Nashville Trusts Attorneys Work With You to Establish Comprehensive Estate Plans
The Nevin Law Firm protects you and your family with strategic trust planning
When it comes to estate planning, while anything is better than nothing, it is best to err on the side of a comprehensive estate plan. Having a will in place is part of this planning, but there are other tools that can be used, such as a trust. The personalized estate planning services at The Nevin Law Firm take into account every option available to you. We can help you determine if a trust is in your best interest and the best interest of your estate.
Wills and trusts work together to protect your estate
Like a will, a trust sets out specific instructions for what happens to property or assets upon your death, but a trust differs from a will in a number of very important ways.
- Timing of the transfer – Putting assets or property into certain kinds of trusts technically transfers ownership from you to the beneficiary while you are still living. Doing so has the benefit of avoiding complicated and costly probate, and certain estate taxes.
- Retaining privacy – In many, if not most, cases, a will has to be filed with the probate court, becoming part of the public record and easily accessible to those outside of your family. This can be very intrusive, and is avoided through a trust which is not subject to probate.
- Designating specific assets – With a trust, you can designate specific assets or property that your beneficiaries are to receive upon your death.
- Trustee-beneficiary structure – Unlike with a will, under which assets simply pass to your beneficiaries, a trust has a trustee who serves as an intermediary between the assets and your loved one. The trustee has legal rights to the assets but is under a legal duty to use and administer the assets according to the terms of the trust – and for the direct benefit of the beneficiary. This structure can be especially beneficial for minor children or family members with special needs.
Experienced estate planners walking you through all your trust options
There are many kinds of trusts, each with specific functions and certain advantages:
- Revocable, grantor trusts – Through this kind of trust, you – the grantor – are able to control the assets and can also change the terms of the trust or do away with it completely. Revocable, grantor trusts do not minimize estate taxes but they do avoid the probate process, which can be costly.
- Irrevocable, non-grantor trusts – With an irrevocable trust, you no longer retain control of the assets placed in the trust; rather, it shifts to another. In some circumstances – often with the beneficiary’s consent – you can change the terms of an irrevocable trust, but this should not be expected. An irrevocable trust has the benefit of avoiding estate taxes on the assets or property contained in the trust.
- Family trusts – A family trust is designed to transfer estates of substantial size to a living spouse without incurring estate taxes. There are limits to the value of property that can be passed tax free, and The Nevin Law Firm estate planning and administration attorneys can inform you of these limits.
- Special needs trusts – If a member of your family is receiving certain government benefits, receiving inheritance can have the unintended effect of causing your loved one to be ineligible for those benefits. A special needs trust is a means through which to transfer assets without impacting this needed government assistance.
There are an impressive array of trust instruments that may benefit your specific situation and financial intentions. Our experienced estate planning attorneys have more than 40 years of experience setting up these instruments. We dedicate time and personal attention to our clients, to determine what tools best fit into your estate plan.
Contact us today to get started on planning for the future
Estate planning can’t wait
While many citizens face similar issues when it comes to estate planning, through our extensive experience we know that no two cases are the same. Not every trust is appropriate for every client, and our approach involves being attentive to your situation, so that we can best understand and address your specific needs. Call us today at (615) 244-7708 or come by our office, located in downtown Nashville. We accept credit and debit cards for many services, and ask about our payment plans.