Trusts are one of the key tools for tax planning in any estate plan. There are many types of trusts to consider, and the Franchise & Business Law Group is prepared and able to help you decide what is best to meet your unique and particular needs.
Trusts are formed for a variety of reasons, including, avoiding probate, asset protection, maximization of estate tax exclusions, special needs of the beneficiaries. Once a client’s assets have been put into a trust, probate is no longer required. Because the probate process can be expensive, a trust is often a preferred estate planning method to allow beneficiaries to avoid the cost and time of probate.
Depending on the size of an estate, some married clients need to maximize their estate tax exclusion amounts so they can receive the optimal tax savings on estate tax. In addition, special needs may need to be considered when choosing the type of trust and drafting the provision. Our skilled estate planning attorneys help our clients determine how whether special considerations needs to be included in the trust, and how to best address it.