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Many families today have chosen to transfer their property and assets into a family trust, which is also known as living trust or a revocable trust, for the benefit of other family members. Under this kind of arrangement, property is titled to an individual, who is called the trustee, who will hold property in trust for the beneficiaries (the family members). The trustee is permitted to purchase, sell or transfer asset into the trust and can distribute assets from the trust to family members at his or her discretion.
Why Should I Hire a Family Trust Attorney?
If you are concerned about the future of your assets and want to leave your property to your family members, you should consult with an experienced Family Trust Attorney. A Family Trust Attorney can assist you in drafting a family trust that not only protects your assets, but also takes into account complex tax issues. Some of the ways a Family Trust Attorney can assist you include:
- Advise you about the tax implications of drafting a family trust
- Explain the legal rights of each of your family members
- Explain the tax laws that govern your family trust
- Draft a family trust that will protect your beneficiaries’ inheritances
- Draft an agreement that specifies the responsibilities of your trustee
- Explain how drafting a family trust will reduce possible disputes among your family members
- Help protect your assets
- Offer a range of tax advantage options
In the unfortunate chance that you go through a divorce, or creditors and third parties make claims against your assets, you must make sure that your family members are protected. You may do this by consulting with a Family Trust Attorney and drafting a Family Trust immediately. You never know what the future holds. Contact a Family Trust Attorney today to discuss your circumstance.
Click to learn about Family Trust Law on LawInfo.