Iden Law Offices News and Articles

New clients often believe that they do not need a trust because they don’t have multi-million dollar estates. Yet, nowadays, trusts are not only for the rich and famous.  Why?  Because it’s less about avoiding estate taxes and more about the cost savings and protections that trusts can provide.  A properly drafted and funded trust avoids the expense, delay, and loss of privacy that a probate administration would cause.

The following scenarios help my clients understand why a trust may be worth considering.

If you are the parents of a child with special needs such as a mental or physical disability, you face the challenge of providing for them while you are alive, as well as seeing that they are taken care of after you are gone.  The expenses of caring for a family member with special needs can be overwhelming, and ongoing medical care may not be covered by private insurance plans.  State and local governments offer assistance, but it is subject to strict financial eligibility requirements.  So what can a parent of a child with special needs do (or not do), to assure adequate care throughout their lifetime, yet not disqualify them from government assistance?

Things change. Despite all the time and thought that went into creating your trust, life happens.  Often these changes affect your estate planning.  If you don’t review and adjust your plan it may not achieve your desired results when you need it most.