Setting up a trust can be an essential part of the estate planning process. The creation of a trust can also be a key part of your asset protection and incapacity plan. There are many different types of trusts, each of which could possibly accomplish different purposes in securing your legacy and your financial security.
Nirenstein, Horowitz & Associates can provide you with invaluable assistance in understanding what is involved in setting up a trust. We can help you to determine if you need a trust or if other tools under Connecticut law would be more beneficial for your needs. Once the decision has been made to create a trust, our legal team will assist in selecting the right trust type and in following through on how to make certain your trust is legally valid.
The trust creation process can be complicated and time consuming, although working with a wills and trusts lawyer can go a long way towards alleviating the complexities of trust creation. The sooner you begin, the sooner you can start taking advantage of the protections provided by a trust. Call Nirenstein, Horowitz & Associates if you need assistance with the creation of a trust and if you want help getting started on incorporating trusts into your estate plan.
How to Start Setting up a Trust
To begin the process of creating a trust, there are a few key legal steps that you are going to need to take. You should:
- Identify your goals for trust creation.
Is your goal to protect assets while making sure you can get covered by Medicaid if you need Medicaid to pay for your nursing home in the future? Is your primarily goal to avoid estate taxes? Are you most concerned with who is going to manage money set aside for a child if something happens to you? You need to know what your goals are and provide this info to your attorney to make sure the trust you create is going to help you accomplish those goals.
- Identify the assets you want to put into your trust.
Actually creating a trust document is just the first step in using trusts to protect assets. You also need to fund the trust with the assets that you are trying to protect. There may be limitations and restrictions on which assets you can put into a trust. You also need to understand how the transfer of certain assets into a trust could affect how those assets are taxed.
- Consider who should serve as trustee and who you want to name as trust beneficiaries.
Depending upon the kind of trust you create, you could be the primary trustee and name a backup trustee or you may need to name another person as the trustee right away.
These are just a few of the many steps you will need to take for trust creation. You should talk with an experienced attorney about creating a trust so you have a knowledgeable advocate to guide you through the entire process of making a trust.
Why You Need Legal Help with Trust Creation
You need help with trust creation because the process is complex and technical in many situations, and because this is one area where you want no mistakes to be made. You need to make certain that you select the right trust type, understand the implications of creating a trust on control of your assets and follow all formal legal requirements for trust creation.
If you make mistakes during trust creation, you may find that you are not able to fix those errors since they aren’t discovered until after your trust fails to provide the desired protections. You could lose substantial amounts of money and could put your family into a difficult situation if you have not followed the rules for trust creation. An experienced attorney can help to make certain this does not happen by giving you the advice you need to select the right trust and create a legally valid trust document.
Getting Help from A Connecticut Trust Creation Lawyer
Nirenstein, Horowitz & Associates will work closely with you to make certain that you have identified the correct type of trust and have followed all required legal protocols for creating a trust. To find out more about the different ways in which we can help you to make Connecticut trust law work for you, give us a call at 860-548-1000 or contact us online today. You can also download our free estate planning worksheet to get some key information on the way trusts work as part of a comprehensive estate plan. Call today to discover more.