Along with a will a trust is an important estate planning tool that may help you meet your estate planning goals. While a trust should not be used instead of a will, you should consider creating a trust in addition to a will as trusts provide benefits and features that a will does not. However, because setting up a trust can be complex, it is important to work with Estate Attorneys in New Orleans to make sure that your trust is set up according to the legal requirements.
A trust is a type of property arrangement in which you as the trust creator would transfer real or personal property to the trustee. The trustee will hold the legal title to the property for the benefit of the beneficiaries that you name. Estate Attorneys in New Orleans will help you craft a trust that will benefit your loved ones according to the terms that you set forth in the trust agreement.
The Different Types of Trusts
Trusts can be set up to provide for loved ones who have special issues, to provide for minors, to provide for a cause that is important to you, or for a number of other personal or financial reasons. In order for a trust be effective it is important to work with Estate Attorneys in New Orleans who will set up your trust according to legal requirements.
Special Needs Trust
A special needs trust (SNT) is a unique type of trust that is typically established by parents or grandparents for the benefit of a child who has a disability.
A SNT is a specialized trust designed to provide funds to disabled beneficiaries without jeopardizing the beneficiaries' eligibility for income-based government benefits such as Medicaid. In order for a SNT trust to remain qualified, the funds from the trust may only be used for quality-of-life expenses such as specialized equipment, education, and an aide.
Charitable Trust
Suppose you want to set up a scholarship fund at the local college or give money to a foundation to use for medical research. A charitable trust is a way to give assets to a cause you believe in and at the same time reduce your estate taxes. Estate Attorneys in New Orleans will be able to explain to you how charitable trusts work and how your estate taxes will be affected.
Minor Children Trust
To leave assets to your minor children, you will need to set up a trust for them. You can do so while you are living, or you can provide in your will that any assets left to your minor children are to be transferred to a trust for their benefit. You can then state in the terms of the trust how the trustee is to use the trust assets while the beneficiaries are minors, and at what age the trust assets are to be distributed to the beneficiaries.
Spendthrift Trust
If you have an adult child who has a track record of making poor financial decisions, yet you would like to leave that child assets, consider setting up a spendthrift trust. With a spendthrift trust the beneficiary will not have direct access to its funds. However, per the terms of the trust agreement the trustee will have authority to spend the trust assets for the benefit of the trust beneficiary.
In addition to providing for the specialized needs of your loved ones or a charitable cause, trusts can provide you income and estate tax benefits. To learn more about trusts, contact experienced Estate Attorneys in New Orleans at Barrios Kingsdorf & Casteix LLP.
A trust is a type of property arrangement in which you as the trust creator would transfer real or personal property to the trustee. The trustee will hold the legal title to the property for the benefit of the beneficiaries that you name. Estate Attorneys in New Orleans will help you craft a trust that will benefit your loved ones according to the terms that you set forth in the trust agreement.
The Different Types of Trusts
Trusts can be set up to provide for loved ones who have special issues, to provide for minors, to provide for a cause that is important to you, or for a number of other personal or financial reasons. In order for a trust be effective it is important to work with Estate Attorneys in New Orleans who will set up your trust according to legal requirements.
Special Needs Trust
A special needs trust (SNT) is a unique type of trust that is typically established by parents or grandparents for the benefit of a child who has a disability.
A SNT is a specialized trust designed to provide funds to disabled beneficiaries without jeopardizing the beneficiaries' eligibility for income-based government benefits such as Medicaid. In order for a SNT trust to remain qualified, the funds from the trust may only be used for quality-of-life expenses such as specialized equipment, education, and an aide.
Charitable Trust
Suppose you want to set up a scholarship fund at the local college or give money to a foundation to use for medical research. A charitable trust is a way to give assets to a cause you believe in and at the same time reduce your estate taxes. Estate Attorneys in New Orleans will be able to explain to you how charitable trusts work and how your estate taxes will be affected.
Minor Children Trust
To leave assets to your minor children, you will need to set up a trust for them. You can do so while you are living, or you can provide in your will that any assets left to your minor children are to be transferred to a trust for their benefit. You can then state in the terms of the trust how the trustee is to use the trust assets while the beneficiaries are minors, and at what age the trust assets are to be distributed to the beneficiaries.
Spendthrift Trust
If you have an adult child who has a track record of making poor financial decisions, yet you would like to leave that child assets, consider setting up a spendthrift trust. With a spendthrift trust the beneficiary will not have direct access to its funds. However, per the terms of the trust agreement the trustee will have authority to spend the trust assets for the benefit of the trust beneficiary.
In addition to providing for the specialized needs of your loved ones or a charitable cause, trusts can provide you income and estate tax benefits. To learn more about trusts, contact experienced Estate Attorneys in New Orleans at Barrios Kingsdorf & Casteix LLP.
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If you need assistance from New Orleans estate lawyers, Barrios Kingsdorf & Casteix, L.L.P. can help. Contact us today to schedule a consultation with an experienced New Orleans Probate Administration Attorneys.
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