A Trust Could Help You Now

Very professional team that provides guidance to best suit your needs. Fair price for their services and takes the times to really listen to the client. Very comfortable staff that explained everything in layman's terms. They kept our interests and goals a priority.

A Trust Could Help You Now

Trusts are powerful instruments that have many good uses; but Trusts are also the most misunderstood and exploited instrument in the Trusts & Estates attorney’s toolbox. Wills are a close second. In both cases there are scads of lawyers, professionals, and websites that will promise to help write a Will or establish a Trust. Problem is, just because your cousin is a lawyer, that doesn’t mean your cousin will draft a good Will or an effective Trust. A cheap Will is not always an effective Will. Just because the operators of a financial seminar sold you an expensive “ Revocable Living Trust ” as your super-planning probate-and-lawyer-avoiding document, that does not mean the Trust will work for your planning needs.

Trusts are great, if utilized correctly. Here are just a few examples:

● If you’re entering an upper tax bracket this year, congratulations. You’ll probably have to pay more income tax, unless you reduce your taxable income before filing your tax return. A Trust could help here.

● When a life insurance policy pays out to beneficiaries under age 18, a Trust must be created by law for management of the Minor's insurance monies.

● When the in-laws or step-family is ready to pounce on the possessions and divide the assets of the soon-to-pass family money-maker, a private Trust agreement to handle the distribution is often the best way to keep out the greedy brood. A Trust agreement is private whereas a Will is public once it’s filed for Probate.

● If your friend needs to qualify for assistance, like Social Security Disability Income (SSDI) or Supplemental Income, a Trust can often be the recipient of enough income to lower the reportable income of the applicant to qualify for the assistance.

● If a person receives a lump sum settlement check for disability insurance, often there is a big income tax IRS bill that comes with the check. If the check is paid to a trust for the person’s benefit and with specific standards, then the tax bill may be deferred or never assessed.

● If you are under creditor attack and are about to receive an inheritance or other lump sum, a Trust benefiting you, would be the better recipient of the inheritance because the creditors cannot touch it.

● Other purposes include sheltering monies for a surviving spouse; Management of monies for surviving children; benefiting a charity; creating a legacy.

Trusts are not just for the management of a wealthy decedent’s estate. They can help people just like you and me.

* Robert S. Meyring, of Meyring Law Firm offers free 10 minute phone evaluations at 678-217-4369. The Meyring Law Firm is located 200 feet east of the railroad crossing on Paces Ferry Road, Atlanta. More information at www.MeyringFirm.com.