Trusts Lawyers in Philadelphia, PA, Focused on Securing Your Future
When it comes to the future, we tend to think of it in terms of years down the line. But when it comes to planning for our futures and ensuring that our legacy is passed on in a meaningful way, no one knows what tomorrow holds. That’s why seeking out trusts lawyers in Philadelphia is so important when it comes to safeguarding your financial security in the years ahead.
The trust attorneys at Bratton Law Group are committed to helping you plan for your future and ensure your legacy lives on after you’re gone. Through careful estate planning, you can take control of how your assets are distributed after death – which can be an incredibly empowering experience. Our team of legal professionals understands that this is an emotional process for many families, which is why we strive to be there every step of the way with care and understanding.
Working with qualified trusts attorneys also allows you to take advantage of countless options available for shielding assets from taxation while still providing those you love with financial security after you’re gone – allowing them to focus more on their mental and emotional health during their time of grieving rather than having them worry about complicated legal issues they may not be prepared for. Call us at 267 323 4038 to learn more about how we can help solidify your legacy!
What is a Trust?
A trust is an arrangement where a trustee holds assets on behalf of one or more beneficiaries in a fiduciary capacity. Trusts can be arranged in many ways and can determine how and when the assets pass to the beneficiaries.
Setting up trusts can serve many purposes, such as avoiding probate court, providing for minor children, reducing estate taxes, safeguarding assets from creditors, and making charitable donations. If you’re considering creating a trust, several factors must be taken into account, such as identifying the trustee, the type of trust to establish, and the assets to be included in the trust. Our team can guide you through the entire process of creating a trust, including all of the available options, how to manage it, and everything in between. We will clarify how the trust will work specifically for you.
Are All Trusts the Same?
Trusts are an important part of estate planning and can be used to protect the assets of individuals, families, and businesses. However, not all trusts are the same. Depending on the needs of the individual or family, there are several different types of trusts available:
Living trusts are established while a person is alive and can be revocable or irrevocable. A revocable living trust allows the grantor (the individual creating the trust) to make changes to it during their lifetime, such as adding or removing assets from it. An irrevocable trust cannot be changed after its establishment. This type of trust is used for asset protection so that assets in the trust cannot be claimed by creditors if the grantor becomes legally liable for any debts.
A testamentary trust is created through a will and only comes into effect once the grantor passes away. These trusts offer tax savings and asset protection for heirs by distributing assets over time rather than in a lump sum. They also allow heirs to access funds more quickly than if they had to wait until the probate court had completed settling all legal matters related to the deceased’s estate.
Special Needs Trusts
A special needs trust is designed specifically for individuals with disabilities who may need additional care and assistance throughout their lives. These trusts help ensure that individuals with disabilities can access government benefits while still receiving financial support from family members through inheritances or other gifts without losing eligibility for those benefits.
A charitable trust is used to donate money or property to a charity while still providing income to beneficiaries during their lifetime. With this type of trust, a donor gives money or property to a charity, but they can also specify who will receive income from it during their lifetime. This type of trust provides tax benefits both for donors and beneficiaries depending on where they live and how much money is donated.
While some trusts allow more flexibility than others, each has its own advantages that should be carefully considered with the help of a Philadelphia trusts attorney before making any decisions about how best to manage assets throughout a person’s lifetime and beyond.
What is the Benefit of Hiring a Trusts Lawyer in Philadelphia?
A trust is an important estate planning tool that provides numerous benefits. When it comes to creating a trust in Philadelphia, having an experienced trusts lawyer on your side can be invaluable. A trusts lawyer can help you navigate the complex regulations and ensure that your wishes for the trust are clearly stated and legally binding.
Our team can advise you on how to structure the trust, which terms should be included, and how to strategically position it within your estate plan. We can also draft any necessary documents, such as wills, and make sure they meet all of the requirements of Pennsylvania law. We ensure all your documents are airtight and valid so there are no surprises in the future. We’re here for you and your family from beginning to end.
Is Hiring a Trusts Attorney Right for Me?
Whether you’re looking to protect certain assets until your children turn age 18 or pass away, create a trust fund that will provide benefits long into the future, or establish rules about who gets what from your estate upon death, finding the right attorney can make all the difference when it comes time for settlement proceedings. Letting Bratton Law Group take control of your trust gives you peace of mind, knowing that all necessary paperwork has been properly filed and taken care of, so there won’t be any surprises down the road. Call us today at 267 323 4038 to take the first step toward peace of mind!