Trusts
Trusts
A fiduciary relationship with respect to property, in which one person (trustee) holds property for the benefit of another person (beneficiary) with specific duties attaching to the way the trustee deals with the property.
The Law Offices of Lanore Grantham
The Law Offices of Lanore Grantham leverages a mindful approach to providing legal advice, counsel, mediation, and planning in order to dismantle the unpreparedness that often drives discourse within our families.
Benefits of a Trust
- Control
- Settlor controls how money is paid
- Probate Avoidance
- Cost avoidance - petition fees, inventory fees, legal fees
- Time savings - waiting for letters of authority in order to act
- Privacy - Estate (assets) are kept out of the public eye
- Reduces disputes - any unhappy beneficiary has to pay for any dispute legal fees from his/her own pocket
- Tax Planning
- Income tax, capital gains tax, property tax, gift tax, federal estate tax
- Asset Protection
- Beneficiaries' divorce
- Beneficiaries' creditors
- Assets under control of settlor even after death until terms of trust require distribution
- Disability Planning
- Special needs children
- Sick spouse, substance abuse
- Vulnerable adult