Q.   I have a Will already.  Why would I want a Trust?

A.  There are many things a trust can do that a Will cannot accomplish, unless the Will incorporates the use of one or more trusts.   Trusts are very useful during life and after death.  The flexibility of a trust makes it ideal for a wide range of individuals and purposes when a will alone cannot accomplish the client's goals.

Summary of Trust Purposes

A trust can include many different provisions to accommodate one or more objectives, including:

• Provide a structured way to administer your personal and financial affairs during your life, especially if you become incapacitated.
• Carry out your choice of trustees and successor trustees to administer your trust.
• Provide a protected way to administer your assets for a surviving spouse, and in a tax-advantaged manner and to protect the assets upon a remarriage.
• Ensure the orderly and private transfer of your property after your death, and after the death of your surviving spouse or partner.
• Protect and manage assets for the benefit of, and provide support for, your children, grandchildren, and other beneficiaries until they reach the ages or meet conditions that you determine for distribution.
• Create incentives for desirable behavior and accomplishments by your beneficiaries-or disincentives for undesirable behavior.
• Ensure the transfer of property in a way that takes advantage of the available federal and state tax exemptions.
• Provide for the support of an elderly surviving spouse, partner, parent, disabled child, or other person with protection from Medicaid disqualification or reimbursement.
• Pay for a loved one's education.
• Pay for a loved one's health and medical care.
• Avoid probate costs and inconvenience.
• Avoid publicity with probate.
• Make tax-advantaged gifts to children or others.
• Make tax-advantaged generation-skipping gifts to grandchildren or others.

Q:  Should I have a Living Will? 

A:  If you have a traumatic illness or accident that renders you unable to communicate then health care professionals have little choice in how to treat you.  An "Advance Health Care Directive," commonly known as a Living Will, makes clear to your family, friends, and the medical establishment what type of treatment you want or do not want in such an event.  A Living Will helps assure your wishes are followed and brings peace of mind to your loved-ones.