How A Living Trust Helps Your Family

Connor Law Firm, PLC

There are several parts to an estate plan, one of them being a living trust. Common factors that prompt someone to create a trust include privacy, tax benefits, avoiding probate, and caring for family members with special needs. Estate planning also lets you dictate how your assets will pass on to future generations after your death.

Avoiding Probate

One of the primary reasons for creating an estate plan is to avoid probate. Unlike a will, a fully funded living trust will avoid probate, typically a lengthy and costly court-supervised process. Probate includes locating and determining the value of the deceased’s assets, paying off any outstanding bills and taxes, and then distributing the remaining value of the estate to the deceased’s rightful beneficiaries or heirs. Avoiding probate is often a top reason for estate planning, and there is no surprise as to why. First, probate can be a costly way to transfer your assets upon death. Second, it is very time-consuming for your family. It can take from six to nine months (or even longer) to complete the probate process. Complications, such as a contested will or an inability to find clear records of all of the deceased’s assets and debts, can extend this timeline. Finally, probate proceedings are a matter of public record so when your estate goes through this process, there is no privacy.

Reducing Taxes

While a living trust can help you avoid probate, it can also provide you with tax savings, especially if your estate is subject to death taxes (also known as estate and gift taxes). Of course, there are many types of trusts. One way to think about the variety is to consider a toolbox. For example, there are numerous kinds of screwdrivers, hammers, power tools, and so on. Each tool has an intended use. Trusts are no different. When you work with us, we’ll make sure to align the type of trust with the tax-saving needs and other goals of your family.

Seek Professional Help

It is important to understand that a trust only controls assets that are in the trust. In other words, you must place these assets in the trust – commonly referred to as “funding” the trust. Moreover, because our lives are always changing (marriage, childbirth, home purchase, etc.) and so are tax laws, it is essential to continually update and monitor the funding of your trust over your lifetime. For these reasons, you will want to work closely with your estate planning attorney to make sure your assets are properly aligned with your trust. This will not only help you get organized, but it will also make things easier for your heirs when you pass away. You don’t have to go it alone. We are here to help you and your family.

Call today for a free consultation in office or by telephone.

Ben E. Connor, Esq.
The Connor Law Firm, PLC
Scottsdale, Arizona Office:
800-679-6709 (toll free)
480-296-2069 (local)
St. George, Utah Office:
800-679-6709 (toll free)
435-359-1414 (local)

Ben@ConnorLegal.com
www.ConnorLegal.com

Client Reviews

Outstanding Professionalism with Clear Communication. We were introduced to Ben Connor and his Law Firm over 20 years ago and quickly became comfortable with Ben’s knowledge, experience, reputation, plus fair...

K and D

He was Kind, Patient, and Took all the Time We Needed. Ben created an excellent Living Trust for Laurie and me. He has been a personal friend for many years and finally I asked his advice after leaving the...

DOJ

We Trust Ben Completely. We met Ben through a mutual friend, and when we decided to set up a living trust, he was the only one we felt could provide us with the expertise, sound advice and personal service we...

S J

Truly Cares about his Clients. Ben is an excellent attorney who also truly cares about his clients. He created a wonderful Living Trust for me and my late husband, as well as an LLC for our business. He was...

JP

Excellent Attorney. Excellent Attorney who is wonderful to work with and create the perfect trust!! Ben Created a living trust for my partner and I. Prior to Ben, the thought of creating a trust intimidated me...

Amy

Trusted Advisor. Trust is very important when working with an Estate Planner, and after working with Ben Connor on our estate planning we highly recommend him without reservation. Ben walked us through our...

SJ

Excellent Living Trust. Ben created an excellent Living Trust for Tug and I. He explained our options from A to Z so that we could actually decide for ourselves what we wanted done. He answered all our...

Bonnie

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