Trust lawyer Philadelphia, PA
From Our “Ask a Question” Mailbag: “My friends talk about setting up Trusts for their children. Do I need a Trust? Do I need a Trust lawyer in Philadelphia, PA?”
Estate Planning Lawyer, Peter Klenk
Trust Lawyer Philadelphia, PA, Making it Easy for Over 30 Years.
Trusts are excellent estate planning tools. The rules differ from state to state, but the general concepts are found throughout the USA. Pennsylvania and New Jersey have excellent trust laws that address several situations. Which Trust is right for you depends on your situation and goals. Not everyone needs a Trust, but Trusts greatly benefit those who do. Our Estate Planning Team has been drafting Trusts for over 30 years. I would be happy to brainstorm about your unique situation. This article briefly introduces a few of the most common Trusts, and we provide links for more detailed information. By the end, you can tell if you need a Trust lawyer Philadelphia, PA.
Revocable vs. Irrevocable.
A Trust exists when a person (the Grantor) “grants” power to a trusted person or company (the Trustee) to hold an asset for a Beneficiary. The Beneficiary “benefits” from the arrangement. Traditionally, this is done at death through a will. These trusts are Irrevocable, as the Trust only exists when the Grantor is dead and unable to change the terms. While most often formed at death, you can create an Irrevocable Trust while alive.
A Revocable Living Trust exists when the Grantor is alive and retains the right to revoke the Trust. Typically, the Grantor serves as the Trustee for a Revocable Trust and is the only Beneficiary. At the Grantor’s death, the Revocable Trust becomes Irrevocable (the only person with the power to revoke has died).
Your Trust lawyer in Philadelphia, PA, can create either Trust for you, but which is best for you? What follows are some examples of useful trusts. Follow this link if you would like to explore the differences between revocable and irrevocable trusts.
Some Typical Examples of Useful Trusts.
A Revocable Living Trust can be a Great Tool.
If your goal is to protect your children from divorce or your spouse from creditors, a Revocable Trust is not the Trust for you. Revocable Living Trusts are helpful when your goal is avoiding probate, creating an easy way for your family to help you with your finances should you have Alzheimer’s, or keeping your assets separated from your spouse’s assets in a second marriage.
If you want to know more, follow this link to read about Revocable Living Trusts.
A Dynasty Trust is an Irrevocable Trust To Protect Your Children.
A Dynasty Trust is an excellent tool if your goal is keeping the family money away from your son-in-law or your children’s creditors. These Irrevocable Trusts can be formed while you are alive but typically are formed using your Will at your death. They can be almost free to manage and keep assets out of your children’s names, so they don’t become Marital Property in case of a divorce, but allow your child broad rights to invest and use the funds. As the name suggests, these trusts can continue forever, depending on the state, protecting your “Dynasty.” As Trust Lawyers Philadelphia, PA, we set up hundreds of Dynasty Trusts each year. They are a popular and valuable tool.
Follow this link for more information about Dynasty Trusts.
A Disclaimer Trust is an Irrevocable Trust To Protect Your Spouse.
A Disclaimer Trust is the tool for you if your goal is to give your spouse the option to either put all assets in their name should you die OR to use an Irrevocable Trust to shelter assets from the next spouse or future creditors. These Irrevocable Trusts are typically formed in your Will. Simply put, they give your spouse the option (not the obligation) to take assets or to “disclaim” them. If disclaimed, the assets pour into a trust held for their benefit; but sheltered from a future spouse or creditors. Flexible and easy to use, as Trust lawyers Philadelphia, PA, we have found that these trusts are an excellent fit for many couples.
To learn more, follow this link to read about Disclaimer Trusts.
Do you need a Trust lawyer in Philadelphia, PA?
I hope you found this short article dedicated to the question, Do you need a Trust lawyer Philadelphia, PA? I have also included some links for more detailed information.
To learn more about Irrevocable Trusts in general, with examples of many other Irrevocable Trust tools, follow this link to read about Irrevocable Trusts.
Contact us if you want to know more or have an estate needing our help. Let our Probate and Estate Planning lawyers help walk you through what can be a confusing process. Feel free to contact our office for a free consultation.
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Peter Klenk is the founding member of Klenk Law, a seven attorney boutique estate planning law firm. We serve clients in Pennsylvania, New Jersey, New York, Minnesota and Florida. Peter Klenk received his Masters in Taxation LL.M. from NYU Law School and his J.D. from the University of Minnesota Law School. He served his country in the Navy JAGC during Desert Storm. Easy to talk to, feel free to call Peter for an appointment. We will make the process as easy as possible!
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