Trusts Provide Generations of Benefits for Descendants
Contrary to popular belief, a trust is not only for wealthy families. In fact, many middle and upper-middle-class families take advantage of a family trust. This is especially true if there are a variety of assets involved. The process does require some legal work and a few fees. Understandably, there are many people out there who may be concerned if the end-result is even worth the trouble. The following includes a few of the benefits that come with the building of a trust for your descendants.
You Determine How Your Descendants Will Handle Your Assets
Let’s say that you have $4 million in assets. You may be concerned that your assets will not be used properly after you’ve passed away, thus putting the rest of your family in danger of not being financially protected. Through a family trust, you are able to dictate what your descendants can do with your assets after you’ve passed on. For example, you may put a restriction on when siblings or your children can gain access to your assets.
May Improve Medicaid Eligibility
When families leave high-value assets, they may be inadvertently denying family members access to Medicaid. This is important for family members who may require professional medical care. Having valuable assets outside of a trust can prevent them from being accepted into the program, and thus money from the assets would need to be used to care for that person. This is a complex matter and should be discussed with a trust administration lawyer in Las Vegas.
May Help Avoid Probate
There’s a reason why so many people want to avoid going into probate, it’s simply long and expensive to go through. However, when you create a trust you are naming the specific people who are going to gain access to your assets and thus challenges are minimal to none at all.