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A trust benefits the individual and the intended beneficiaries.
The individual who creates the trust, called a “donor”, can
designate themselves, their children, their grandchildren, or
anyone else they may desire to be the beneficiaries. For
example, a family with a disabled child may create a special
needs trust to protect the child’s eligibility for important
benefits. A trust allows an individual to name a trustee or
trustees to control the trust assets for a pre-determined period
of time. A trust can be controlled by the donor as a
self-appointed trustee until he/she becomes deceased,
incapacitated, or a permanent resident of a long-term care
facility, at which time the trust benefits the successors in
interest. A trust, like a will, names specific beneficiaries to
receive the assets and property from the donor. Unlike a will,
however, trust assets need not go through probate proceedings.
The trust is therefore not subject to certain estate taxes,
which is advantageous to the estate.
This firm is experienced in most areas of trusting assets, and
works closely with other experts in fields such as accounting
and taxation to help preserve and protect your assets. Trust
assets can be bonds, money, real estate, or stocks. |
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