Understanding Trusts: A Key to Protecting Your Assets
At Russo Law Offices, we believe securing your future and assets is paramount. A Trust is a powerful tool that can help you achieve these goals. But what exactly is a trust, and how can it benefit you?
What is a Trust?
A trust is a legal arrangement where one party (the trustee) holds and manages assets for the benefit of another (the beneficiary). Trusts can be used for various purposes, including estate planning, tax reduction, and asset protection.
Types of Trusts:
Revocable Trusts: These can be altered or revoked by the grantor during their lifetime. They provide flexibility and control over the assets.
Irrevocable Trusts: Once established, these cannot be easily changed. They offer significant tax advantages and protection from creditors.
Living Trusts: Created during the grantor's lifetime, these trusts can help manage your assets if you become incapacitated.
Testamentary Trusts: Established through a will, these trusts only take effect after the grantor's death.
Benefits of Trusts:
✅ Avoid Probate: Trusts help bypass the probate process, saving time and reducing legal fees.
✅ Privacy: Unlike wills, trusts are private documents and do not become part of the public record.
✅ Asset Protection: Trusts can shield your assets from creditors and legal judgments.
✅ Control: You can specify how and when your assets are distributed to your beneficiaries.
At Russo Law Offices, our expert attorneys can guide you through setting up the right trust for your needs. Secure your legacy and protect your loved ones today!