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 Klenk is an extraordinary attorney with positive guidance and knowledge for all of your Trust and Estate needs. We have used him for over 20 years.
Peter is excellent. I had a very complicated situation with my parents' estate planning and potential Medicaid needs. Peter was very knowledgeable in estate planning matters, able to define the best solution for the situation. Additionally, he was congenial and able to communicate effectively to my senior citizen parents the benefits of estate planning. He earned my trust, and more importantly, my parents' trust in a 45 mins consultation period. Highly recommend Peter. He is very easy to work with.
Everything about my experience was a 10+! Peter and his staff made what I thought would be a difficult process easy and understandable. Every detail was handled correctly. No other firm could possibly do better than Klenk Law!
Great firm. Great people. Happy to refer folks in need to estate planning to Peter and his team. They do great work.
You & your staff are the best thank you for everything.