There are many components to an estate plan. When determining which plan might be best for you and your family, typically, the first step is to create a will. There are several personal documents that work together to make a strong and healthy estate plan that can serve you and your family for many years. One of the most important personal documents involved in an estate plan is the creation of trusts. A trust allows an individual to protect their assets from legal trouble while also preserving them for your beneficiaries. If you have questions or concerns regarding your options for trusts and how they may affect bankruptcy, contact our experienced Pennsylvania estate planning attorneys today to discuss your options. Our firm is committed to ensuring that you and your family’s future interests are best protected. Continue reading to learn more about trusts.
What is the difference between revocable and irrevocable trusts in Pennsylvania?
There are two types of trusts: revocable and irrevocable. A revocable trust permits an individual to stay in control of the assets that they have in that trust until they pass. After their passing, their assets will be transferred over to the beneficiary that is named in that trust. In contrast, an irrevocable trust provides ownership of the assets to the beneficiaries as soon as they are established. In some cases, a spendthrift provision can be added to the irrevocable trust to protect it from credit seizure, if the beneficiary has to ever file for bankruptcy.
If you have questions or concerns regarding revocable and irrevocable trusts, it is in your best interest to reach out to our experienced estate planning law firm today. Our legal team has years of experience in this field and we are prepared to guide you through this process.
What are the benefits of creating trusts in Pennsylvania?
Below are some of the benefits of creating an irrevocable trust in Pennsylvania:
- Asset protection
- Charitable estate planning
- Estate tax reduction
Additionally, there are many benefits to creating a revocable trust. Some of them include the following:
- They allow you to plan for potential mental incapacitation
- They help your family avoid the probate process
- They can help you protect your privacy
If you are unsure about which trust might be best for you and your family, do not hesitate to contact us today. Our firm is dedicated to ensuring you make the best choices to protect you and your family’s interests.
CONTACT OUR EXPERIENCED PENNSYLVANIA FIRM
Friedman Schuman is an experienced and dedicated legal resource for clients throughout Pennsylvania. We proudly serve clients facing a wide range of legal matters. If you require the services of an effective attorney, please contact Friedman Schuman today to schedule a consultation.