Establishing Trusts For Long-Term Planning
For most people, the most important consideration when establishing an estate plan is making sure that their assets are distributed according to their wishes after they have passed away. While many people are familiar with the benefits of wills, trusts also have many advantages, even as part of a simple estate plan.
At Robertson, Oswalt, Nony & Associates, our Little Rock, Arkansas trust attorneys can explain the advantages of setting up a trust and whether it is right for your estate plan.
Advantages Of Setting Up A Trust
In many cases, establishing a trust can offer significant advantages. Most commonly, trusts can help individuals:
- Avoid probate proceedings
- Reduce estate tax liability
- Insulate assets from creditors
- Protect assets in the event that a family member is divorced, develops a substance abuse problem or is incapacitated
While a simple trust may meet the needs of most families, situations involving a loved one who is unable to care for him- or herself may require a special needs trust, which can be a key component in planning for an individual’s long-term care.
Our estate planning attorneys work hand-in-hand with our clients to ensure that we understand their wishes and concerns. Our role is to provide our clients with options specifically tailored to meet their needs, no matter their situation.