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.
Peter has done a great job with the estate planning for my father. He is very thorough and patient as we, the family need to make decisions.
Peter has done our family's trust and estate work since our children were born. He is not only extremely knowledgeable and honest, but makes sure that our arrangements remain current with the changing legal landscape. I would give him my highest recommendation as a professional in his field.
Peter was excellent. He explained everything very clearly and is super friendly. My wife and I originally tried using a lawyer through group legal coverage, but unfortunately the old adage - "you get what you pay for" - applied to the other lawyer, and we decided to go with a real professional.
Mr. Klenk, quickly understood the circumstances presented and provided clear and concise advice. This advice provided me with the information I required to progress the case to my advantage.
Peter explained things in a way that was easy to understand. Everything was done in the time frame he said it. Could not have been better!