Preserve Assets With A Trust
Trusts are financial vehicles that allow people to devote sums of money to other people or organizations. A trust is managed by an appointed party called a trustee, and it enjoys legal and tax protections that make it an excellent choice for any person who wishes to control how their money is used. One common misunderstanding about trusts is that they are only for the rich.
At Duffy North, our attorneys assist people of all income levels in creating trusts to benefit themselves and others whom they love. We serve clients in suburban Philadelphia and all of Montgomery County. For more information about our services, call our office in Hatboro, Pennsylvania, at 215-914-9939.
Why Should You Make A Trust?
Why would you wish to create a trust?
- To fund a child’s education (education trust)
- To benefit a mentally or physically disabled loved one (special needs trust)
- To guarantee funds to benefit your spouse or child if you die or become incapacitated (simple trust)
- To benefit a charitable organization, religious institution or school after your death (will trust)
- To pay for your or a loved one’s medical care, rehabilitation and maintenance after a debilitating accident (personal injury trust)
The types of trusts one can create are almost as varied as the uses you can imagine for one. Clients most often ask us about living trusts, which they create while they are alive. Please give us a call to discuss if this is the right choice for you. There are many other types of trusts, including irrevocable trusts that cannot be changed until certain conditions are met, revocable trusts that allow the benefactor or trustee to alter terms or conditions, incentive trusts designed to encourage certain behaviors from the beneficiary, dynasty trusts to keep multigenerational assets in your family and many others.
However, if you wish to devote your money, a trust can be a useful mechanism for ensuring your wishes are honored, during your lifetime and beyond. Our experienced Pennsylvania trust creation lawyers will be happy to advise, inform and guide you in creating a trust that will meet your needs. Further, we can help you administer your trust after its creation.