Alabama Trust Attorney
When planning for the future of your loved ones and your estate, it is beneficial to explore the many planning vehicles available. In addition to passing assets on to beneficiaries via a will, it may benefit you to create a trust for a single beneficiary, or a non-profit organization. Creating a trust is a viable strategy for transferring property or assets to a beneficiary in the manner and timing that you wish.
At the Amari Law Firm, we offer detailed advice on the creation and maintenance of trusts. Located in Birmingham, our firm leverages more than 30 years of experience to help area clients create a wide range of trusts, including:
- Irrevocable trusts
- Private trusts
- Public trusts
- Revocable trusts
- Fixed trusts
What are the benefits of creating a trust?
There are many reasons to create a trust, including:
- Asset protection: In some cases, trusts are a viable strategy for protecting assets from bankruptcy. The creation of a trust also allows the creator to designate their desired beneficiary, rather than have the state or family dictate the division of the creator’s assets upon their death.
- Tax planning: Assets held within a trust are taxed differently than those involved in other asset planning vehicles. In many cases, trusts are taxed at lower rates than other methods of giving.
- Privacy: While the terms of a will are public knowledge, trusts are purely private. Individuals who wish to keep their affairs private should explore the creation of a trust.
- Spending protection: Trusts are often created to control the spending habits of young adults. By placing assets into a trust, the creator can control the beneficiary’s access to funds throughout the life of the trust.
- Future planning: Creating a trust for a minor is a viable strategy for planning for their future. The creator of the trust has full control over the release of assets, and can name the details and requirements of the release of the trust’s assets.
Comprehensive Advice throughout the Creation of a Trust
Our staff offers detailed advice on the various steps involved in the process of creating a trust. We will help you clearly state the intention of the trust, name a beneficiary, declare your wishes and appoint a trustee, all to ensure that your wishes are adhered to throughout the life of the trust.
To learn more about the creation of a trust and the benefits the process may offer you, contact us online or call 205-655-8484 today.