On first thought, you may think trusts are only for 19th-century robber barons. However, trusts are among the most flexible of financial instruments, and many individuals, even those of modest means, can find the addition of a trust or two to their estate plan to be very helpful, often for tax planning and to preserve or protect members of their family or their business.
At the law office of John A. Cochran, Esquire, I can assist you with many aspects of establishing a trust or with the administration of a trust. Call me at 724-216-0704 or send an email today to schedule a consultation to learn more about how to preserve your family’s future.
In addition to being an attorney, I am also a CPA, and I can review your financial situation and provide sophisticated advice on how a trust can best help you reach your goals and the goals of your family.
Tax Planning And Wealth Preservation
A trust can be very useful when it comes to tax planning or assisting with wealth preservation within a family. John A. Cochran, Esquire, can work with you to identify your needs and help choose the type of trust that will help you achieve that goal.
There are a great many types of trusts:
- Charitable trusts
- Gift trusts, such as Grantor Retained Annuity Trust (GRAT), Intentionally Defective Grantor Trust (IDGT) and Grantor Retained Unitrust (GRUT)
- Living trusts or revocable trusts
- Qualified beneficiary trusts
- Special needs trusts
- Spendthrift trusts
- Testamentary or irrevocable trusts
There are additional types of trusts, and during the creation of your estate plan, I will discuss the advantages of each trust and why one trust type would serve your better than another.
Do You Own A Family Business?
If you own a business and you have children, a trust can be a means of protecting your business from potential problems. If an adult child marries, has an interest in the business and then divorces, you could find yourself having their ex-spouse as a business partner. By use of a trust, you can protect it from such a situation, while still allowing your children to participate in the business.
Contact My Office
To schedule a consultation with an experienced lawyer who can help you with the creation of a trust as part of a comprehensive estate plan, with estate administration or with the administration of a trust, call my Greensburg office at 724-216-0704 or use my online form.