Use the Right Trust for the Right Job

Estate planning is often misunderstood. People who do not obtain professional guidance can assume that it is an either/or proposition. They are under the impression that a last will is the right choice for people who are not multimillionaires. The idea is that a trust is the other option, but it would only be useful for very wealthy people. In fact, this is a very shortsighted point of view. There are numerous different types of trusts. It is true that there are trusts that are used by high net worth individuals who are exposed to the federal estate tax. During the 2016 calendar year, this tax can be applied on asset transfers that exceed $5.45 million. However, there are trusts that can be used for other purposes. Let s look at a few of them. Special Needs Planning People with disabilities often rely on need-based government benefit programs like Medi-Cal and Supplemental Security Income. Since these programs are only available to people who can prove that they have a significant lev
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