A trust is a legal relationship between three parties — the party who created it (settlor), the party who oversees it (trustee), and the party who benefits from it (beneficiary). A trust can offer crucial protection for vulnerable beneficiaries, such as minors or individuals with disabilities. A trust not only shields beneficiaries from financial mismanagement but also provides a sense of security and stability for their future well-being. The team at Scott Counsel works with clients to establish trusts that detail specific instructions within the trust document, ensuring that all assets are distributed according to the client’s wishes.
The experienced team at Scott Counsel can guide you to establish the type of trust that is best suited to your situation, your financial position, and your goals:
- Revocable Living Trust: This trust stays in the control of the person who created it. It allows for assets to avoid probate.
- Irrevocable Trust: With this trust, the creator will lose control of their assets, but there are circumstances where an irrevocable trust is beneficial because it attains specific goals.
- Special Needs Trust (SNT): This trust sidesteps the problem of leaving assets to a special needs loved one and possibly rendering them ineligible for public benefits like Medicaid.
- Qualified Income Trust (QIT): This specialized estate planning tool helps families preserve their loved one’s eligibility for long-term care benefits.
- Charitable Trust: This type of trust is often the most financially advantageous way to leave money, property, or other assets to benefit a good cause.
Reach out to Scott Counsel today, and strategically establish one or more trusts to best provide for your family’s future.