Chapter 3 Trusts : Tax Attorney, Dawn Hallman
Chapter 3 Trusts : Tax Attorney, Dawn Hallman Protect your hard-earned assets. A trust can be used to transfer assets to qualify for Medicaid; fund the healthcare needs of a disabled loved one; support a charitable cause;or provide support and maintenance for you, a child, spouse, family member, or pet. Trusts are an important part of a smart estate plan; they can minimize taxes, provide privacy and efficiency at death, and avoid probate.There are many different kinds of trusts. At Hallman & Associates, we will work with you to identify the best match for you and your needs.A Living Trust, created during your lifetime,allows you to manage your assets and receive an uninterrupted flow of income while you are alive, even if you become incapacitated. A Living Trust also controls the transfer of assets at death. * A Revocable Living Trust is a type of Living Trust that permits you to avoid the costs, delays, and publicity associated with probate. It allows you to seamlessly manage your assets if you become incapacitated. * An Irrevocable Trust is another type of Living Trust that is typically used to reduce the value of your taxable estate and to create liquidity to pay last expenses at death. True to its name, an Irrevocable Trust cannot be altered after its creation. * A Deferred Sales Trust is an Irrevocable Trust that uses an installment sale method to defer capital gains on the sale of highly appreciated property or closely held business.