3 Helpful Tips Regarding Trusts

If you or a loved one needs assistance regarding a trust, contact an NJ trust lawyer clients rely on. Creating, maintaining, and changing a trust can cause confusion amongst clients, and their loved ones. Experienced attorneys such as those at Kaplan Law Practice, LLC assist their clients in clearing up ambiguity surrounding asset planning and provide clarity and counsel on how to best handle their trusts.

  1. When a client wishes to protect their assets, they should first contact a trust lawyer. During the initial consultation, the attorney will be able to go over the client’s estate and get a better understanding of his or her assets. After gathering the information, a wise trust lawyer will provide their client with recommendations on trusts, asset protection, and estate distribution goals. Since trust lawyers possess knowledge of state law and other tax considerations, they will be equipped to recommend a plan that best fits their client’s needs and goals, all the while adhering to state and federal laws.
  2. Planning a trust may not be the right decision for every client. An experienced trust lawyer will assess their client’s unique financial, estate, and asset situation before either recommending preceding with a trust or strongly discouraging their client from creating a trust. There are many varying factors that makeup whether or not a trust is in the best interest of the client, their future, and their beneficiaries. Not only can trust lawyers protect their client’s current assets, but they may also be able to grow their value as well. Trusts are a great tool for growing asset value, but it is not the only tool by which clients can protect and grow their asset’s worth. By communicating with your trust lawyer, you can identify your goals, and formulate your own asset plan that will be most beneficial to you, and your future. Clients should also keep their beneficiaries in mind when making their asset plans, as they may help decide what course of action to take.
  3. Many people believe that trusts are exclusively for the financially wealthy, or those possessing large estates. However, this statement is a myth. Any client, whether owning great or small financial assets, can make a trust. As mentioned previously, even though clients have the option of creating trusts does not mean that it is the wisest option for all clients. Again, by working with a trust lawyer, clients will understand their options, and be counseled as to what is the wisest course of action for their specific situation. There is not one size fits all approach to financial, estate, and asset planning. Trusts, while an intelligent course of action for some, do have some negative aspects that clients should be aware of before committing to a trust. That is why it is essential that clients are able to effectively communicate with and respect their trust lawyers. Full transparency and honest communication are keys to a healthy working relationship between attorney and client. Whether the client possesses a large or small estate is irrelevant to the trust lawyer and client relationship. A wise attorney treats all their clients with equal respect and transparency.