Haag Law Offices, P.A.
Outstanding corporate legal advice & services throughout the twin cities

What is a Trust?

What is a trust, and how can it be used in your estate planning?  Think of a trust as an entity separate and apart from you.  It is a lot like a corporation in that it can have its own federal tax identification.  It can own property.  And it can be required to file a tax return.

Trusts are often used in estate planning to hold property outside of one's probate estate.  So when you pass away, the property will not be considered part of your estate that would have to be probated.  It can be easily transferred to a beneficiary without court approval, or it can be maintained in the trust itself - depending on the desires of the person who made the trust (the "Grantor").

Trusts can be useful for a number of other purposes as well.  They can be used to hold the family cabin for future generations.  They can be used to minimize estate taxes.  And they can be used to segregate assets.

Although a trust may not be the best plan for you, it should at least be part of the discussion when developing your estate plan.

For more information, please contact us at www.haag-law.com.

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