Trustworthy Guidance From A Seasoned Trust Attorney In Brunswick County, North Carolina
Imagine having peace of mind knowing your assets are protected and your wishes will be honored. At B. Joseph Causey, Jr., I believe a trust can help you accomplish this. I am dedicated to helping you navigate this critical process. Based in Shallotte, North Carolina, I am here to support you every step of the way.
Trusts Are Key To Smart Estate Planning
Trusts are legal arrangements in which one party, the trustee, manages property for the benefit of another party, the beneficiary. The person who creates the trust is known as the grantor. You can create your own trust and also manage it during your lifetime.
There are many types of trusts, including:
- Revocable trust: Also known as living trust or intervivos trusts, created while the grantor is alive. This type of trust can help manage assets while the person is alive and also avoid probate at death. This type of trust allows the grantor to amend, make changes or revoke it while they are still alive, providing complete control and flexibility.
- Special needs trust: This trust provides for someone with disabilities without jeopardizing their eligibility for government benefits.
- Charitable trust: These trusts benefit a charitable organization, offering tax benefits to the grantor.
- Irrevocable trust: Once established, the grantor cannot alter this type of trust, offering benefits such as Medicaid reimbursement lien avoidance, asset protection and/or possibly tax advantages.
- Gun trust: It is helpful to utilize a separate Gun Trust to address the unique laws surrounding firearms; control of firearms within a trust does impose some civil and criminal liability on unsuspecting trustees; some corporate trustees decline to serve if the trust owns firearms
- Pet trusts allow a plan naming caretakers for care of your favorite animals and may set aside sum of money for care of your animals; pet trusts can be built into your larger revocable trust plan
Choosing the right trust depends on your situation. Your financial goals, family needs and tax considerations play a significant role. You can tailor trusts to meet various needs and objectives, making them a versatile tool in estate planning.
Trusts Vs. Wills: What Are The Advantages?
Having a will is wise for every adult, but these simple legal documents do not offer the same protections as a trust can. Thus, establishing a trust can provide numerous benefits that a will cannot, including:
- Avoiding probate: Trusts can help avoid the costly and time-consuming probate process, ensuring a smoother transition of assets.
- Ensuring privacy: Trusts can maintain the privacy of an individual’s assets and personal information, keeping them out of the public eye.
- Protecting assets: Trusts can shield assets against creditors, lawsuits and other potential threats, ensuring their preservation for future generations.
- Tax benefits: Trusts can offer significant tax advantages, such as reducing estate taxes and providing income tax benefits.
- Having more control: Trusts can give individuals more control over their legacy, allowing them to dictate how their assets are distributed and managed.
Even if you have a will, also having a trust can provide supplemental protection and benefits to create a more robust and effective estate plan.
Are There Any Disadvantages Of A Trust?
While trusts have many benefits, they also have some drawbacks:
- Complexity: They can be complicated to set up and manage.
- Cost: Initial setup and ongoing administration can be expensive.
- Inflexibility: Irrevocable trusts cannot be easily altered once created.
It’s essential to weigh these disadvantages carefully with the help of a trusted attorney.
Why Brunswick County Residents Can Rely On Me
Brunswick County residents can depend on me to guide them through establishing, changing and administering trusts. I was born in Southport and raised in Shallotte, and I remain firmly committed to my roots and community.
No matter your background or planning goals, I can help you create the estate plan that is right for you. I also assist with matters related to contesting a trust, powers of attorney, funding a trust, trust administration and trust litigation.
Take the First Step Toward Securing Your Future
If you’re in Brunswick County, North Carolina, and need assistance with trust-related matters, contact me at 910-212-5896 or send an online message for a consultation.