unless authorized by privilege
A trust fund is a type of legal arrangement, commonly used by people that enables them to have some control over assets which are given to another individual or entity for their use and benefit. In this way, an estate can be protected and its investments managed until the beneficiary comes of age, dies or reaches a specific milestone in life like education.
A trust fund can cover anything from “payouts” of indefinite amounts depending on the beneficiary’s needs “fixed payments” such as paying out $50000 every year until they reach the age of 25 ‘education gaps’, where a portion will follow them each month up until they receive their degree from university.
Trusts and estates are a crucial part of estate planning. When an individual dies, the executor of their will becomes responsible for the distribution of assets according to the terms established in that person’s will. Trust attorneys play an important role in helping families navigate these complex legal issues.
Trust attorneys help people understand the terms of wills and trusts.
With their breadth of knowledge, trust lawyers can provide advice on estate planning issues such as guidance on what type of trust will be best for your needs, and the time frame involved with establishing a new trust or revoking one you already have in place.
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Heritage Law is a comprehensive estate planning practice that is based in Omaha NE and services clients across Nebraska and Iowa.
We will put together a thorough estate plan for you, complete with options that advance the goals you’ve set and keep your wishes in mind. We bring years of experience and knowledge to ensure your estate plan covers every need from start to finish.
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