Joseph R Burcke, LLC

What Are Trusts? Why Should We Use Them?

Trusts avoid the need for a conservatorship in the event someone suffers a substantial disability and prevents the need for a probate estate administration upon death. Think of a trust as a wagon. The purpose of the wagon is to carry your assets past the probate court upon disability or death so that you don’t have to enter the probate court which has a very expensive cost of admission. The concept of how a trust operates is like a triangle. The points of a triangle are the positions inherent in every trust. The grantors or settlors are the people who create the trust. The trustees are the people who manage the assets that are placed in the trust. And, the beneficiaries are the people for whom the trust has been created, who receive the benefits of the trust. When a trust is created, you hold all three positions. You create the trust. You have exclusive control of your assets once they’re in the trust. As a result, you and your family members are the exclusive beneficiaries of that trust once it’s created. Learn here:

https://burckelaw.com/what-are-trusts-why-should-we-use-them/

What Are Some Of The Specific Types Of Trusts? Watch to learn:

https://vimeo.com/440891004

What Are Some Of The Specific Types Of Trusts? The most common trusts are probate avoidance trusts, Medicaid qualification trusts, and one other trust that is used for qualified retirement benefits to protect…