Advanced Estate Planning and Trusts
Depending on your situation, setting up a Trust as part of an advanced estate plan may be an excellent option for managing your assets. That, in fact, is what a Trust is: a legal entity authorizing a Trustee to manage your assets for you. The lawyer many people in Pennsylvania and New Jersey call on for help in creating a Trust? That would be Attorney E. Nego Pile and the team here at Pile Law Firm.
We can help you create a Trust either to manage your assets while you’re still living or to assist your heirs in managing their inheritance after your death.
A Trust established while you’re alive is called a Living Trust. Typically, a person who creates a Living Trust will retitle his or her assets into the name of the Living Trust and retain complete control of it. Your Trust will provide instructions on how your assets are to be distributed when you die.
Another type of Trust is an Irrevocable Life Insurance Trust. It’s created specifically to remove your life insurance policy from your estate and thus keep the proceeds from being taxable to your estate. In essence this Trust is a holding device that owns your life insurance policy for you. The proceeds, then, can be used to provide your estate with liquidity to pay estate taxes, pay off debts and final expenses, and provide income to named beneficiaries. As the name implies, once you create an Irrevocable Life Insurance Trust and place your insurance policy in it, you cannot take that policy back in your name.
Pile Law Firm also helps people create Special Needs Trust (SNT) for their heirs or beneficiaries who have disabilities that require more support than that provided by government programs.
Your Last Will and Testament
If you live in Pennsylvania or New Jersey, a Last Will and Testament may be an essential element of your estate plan, even if you already have an advanced estate plan or a Trust. All adults should have a Will in which to specify their intentions regarding their estates upon their deaths. A well-crafted Will expresses your final wishes and instructions as to how your estate should be divided and distributed. It also names an Executor or Executrix of your choosing to be in charge. Such a Will ensures clarity and assists in preventing conflicts.
Again, the team to call on for help in creating your Last Will and Testament, as well as a Trust that best suits your needs, is the team at Pile Law Firm. We serve all of Pennsylvania and New Jersey. Contact Pile Law Firm today,