Helping Clients Plan for the Future and Protect Assets

The estate planning process helps individuals prepare for the future, and trusts are one of the most effective ways to accomplish this. However, did you know that creating a trust can also benefit you and your family while you’re still alive? Depending on your circumstances, a trust can minimize estate taxes, protect assets, and allow you to enjoy greater control over how the inheritance is passed on.

Trusts are among the most valuable estate planning documents. With a trust, estate assets are no longer held in your name, but in many cases, you still have full control over the assets. Trusts can also provide security for loved ones with special needs and allow for a legacy of generosity through charitable donations.

Estate planning attorney Steven Lundberg can advise you on the proper form of trust for your unique situation. We’ll help with legal planning for your financial circumstances, including protecting your assets both now and after you’ve passed away. We assist clients with trusts, trust administration, and more. Call 919-646-6549 right away to learn more about how you can benefit from our estate planning services.

Why Are Trusts Important for Estate Planning?

Most people worry about three distinct aspects of estate planning: protecting their wealth from estate taxes, passing on the inheritance to beneficiaries, and safeguarding their assets while they’re still alive. One powerful estate planning tool accomplishes all three of these tasks, and it is known as a trust.

Trusts indicate your wishes as to how your assets are passed on to future generations, but these documents differ from wills. While wills name the executor, guardian for minor children, and dictate which assets go to which beneficiaries, trusts serve a different purpose. Trusts impact how you hold your estate assets, minimizing the taxable estate and even saving your family from the full probate process.

It’s critical to understand how trusts can help you and your family enjoy security and freedom now and far into the future. Our estate planning team can help you learn about your options when it comes to trusts, including what type of trusts you should use and how to administer a trust on behalf of a loved one. We’ll help you craft the perfect legal documents that give you greater flexibility, control, and asset protection.

What Types of Trusts Are There in Cary, NC?

One unique aspect of trusts is that there are many different types of trusts you can choose from. Our legal services encompass educating clients about trusts, helping them identify the right path for their specific needs, and developing legally sound documents to achieve their objectives.

Some examples of types of trusts include:

• Irrevocable trusts –  Irrevocable trusts provide excellent asset protection from creditor claims, lawsuits, and taxation. However, these trusts, as the name indicates, are very difficult to change once created.
• Revocable trusts – Revocable trusts, also known as revocable living trusts, provide greater control by the grantor and may be adjusted as family needs change due to marriage, death, divorce, and the birth of beneficiaries.
• Special needs trusts – Special needs trusts allow you to leave an inheritance for loved ones with special needs without interfering with their eligibility for public benefits.
• Charitable trusts – With a charitable trust, individuals may designate a charitable organization as a beneficiary and enjoy tax benefits.

How Can an Estate Planning Lawyer Help Make My Trust?

Estate attorneys like those at Compass Estate and Tax Planning can provide valuable assistance as you’re considering or creating a trust. We can help develop a plan that meets your family’s unique needs, including powers of attorney, wills, living wills, and trusts. We can ensure the designated beneficiaries receive their inheritance when it’s time to administer your estate.

Some other benefits of hiring an estate planning lawyer include:

• Personalized legal advice from someone with decades of experience in estate planning law
• Guidance in choosing the right trust among the many options available
• Unique documents tailored to your family’s needs
• Help adjusting your estate plan when family changes occur, such as marriage, divorce, death, or the birth of family members
• Assistance with estate administration, trust administration, and probate
• Legal counsel as to how to manage assets for maximum asset protection
• Legal documents that assign financial power of attorney and health care power of attorney to trusted individuals
• Help with applying for Medicaid, including transferring assets appropriately for better chances of approval

When you hire Attorney Steven Lundberg and his team at Compass Estate and Tax Planning, you’ll have problem solvers on your side who understand federal and state laws. We’ll identify ways to meet your specific needs through creative, legally sound processes.

How Does Trust Administration Work in North Carolina?

If you’ve been assigned as trustee by a loved one, you may feel overwhelmed and confused about your duties when administering the trust. Our estate administration attorney is ready to assist you in handling the numerous complex duties associated with trust administration.

Some tasks you’ll need to complete include inventorying the trust assets, managing the assets in the trust, notifying the beneficiaries of the trust administration, and distributing assets according to the grantor’s wishes.

With our team by your side, you can feel confident about conducting trust administration and your duties as trustee. We can help you avoid disputes or resolve them if they arise. We’ll also protect you from negative legal action if someone brings a complaint against you. If you are a family member who is concerned about the actions of a trustee, we are also here to listen and help.

Should You Hire Our Trusts Lawyer in Cary?

Trusts are too important to ignore when it comes to estate planning. These crucial legal documents can provide protection, peace of mind, more control of the inheritance, and less interference from probate. However, trusts are also complicated to set up and require a deep understanding of North Carolina law.

When you’re ready to create a trust, will, power of attorney, or any other estate planning document, please contact our law firm. We listen carefully to our clients and provide honest, sound legal advice, drawing on our extensive experience. You can count on us to prepare a legally sound estate plan that avoids probate, minimizes the taxable estate, and ensures your wishes are met.

Call Attorney Steven Lundberg at 919-646-6549 to speak with our estate planning team today.