Experienced Trusts Lawyer in Missouri | Secure Your Future
Decide how your next of kin will access your assets through a Trust
Drafting a will is the simplest way to ensure that your wishes are enforced after you pass away. However, depending on your particular situation or types of assets, a trust may offer you more control and unburden your family of the need to administer what may be an overwhelming estate.
The Main Types of Trusts Available Under Missouri State Law
Revocable Trusts
Also known as living trusts, these allow the grantor to retain control over the assets and make changes or revoke the trust at any time during their lifetime. They become irrevocable without a court order once the grantor passes away.
Irrevocable Trusts
These cannot be altered or revoked by anyone, including the grantor. All assets included in this document are excluded from the grantor’s taxable estate, making it useful for asset protection or tax benefits.
Testamentary Trusts
Created through a will, these take effect after the grantor’s death and are subjected to probate. They are useful in ensuring that minor children are provided for or that their assets are managed until they come of age.
Special Needs Trusts
These are designed to ensure that individuals with disabilities can have access to supplemental support without losing access to government assistance programs.
Protection Trusts
Also known as Medicaid Asset Protection Trusts, these are designed to protect assets from creditors or nursing home costs.
The Advantages of Trust-based Estate Planning
- Ensures structured asset distribution to children.
- Passing your assets down and avoiding probate.
- Take advantage of potential tax benefits.
Greater Control Over Your Estate
A trust grants you fine-grain control over your estate, ensuring that your assets are divided between your next of kin correctly, and at the right moment. It can give parents peace of mind that their children will gain access to their assets gradually, as they pass through various stages of their lives.
Trusts are also useful tools for individuals that have family members with disabilities who cannot support themselves financially, ensuring that they will have support in the future.
How to Contact Luckenbill Lawyers for Trusts?
Set up a meeting with Luckenbill in Boone County, Missouri and ensure that your wishes are followed to the letter in the event of death.
