Elderly individuals should review concepts involved in estate planning at the onset of diseases such as Alzheimer’s and dementia. By planning ahead, they can protect their assets and reduce the liabilities faced by their children and other family members. These concepts help them to plan for future care and prevent others who do not have their best interests at heart from taking advantage of their mental incapacity.
What is a Living Trust?
How to Find a Good Living Trust Attorney? The first step to finding a living trust attorney is to evaluate his or her previous client reviews. This information presents them with the experiences of these families and determines whether or not they have found the right fit. For instance, cases that have led to horrible court battles among family members could reflect a lack of understanding of the law to prevent such occurrences.
How Does a Living Trust Work?
The attorney transfers all of your assets into a trust. You can utilize the earnings of this trust throughout your lifetime without difficulty. Since the trust is considered a foundation, it reduces the total value of your estate and decreases the tax implications for you and the family member which inherits it.
You will designate a beneficiary through your living trust, and ownership is transferred immediately upon your death. You’ll have access to a trustee who will manage your assets and ensure that your wishes are fulfilled. The trust is irrevocable, which indicates that your family members cannot petition the probate court to challenge it. Unlike a will, the trust doesn’t need the probate court to perform any transfers of ownership or distribution of your wealth.
How to Find a Good Living Trust Attorney? This is the first question all elderly individuals should answer before they begin the estate planning process. A living trust is more advantageous than a will as it eliminates several loopholes in which your family members could use to contest it. It reduces tax requirements and allows the beneficiary to take possession without issues. If you wish to review these processes, you should contact Attorney Ronald Berglund today.
