A Pittsford living trust attorney can help you to determine if creating a trust is a good option to protect your wealth and your loved ones. Trust creation is a smart choice for many people at all income levels because a trust can allow you to protect your assets in important ways. However, there are different kinds of trusts that provide different kinds of protection so it is important to make smart choices about both whether you need a trust as well as what type of trust you should create.
The Law Office of Michael Robinson, P.C. is here to help. A living trust attorney at our firm can work with you to determine if your assets are at risk, to identify the type of trust you could create to protect your wealth, and to go through the formal trust creation process so you can get the right safeguards in place. You should give us a call now to get your plans underway so you will have the peace-of-mind of knowing that you have the right tools in place to protect the wealth that you have worked so hard to acquire.
To find out if you may need to create a trust or take other asset protection steps, answer these five key questions to determine if your assets are at risk.
Do You Have a Plan for Incapacity?
If you become incapacitated, your assets could be left unmanaged for a period of time until your family goes to court to get a guardian or conservator appointed. This process takes time, can be very expensive, and losses could occur while no one is in charge of caring for your money and property. The court could also appoint a person who you do not have confidence can appropriately manage your wealth, which could lead to further losses.
Do You Have a Plan if You Need Nursing Home Care?
If you require nursing home care, you could be forced to pay out of pocket for it if you have too many assets to qualify for Medicaid. A living trust will not protect assets in case you need nursing home care because the assets in the trust can still count as financial resources and cause you to be disqualified from getting Medicaid coverage. If you want to make sure you can get Medicaid to pay for nursing home care when Medicare will not provide coverage (which is most situations), you need to work with an experienced attorney on a Medicaid plan.
Do You Have a Plan for the Transfer of Assets After You Pass Away?
After you pass away, you likely need assets to transfer to new owners as quickly as possible. If you do not make a plan to facilitate the timely transfer of assets, your wealth will likely have to pass through the probate process. As Investopedia explains, this process could take around a year or longer. It is possible that assets will be at risk of loss during this interim period if the wealth needs to be transferred quickly to new owners. Creating a living trust could allow for the timely transfer of assets so new owners can immediately begin to manage it properly.
Will You Owe Estate Tax?
If you have a larger estate, you could owe state and federal estate tax. Many people mistakenly believe that if they transfer their assets outside of the probate process through trust administration, their wealth will not be subject to estate tax. This is not true. While there are steps you can take to reduce or avoid estate tax, making a living trust alone will not help with this issue.
Will Your Heirs or Beneficiaries Be Responsible with an Inheritance?
If your loved ones are not responsible with money and you worry about assets being lost after you pass away, you should work with an experienced attorney to create a spendthrift trust or to otherwise use legal tools to ensure that your wealth is not quickly lost when you pass it on to loved ones.
Getting Help from a Pittsford Living Trust Attorney
A Pittsford living trust attorney at The Law Office of Michael Robinson, P.C. can provide comprehensive help in making an estate plan that works for your situation. This could include the creation of a living trust, the creation of other types of trusts, or the use of other legal tools. To find out more about how The Law Office of Michael Robinson, P.C. can help you, join us for a free seminar. You can also give us a call at (585) 546-1734 or contact us online to if you are ready to get started on your personalized plan.