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Life has become so complicated! How can one make sure that you have done all that you can to protect yourself and your family. We all are concerned about our finances, minimizing taxes, and paying for health care especially long term care. We also want to help our families and our communities.

Having a comprehensive estate plan that meets your desires and is up to date can be the key. One of the best planning tools available is the “Trust.” Trusts come in all flavors and can be tailored to meet your desires. For example, a Revocable Trust can avoid probate. Irrevocable Trusts can be set up to save estate taxes. An Irrevocable Life Insurance Trust can be utilized to fund estate taxes. A Medicaid Asset Protection Trust can protect assets from a nursing home while accessing Medicaid to pay for long term care. Charitable Trusts can be an ideal vehicle to support your favorite charity and save taxes at the same time. Lastly, a Safe Trust can protect inheritances for your children in case they have a marital problem or have creditor problems.

So, you can see how useful Trusts can be. Trusts are a wonderful planning tool in the planner’s tool kit but every family situation is different. One size does not fit all when it comes to trusts. Deciding on which trust(s) make sense for you can be a complicated one. Experienced financial planners and estate planning attorneys can help you in deciding which trust is right for you.

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Tags: charitable giving, charity, inheritance, ira trusts, minimize taxes, trusts, vincent russo

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This entry was posted on Wednesday, July 15th, 2009 at 9:42 am and is filed under charity. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.