Trusts are complicated, variable, a moving target throughout life, expensive in the making and require sound advice before venturing into one.
A trust is a legal tool and it may or may not be useful. It is a legal entity that enables you to put conditions on your assets and their distribution after you die. It also helps minimize estate taxes and avoid probate. Is it the right tool for you? Maybe not since estate taxes only kick in at about $5 million per individual. Married couples have more than $10 million exemption. A trust isn’t something you do yourself. Start with a reputable estate planning attorney or financial planner, the cost is $1500 to $3,000 depending on specialization. More about Trusts. Mary Ann Doucette is President of Doucette Medical Supply, Ltd. aka Doucette Medical Supply, LLC