Indianapolis Trust Attorney

Helping Clients in Carmel, Fishers & the Surrounding Areas

When you are planning your estate, you have a number of options available to you. One of the most popular options is to create a trust. A trust is a legal arrangement where one party (the "trustee") holds and manages assets for the benefit of another party (the "beneficiary"). A trust may be established during life or after deat and with careful drafting and planning can serve as an excellent tool for managing your property during your life and after death.

At the Law Offices of Eugene Mogilevsky, LLC, we can help you determine which type of trust is right for you and your family. Reach out to us today to learn more about how our personalized legal support can make a difference for your family.

Call our Indianapolis trust lawyer today at (317) 743-7958 or contact us online to schedule a consultation.

What Are the Benefits of a Trust?

There are many different kinds of trusts available, and each type may be configured in a variety of ways to suit your needs and preferences. That said, many trusts can offer several common benefits such as asset protection, probate avoidance, asset control, tax planning, and other considerable benefits.  

Asset Protection

One of the primary benefits of a trust is asset protection. By placing assets in a trust, they are no longer considered part of your personal estate and can be protected from creditors or legal claims. This can be particularly beneficial for individuals who have high-risk professions or significant assets that they want to safeguard.

Probate Avoidance

When an individual passes away, their assets typically go through a process called probate. This can be a lengthy and expensive legal process that involves validating the will and distributing assets to beneficiaries. However, assets held in a trust are not subject to probate, meaning they can be passed directly to beneficiaries without delay or added expenses.

Privacy

In many states, the probate process is a matter of public record, meaning anyone can access information about your assets and beneficiaries. By using a trust, you can maintain privacy for yourself and your beneficiaries because the details of the trust are not made public.

Asset Control

Establishing a trust allows you to maintain control over how your assets are managed and distributed. You can set specific terms for how and when assets will be distributed to beneficiaries, ensuring that your wishes are carried out even after you pass away. Some trusts even allow the grantor to modify the terms of a trust after its creation. 

Tax Planning

Trusts can also offer tax benefits. By placing assets in certain types of trusts, you may be able to reduce taxes on the assets and minimize estate taxes for your beneficiaries. This can help preserve more of your wealth for future generations.

Special Needs Planning

For individuals with special needs, a trust can provide a means to support them financially without jeopardizing their eligibility for government benefits. A special needs trust can be established to supplement their income and cover expenses that are not covered by government programs.

Continuity

Trusts allow for continuity of asset management even after the death or incapacity of the individual who established the trust. By appointing a trustee to manage the assets, you can ensure that they continue to be invested and distributed according to your wishes.