Understanding Trusts when Estate Planning
Summary: Trusts as estate planning tools : Trusts are versatile legal instruments used in estate planning to manage, protect, and distribute assets according to the grantor's wishes. Types of trusts : There are various types of trusts, including revocable living trusts, irrevocable trusts, and testamentary trusts, each serving different estate planning objectives. Tax implications : Trusts can offer tax advantages, such as minimizing estate taxes and protecting assets from creditors, depending on the trust's structure and the grantor's financial situation. Benefits of using trusts : Trusts provide numerous benefits, such as privacy, asset protection, and the ability to bypass probate, making them valuable estate planning tools. Professional guidance : A Pensacola estate attorney can help individuals understand and select the appropriate trust structure for their specific estate planning...