Philadelphia Trusts Lawyer
Philadelphia Trusts Lawyer
Considering Setting Up a Trust? Our Philadelphia Asset Protection Lawyers Can Help
At Scott Counsel, P.C., our Philadelphia trusts attorneys have the skills, knowledge, and legal experience to protect your financial interests. Our law firm has deep experience handling a wide range of estate planning matters, including those focused on asset preservation. If you have any questions or concerns about putting a trust in place, we are more than happy to help. For a fully private, no-obligation case evaluation with a top-rated Pennsylvania trust planning lawyer, please give us a call at (856) 672-7248 or get in touch with us directly online.
Trust are Useful Estate Planning Vehicles for Many People and Families
A trust is essentially a type of legal relationship. One party (the grantor) provides property/assets to a third party (the trustee) to hold on to the benefit of another person or institution (the beneficiary). There is a common misconception that trusts are only viable estate planning tools for the hyper-wealthy. However, the reality is far different: Many people and families in Southeastern Pennsylvania can protect their wealth and achieve their goals through a trust. Trusts are one of the most effective estate planning tools. The potential benefits of using a trust include the following:
- Avoid the probate process;
- Privacy—keep the specifics confidential;
- Limit possible tax liability;
- Greater control over the use of certain property or assets; and
- Achieve a specific purpose with property or assets.
We Help Clients Set Up the Full Range of Trusts in Philadelphia
Trusts are not one-size-fits-all estate planning vehicles. Quite the contrary, there are many different types of trusts. The proper trust for your situation depends entirely on your financial circumstances and your goals. At Scott Counsel, P.C., our Philadelphia estate planning attorneys help clients set up a wide array of trusts. Some notable examples of trusts that we can assist you with include:
- Revocable Living Trust: A revocable living trust is one of the most common and most flexible types of trusts. A revocable living trust remains in control of the person who created it—it can be modified at any time. Though, it still provides important benefits, such as allowing assets to avoid the probate process.
- Irrevocable Trust: In contrast to a revocable living trust, an irrevocable trust cannot be modified. The grantor loses their ability to control the trust. However, in certain circumstances, irrevocable trusts offer tangible financial advantages. You may even be able to avoid some tax liability through the use of an irrevocable trust or other wealth preservation strategies.
- Special Needs Trust (SNT): Do you have a special needs loved one? If so, you may not be able to leave the property/assets directly. Doing so could serve to disqualify them from a federal support program—such as Medicaid. The good news is that a special needs trust can solve this problem. You can leave money, property, or assets to support a vulnerable loved one within an SNT without undermining their eligibility for public benefits.
- Qualified Income Trusts (QIT): A qualified income trust (QIT) is sometimes also called a ‘Miller Trust.’ When structured properly, a Miller trust can be used to help an individual qualify for Medicaid benefits and will also retain some control over their money/property. There are strict rules and regulations in place regarding qualified income trusts (Miller trusts) and Medicaid long-term care eligibility. An experienced Philadelphia elder law attorney can help you and your family use these trusts in the most advantageous way possible.
- Charitable Trust(s): Trusts can be a great way to support a good cause. If you are considering making a generous contribution to a charitable organization, you may want to consider using a trust to do so. When structured properly, it can make sure that the organization can get the most out of your gift. Some potential options include a charitable lead trust (CLT) and a charitable remainder trust (CRT). If you have questions about charitable trusts, our Philadelphia estate planning lawyer can help.
- Funeral Trust: Some people want to put away funds to cover the costs of funeral and burial services. Funeral trusts can be a cost-effective, efficient tool to ensure that the future costs of a funeral & burial are accounted for so that there is one less thing for your loved ones to worry about.
The above list is only a limited sampling of the different types of trusts that are available in Pennsylvania and New Jersey. An experienced Philadelphia estate planning lawyer will be able to review your financial circumstances and your long-term goals to help you determine what, if any, type of trust will work most effectively for your specific situation.
How the Philadelphia Trust Planning Attorneys at Scott Counsel, P.C. Can Help
Trust planning is complicated. At Scott Counsel, P.C., we help people and families put trusts in place that work effectively to preserve their assets, protect their financial interests, and achieve their objectives. Among other things, our Philadelphia trust planning lawyers are prepared to:
- Conduct a comprehensive, confidential review of your case;
- Answer any questions you have about trusts and asset protection;
- Gather all of the financial documents and records you need; and
- Craft the estate plan that is most effective for your specific circumstances.
A trust should always be structured in the manner that best meets the unique needs of the grantor and the beneficiaries. With a history of reviews from former clients, you can rely on our Philadelphia trust planning lawyers for personalized legal guidance and support.
Call Our Philadelphia, PA Trust Planning Attorney for Help
At Scott Counsel, P.C., our Philadelphia estate planning lawyers have deep experience helping clients set up trusts that are well-tailored for their specific needs. If you have questions about trust, we can help. Reach out to us by phone at (856) 672-7248 or contact us online for your fully confidential case review. Our estate planning law firm provides trust planning services to people and families in Philadelphia, Southeastern Pennsylvania, and South New Jersey.
– When my son, who has Cystic Fibrosis and CF related diabetes, was suddenly and unexpectedly removed from his Medicaid program, we were devastated and frightened not knowing where we would get the resources to pay for his extremely high priced prescriptions. Justin was the attorney who handled our case. From the very beginning, he proved to be very thorough and experienced with navigating the process of reversing the Medicaid decision. However, it was his apparent kind, caring nature that made us feel the most at ease. Justin was successful in securing a continuation of benefits for my son, and we are extremely grateful for having his expertise during this most stressful ongoing process. Thank you, Justin!
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