Reasons to create a trust are as varied as the types of trusts that exist, but there are some common reasons and goals behind creating trusts for estate planning. Often, an individual uses trusts to transfer property at his or her death to avoid court involvement. Another common goal is to administer assets for the benefit of minors or incapacitated individuals. Trusts may also be utilized to retain assets for the benefit of a living person during his or her lifetime and then offer direction for the subsequent distribution of those assets to charities. A person might also use a trust to take advantage of opportunities to reduce estate taxes or to protect less than responsible beneficiaries from creditors and perhaps themselves. And these are just some of the reasons a person might be interested in creating a trust! If any of the above sounded appealing to you or you would like additional information about possibly creating a trust, please feel free to contact us at Schorr Law, APC to inquire about a free consultation.
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