When it comes time for retirement planning and establishing a guideline for what you want to be done with your estate, it is important that you take your time in making decisions that will undoubtedly impact your life for years to come. At Dale M. Maas, Attorney at Law, we are proud to help the people of Louisiana in their efforts to create estate plans that are customized for their needs.
One of the many portions of an estate plan that you may be considering is a trust. Trusts come in several different forms, each with its own identity and benefits. Deciding which option is the most appropriate for your needs is going to require you to look in depth at your life, your assets and ultimately what you wish to happen when you pass away. According to CNN, a generation-skipping trust is beneficial if you wish to bestow some of your assets to your grandchildren or other heirs that are not immediately under you in the generational tree.
When you create an irrevocable trust, you are relinquishing the rights and ownership of the assets you have placed in it, and are often unable to modify its terms and conditions without first receiving consent from the person you have listed as a beneficiary. On the other hand, a revocable trust is just the opposite in that you have the power to continue to modify the terms of the agreement as you see fit. A qualified terminable interest property trust allows you to give a portion of your assets to your surviving spouse, but then to clearly designate where the remaining assets will go to. This arrangement is particularly helpful if your family has a complicated dynamic with blended families, divorces, remarriages and stepchildren.
When you are aware of the different types of trusts you may consider when planning your estate, you may be more confident in making a selection that will be sure to benefit your situation. For more information about planning your estate, visit our web page.