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 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!
"I worked for Peter Klenk for 4 wonderful years. I can’t speak highly enough of everyone at the firm. Everyone truly cares about their clients and has a strong sense of responsibility to get things done right. I would highly recommend Klenk Law!"
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!
Peter and his staff are very responsive and always willing to help my clients and in a cost efficient manner.
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!
AWESOME LAWYER! Peter Klenk is an exceptional attorney and a very nice person! Today I spoke with Peter about estate planning and was impressed with by his professionalism, cordiality, and attention to detail. I highly recommend Klenk Law for probates, wills, trusts, and other issues germane to estate planning!
Peter is a model attorney who puts his clients first at all costs. His extensive expertise in estate planning and tax planning was a great comfort as we began, and have expanded, our family. He is very thoughtful, generous, and quick witted. His approach towards his business has been an inspiration to his peer group, and his zest for life is extremely infectious. Without reservation, I highly recommend Peter as trusted and cherished counsel