Montgomery County Trusts Planning

A trust is often used as an alternative to the more traditional last will and testament.  A trust becomes its own legal entity that can hold assets and pass them down to its beneficiaries according to specific rules and conditions.  An important aspect of a trust is the ability to condition the passing of assets.

When you put your assets into a trust, you are creating a private transaction that will likely always remain out of the public eye.  Executing a proper trust requires the advice and help of an experienced trusts lawyer in Montgomery County.  The trusts attorneys at Troncelliti Law Associates can advise you on the use and need for a number of different trust options.

Irrevocable trusts

An irrevocable trust is a general type of trust that can be used for a number of purposes.  Before executing an irrevocable trust, be sure to seek the advice of a Montgomery County trusts attorney.  An irrevocable trust cannot be undone without significant maneuvering by the grantor and the beneficiaries.  Essentially, once you put your assets in an irrevocable trust, they remain there until the trust agreement ends or the assets are distributed to the beneficiary.

Revocable trusts

Revocable trusts are also a general trust but have the advantage of being able to be terminated by the grantor.  This means that once assets are in the trust, the grantor may still be able to terminate the trust and take the assets back.  In addition, a Montgomery County trusts attorney can explain the significant tax consequences of a revocable trust.

Living trusts

A living trust is a generic name for any trust that you create while you are alive.  These trusts can be revocable or irrevocable and can serve any number of functions as a part of your overall estate plan.  One distinct advantage of a living trust is that the trust is created while you are alive and should anyone challenge the trust, you are there to answer their allegation.

Special needs trusts

A special needs trust is a very specific type of trust. It is formed when you know that a family member will need government assistance but you still want to provide for them.  A trust that provides an income stream to a person on assistance can often revoke that assistance.  Our Montgomery County trusts lawyers are experienced with special needs trusts and will be able to prepare one that meets your goals and provides for your loved one.

Contact us

Contact the Montgomery County estate planning lawyers of Troncelliti Law Associates for answers to your legal questions.