Your estate plan will be tailored to your finances, the legacy you wish to leave for your family and your goals. Our lawyers will take the time to understand your vision regarding what you would like to pass to your family as well as to charitable organizations and other beneficiaries. Trusts are written documents that provide for property to be held by one (the "trustee") for the benefit of another (the "beneficiary"). They are estate planning tools that allow you to achieve these goals.
At O'Brien Law Firm, LLC, in Southaven, we are knowledgeable about the many types of trusts available to meet your estate planning goals. Serving clients in Mississippi and Tennessee throughout the Greater Memphis area, we help many individuals and families establish trusts. We offer free initial consultations — schedule yours by calling our toll-free number: 866-504-5969.
What Type Of Trust Is Advisable For Your Goals?
Most trusts are revocable and allow the person who created the trust to make future changes or modifications or to terminate it. Changes, modifications and terminations are more difficult — and sometimes impossible — to make to irrevocable trusts. In general, trusts can help you avoid or minimize the expenses and delays of probate.
Our attorneys can talk to you about the trust or trusts that are most advisable given your specific goals. Types of trusts include the following:
- Living trust: A revocable trust that is established during a grantor's lifetime. It is used to place some or all of the grantor's property. Having a living trust does not replace a will — a will essentially serves as a "back up" for the assets that you do not transfer or are unable to transfer to your living trust. A will can ensure that the assets not covered under the trust are distributed according to your wishes.
- AB trust: A trust designed to ensure that the personal estate tax exemption of each spouse is used to the fullest extent possible, while allowing the surviving spouse to use the assets of the deceased spouse during the remainder of the surviving spouse's lifetime.
- QTIP trust: A trust designed to permit a spouse to transfer assets to his or her trust while still maintaining control over the ultimate disposition of those assets at the spouse's death. These types of trusts are particularly popular in situations where a person is married for a second time but has children from a first marriage for whom he or she wants to reserve assets.
O'Brien Law Firm, LLC, can help you develop a comprehensive estate plan that takes into account the entirety of your estate, protects your assets and provides for future generations.
Are You Interested In More Information? Call Us For A Free Consultation.
To discuss your options for establishing a trust or trusts, call our law firm to arrange a free consultation. We can be reached locally at 662-655-1012 or toll free at 866-504-5969, or you may contact us online. We can meet with you Monday through Friday during regular business hours. Weekend and evening appointments are available by request and initial deposit.