Many people spend their entire adult lives working and saving for retirement. They work hard, so when the day comes that they can retire, they will have enough money to be able to enjoy that retirement. In addition to planning for retirement, people also plan for the future when they are no longer here. Setting up a solid estate plan can help provide financial security for your family when you die. As a trusts lawyer in King of Prussia, Pennsylvania can explain, there are many tools available. A good planner can match you with the correct tools. The goal; help guarantee a solid estate plan and funds are protected, no matter what the situation.
While it is always a good idea to have a will in place, it is also important to realize that wills are only one component of your estate plan. A will dictates where your probate assets pass. A trust can give your heirs protection. As a King of Prussia Pennsylvania trusts lawyer can explain, a will provides only offer so much protection. Further, your family can contest a will. Trusts can protect for generations.
For example, a trust can protect against your child’s divorce. Often when inheriting a child, places the inheritance into a joint account. The child combines the inheritance with the marital funds. At some point, those funds, combined with other marital funds, may be used to purchase a home or other large ticket item. A few years later, if the couple divorces. The inherited funds are now susceptible to the spouse’s claim. A trust could avoid this problem.
Another example of a concern a person may have that a King of Prussia Pennsylvania trusts lawyer is aware of is if the adult child has a history of addiction or poor money management skills. The fear may be that once the child will recklessly spend the inheritance. Perhaps on unwise investments or, for some, their addiction. A child who has money management issues could have creditors attach liens against the funds they inherit. A trust can help shelter an inheritance from these problems.
An estate planning lawyer, King of Prussia, PA, offers knows that one of the best ways to prevent the above or other scenarios and protect the money you have worked so hard to leave to your family is by setting up trusts that avoid many of the above situations.
A living trust enables the person to leave the funds to whoever you choose as beneficiary and still maintain control over the fund or property you place into the trust. A King of Prussia Pennsylvania trusts lawyer can help you set up the trust with specific stipulations on disbursing trust assets will be dispersed to the beneficiary.
For example, instead of the entire trust becoming entirely available for the beneficiary adult child upon the parent’s death, the funds can stay in the trust with a third-party named as trustee. This neutral trustee can disperse funds to the beneficiary only under certain circumstances. A trusts lawyer can also add a spendthrift clause to the trust which bars any of the beneficiary’s current or future creditors from placing liens on the funds.
Call Klenk Law to find out how a seasoned trusts lawyer King of Prussia Pennsylvania families trust can help you set up an estate plan that will provide your family with the financial security they deserve.
I met Peter soon after he started his practice in Philadelphia, PA. He and his team have always been there for me and my various inquiries throughout my life-changing events, corporate relocations. I have lived in various cities throughout the nation, I have never had a problem in contacting Peter or a member of his team. He and his office responds quickly and returns calls to me to fulfill my requests for information or to revise my estate needs while posing relevant thought-provoking questions that I need to consider to secure my future. One of Peter's best qualities is his ability to answer clients complicated questions in a simple way to ensure comprehension.
Peter and his associates were a pleasure to work with. He explained the process clearly and provided assistance nearly instantaneously. Highly recommended for trusts-and-estates-related needs!
Peter recently gave a presentation about Wills & Trusts at my employer, and it was fantastic! He was extremely knowledgeable and provided valuable information to the group. People were very engaged and asked several questions, all of which Peter thoroughly answered. Personally, my husband and I have selected Peter to help us with our estate planning, and he has been very helpful in providing us with all of the information we need to provide a secure future for our family. Thank you, Peter!
Peter Klenk and his associates are responsive and professional - It is a pleasure to work with their team. If you have needs in estate planning or administration, they are the firm to go to in the Philadelphia area!
I have worked with Peter Klenk & his associates for some time now and I have found them to be ultra-qualified, knowledgeable and diligent about their work. I highly recommend them.