Practice Areas

Trusts and Living Trusts

There are a number of different estate planning tools available, each one fine-tuned to accomplish different goals. That is why an off-the-shelf estate plan is often not the best option and when the value of working with an experienced estate planning lawyer is most apparent.

There are a number of different types of trusts, though all trusts have a few things in common:

• A trust does not go through the process of probate so your beneficiaries will receive more of the money you intended for them to receive, and the IRS will receive less.
• A trust will have different tax consequences. It may reduce your taxes today and it can be structured to have minimum tax consequences for your heir in the future.
• A trust allows you to have more control over the disposition of your assets. For example, because a trust has a manager/administrator, you can specify when an heir will inherit the assets in the trust - perhaps in stages over time.
• A trust can accomplish goals that a will can never address. It can fund a college education or be used to pay for medical expenses (a special needs trust).

What Kind of Trust Will Accomplish Your Goals?

At the Law Office of Patricia E. Tichenor, P.L.L.C., we help families define their estate planning goals and then develop effective asset protection strategies. These may include:

• Revocable and irrevocable trusts
• Family trusts
• Charitable trusts and family foundations
• Irrevocable insurance trusts
• Living trusts
• Special needs or supplemental needs trust, particularly helpful for elders and disabled adults

Estate planning attorney Patricia Tichenor can show you the pros and cons of creating a trust. We will help you decide which option works for you and suggest which type of trust may be best for your needs. Contact our law office to speak to an attorney about setting up a trust or living trust.