Helping Clients Navigate A Course To A Better Future

Exploring Different Types Of Trusts For You And Loved Ones

Trusts play a vital role in estate planning. They allow you to pass assets to your loved ones reliably. At Kennedy Law Associates, we are dedicated to providing you with personalized trusts that honor your wishes. Our lawyers understand that planning for your family’s future is an emotional journey. They use their decades of combined experience to give you personalized attention plus the service that you would find at a large law firm. We are here to assist you through the North Carolina trust creation and administration processes and create a plan that keeps your loved ones’ futures safe.

Types Of Trusts And How They Differ

A trust is a fiduciary arrangement into which a grantor places their assets. A trustee manages the assets of the beneficiary. There are several varieties of trusts, each unique. These are some of the most common types:

  • Special needs trusts: Provide for a loved one without affecting their government-issued benefits.
  • Living trusts: Manage your assets while you are alive and distribute them after your death, avoiding probate.
  • Revocable trust and irrevocable trusts: Revocable trusts offer flexibility, allowing changes during your lifetime, while irrevocable trusts provide tax benefits and asset protection but cannot be altered easily.
  • Pet trusts: Ensure care for your pets by setting aside funds for their needs.
  • Charitable trusts: Support charitable causes while receiving tax benefits.

Our firm has extensive experience in establishing and administering all types of trusts. We understand the nuances of each and can help you decide which is best for your finances and your inheritors. Our estate planning attorneys will work closely with you to tailor a trust that aligns with your family’s needs.

Can You Modify A Trust?

Life changes. So might your needs for a trust. You can modify a trust under certain conditions, such as:

  • Changes in family dynamics
  • Marriage or divorce
  • New tax laws
  • Change in financial situations

You might want to update beneficiaries, adjust terms, or change trustees. Our lawyers stay in touch with you so that your trust always reflects your current wishes and the necessary legal requirements.

The Advantages Of Setting Up A Trust

Many people believe trusts are only for the mega-rich, but this is not true. Trusts offer numerous benefits for individuals at various wealth levels. They provide privacy, as they do not go through probate, keeping your affairs out of public records. Trusts can also reduce tax liabilities, protect assets and ensure your beneficiaries receive their inheritance according to your wishes. We help you understand these advantages and incorporate them into your estate planning. Our goal is to help you secure your assets with confidence and peace of mind.

Get In Touch With Our Charlotte Attorneys About Trusts

Let our team at Kennedy Law Associates assist you in creating a trust that meets your needs. To make an initial consultation, please call us at 704-512-0619 or send us an email.

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