Utilizing Trusts In Alabama Estate Planning

A trust is an estate planning tool that allows you to set money aside for a specific beneficiary. It helps protect the included assets, which can only be distributed to the beneficiary in accordance with your instructions.

If you are in need of an Alabama trusts lawyer, look no further than Patrick Collins, LLC. Our Daphne trusts attorney, Patrick Collins, has more than 35 years of valuable experience to lean on as you explore your estate planning options. He’s known for providing personalized attention to every client, understanding that everyone’s goals are not the same.

Benefits Of Establishing A Trust

A trust can help you achieve your estate planning goals on many levels. For instance, it keeps assets out of probate, helping reduce the odds of probate disputes among beneficiaries. It can also minimize estate taxes, and since the trust owns the assets instead of you, they are protected from lawsuits and creditors.

Young parents can use trusts to provide for pets or minor children if they pass away unexpectedly. Trusts can be used to ensure the long-term well-being of loved ones.

Special Needs Trusts

Because a beneficiary does not legally own the assets held in a special needs trust, they are valuable tools for special needs planning while maintaining eligibility for government benefits.

A means test applies to qualify for benefit programs, and a direct inheritance can threaten eligibility. Placing the assets in a special needs trust instead enables beneficiaries to access necessary government support without risking disqualification. These trusts help ensure quality long-term care, supplement the beneficiary’s lifestyle and cover additional expenses not provided by government programs.

Call For A Consultation

To meet with an attorney for your initial consultation, call us in Daphne at 251-445-5849 or use the online contact form.