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One More Thing to Think About…

These days, every article starts with something to worry about. While we are no doubt being tested by these times, there is a silver lining: time to take care of business we have either neglected or never really thought about, like creating a plan for the future and preparing for the good, but being ready for the bad.

As we all know, peace of mind is often pursued and seldom achieved. One way to create some peace is to formulate a plan to ensure your family and assets are protected. One of the best ways to obtain this type of peace of mind is to consider an estate plan. Most of us know that having a will allows you to determine who your assets will be distributed to after your passing, but what if you want control over the use and distribution of your property before you pass? What if you want to ensure money is not wasted arguing about nonsense and that the needy and sick are taken care of?

Estate planning allows you to mold your assets to be used in the way you think best suits you and your values. There is no better way to express your feelings about the world around you than through a carefully constructed estate plan.

A proper estate plan is more than just a will. It may include the creation of one or more trusts that will allow you to manage your estate before you pass, thereby putting control in your hands instead of the court’s. A Living Trust allows the person setting up the trust (the “Grantor” or “Settlor”) to place assets into the trust (including real estate holdings, bank accounts, vehicles and other personal property) and to manage those assets until your passing. The trust can also include instructions about what happens to these assets after the passing of the Grantor, giving the Grantor peace of mind well beyond today.

There are many forms of trusts, including those that can be employed to protect against tax consequences, payment of insurance proceeds and government benefits being interfered with, and still others designed for the education of those not yet even born.

Trusts can provide you with significant benefits, including

·         Avoiding costly and time-consuming probate;

·         Reducing estate taxes;

·         Avoiding wasted time and money;

·         Reducing uncertainty;

·         Protecting beneficiaries; and

·         Protecting assets.

Because there are a variety of different types of trust agreements that can be created to suit specific needs, it is important to contact an experienced professional to help understand and plan for the future.

DorenfeldLaw, Inc., is a firm with a continued presence in the area that dates back some 50 years and is equipped with the latest in technology and connectivity to ensure constant accessibility and communication. We provide big firm know-how with small firm comfort.

For more information, call 818.865.4000 or visit DorenfeldLaw.com.