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Protecting Your Loved OnesPreserving Your Assets
South Dakota Trusts Attorneys
Over Two Decades of Helping Clients Protect & Distribute Their Assets
While trusts seem reserved only for the wealthy, they are actually very practical tools for people from any background. In essence, a trust is simply an agreement between someone who owns property (called the "trustor") and a person who oversees the property (referred to as the "trustee") until it is passed on to a designated recipient (known as the "beneficiary"). With decades of experience helping clients form and manage trusts, you can count on Aspen Legacy Planning to help you with your estate planning needs.
Why Form a Trust?
Trusts can be created for many different purposes. For some, a trust is a way to put money somewhere it can be accessed by their family for generations to come. For others, a trust can be used to pay for medical expenses in advance to reduce their available liquid assets when applying for Medicaid.
Some potential options for structuring a trust include:
- Revocable living trusts: Also known as an "inter vivos" trust, this arrangement assigns your property to different individuals before you die. It is "living" because you are still alive when you write it and "revocable" because you can edit the documents as your plans change.
- Stand-alone retirement plan trusts: A document created by a person enrolled in an IRA or other retirement plan. These agreements dictate who will receive your IRA after you pass on.
- Asset protection trusts: Allows individuals to structure their assets in a way that will help protect them from creditors.
- Gun trusts: If you possess firearms of sentimental or other value, a gun trust can help you legally distribute your guns as you see fit.
While the process of planning your estate is without a doubt stressful, it is important to approach the endeavor from the perspective of the value you will likely gain. A bit of paperwork now could mean that your loved ones get to honor your legacy without the added headaches of trying to divine your unexpressed will.
At Aspen Legacy Planning, our South Dakota estate planning lawyers can discuss which trust would fit well with your needs and wishes. Call (605) 610-4016 to start planning a smarter financial future.
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30 Years of Legal Experience
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