You often hear the term “trust” mentioned in everyday life, whether it be on your favorite TV show or overhearing someone’s conversation in a coffee shop. It is often associated with the wealthy, as a tool they use to protect and distribute their wealth. However, this is a common misconception. To create a trust, all you need are assets. An asset, legally defined, can be anything you own, ranging from cash, to a car, to a house. Trusts come in handy when creating an Estate Plan.
“It’s never fun to think about how your worldly possessions will be distributed when you go to the great beyond, but consider the alternative: family feuding, unnecessary taxes, and probate. These problems and others can be avoided by setting up a trust,” explains Barrons.com in their article linked below, entitled “Why a Trust Is a Great Estate-Planning Tool — Even if You’re Not Rich.”
Estate Planning is just a fancy term for the creation of certain documents that will help your loved ones distribute your assets according to your exact wishes, without the involvement of courts and unnecessary fees.
Danna & Associates, PC is a law firm that has specialized in Estate Planning and Elder Law, two fields of law that often intertwine. With over 24 years of experience, we are able to help advise you on creating an Estate Plan to fit your needs. Call 718.273.0300 for your free consultation today!
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