Advanced Estate Planning and Trusts
Depending on your
situation, setting up a Trust as part of an advanced estate plan may be an
excellent option for managing your assets. That, in fact, is what a Trust is: a
legal entity authorizing a Trustee to manage your assets for you. The lawyer
many people in Southeastern Pennsylvania and New Jersey call on for help in
creating a Trust? That would be Attorney E. Nego Pile and the team here at Pile Law Firm.
We can help you create
a Trust either to manage your assets while you’re still living or to assist
your heirs in managing their inheritance after your death.
A Trust established
while you’re alive is called a Living Trust. Typically, a person who creates a Living
Trust will retitle his or her assets into the name of the Living Trust and
retain complete control of it. Your Trust will provide instructions on how your
assets are to be distributed when you die.
Another type of Trust
is an Irrevocable Life Insurance Trust. It’s created specifically to remove
your life insurance policy from your estate and thus keep the proceeds
from being taxable to your estate. In essence this Trust is a holding
device that owns your life insurance policy for you. The proceeds, then, can be
used to provide your estate with liquidity to pay estate taxes, pay off debts
and final expenses, and provide income to named beneficiaries. As the name
implies, once you create an Irrevocable Life Insurance Trust and place your
insurance policy in it, you cannot take that policy back in your name.
Pile Law Firm also
helps people create Special Needs Trusts (SNT) for their heirs or beneficiaries who have disabilities that
require more support than that provided by government programs.
Your Last Will and Testament
If you live in
Pennsylvania, a Last Will and Testament may be an essential element of your
estate plan, even if you already have an advanced estate plan or a Trust. All
adults should have a Will in which to specify their intentions regarding their
estates upon their deaths. A well-crafted Will expresses your final wishes and
instructions as to how your estate should be divided and distributed. It also
names an Executor or Executrix of your choosing to be in charge. Such a Will
ensures clarity and assists in preventing conflicts.
Again, the team to
call on for help in creating your Last Will and Testament, as well as a Trust
that best suits your needs, is the team at Pile Law Firm, serving all of
Southeastern Pennsylvania, other parts of the state, and New Jersey. Contact Pile Law Firm today.