Charleston Trusts Lawyers Design Plans with You in Mind
Protection for your assets and transfer on your terms
While a will is essential, it’s often insufficient. For one thing, it won’t protect your assets while you’re alive. Furthermore, you might not be able to achieve your retirement and legacy goals with a will alone. That’s where a trust may come in useful. At Pullin, Fowler, Flanagan, Brown & Poe in Charleston, our estate planning attorneys design trusts to fit our clients’ circumstances. We take the time to get to know you and your goals, so that we can recommend the best strategy for wealth protection and distribution. Personalized service and highly professional results: that’s the PFF difference.
Advantages of establishing a trust
A trust is a legal entity you create to hold funds and other assets you place within it. Technically, you no longer own that property, though you still possess it. Depending on its specific terms, a trust may allow you to do the following:
- Protect property from creditors and liability claimants
- Continue to enjoy your property during your lifetime
- Qualify for Medicaid without dissolving all your assets
- Lower the value of your estate to avoid federal estate tax
- Transfer property without it going through probate
- Disburse funds on a schedule rather than in one lump sum
- Place conditions and restrictions on distribution of trust assets
Many of our clients face circumstances that make transferring assets through a will impractical. For example, a potential beneficiary may not have the capacity to handle finances, might suffer from an addiction or might be a spendthrift. If an heir is a minor, a trust can be set up to manage funds until he or she reaches the age of majority. Our estate planning lawyers listen to the details of your situation and design plans that address your concerns.
Types of trusts used in West Virginia
Our clients use a variety of revocable and irrevocable trusts. The difference is that with a revocable trust, you can amend or dissolve it at any time. But once you establish an irrevocable trust, you are generally restricted from making any changes. A revocable trust gives you greater flexibility to deal with changed circumstances, but it does not provide the asset protection of an irrevocable trust.
Popular trusts in West Virginia include:
- Minors’ trusts and guardianship plans
- Irrevocable grantor trusts (including five-year trusts for Medicaid protection)
- Life insurance trusts
- Grantor retained annuity trusts
- Charitable planned giving
- Supplemental needs trusts for individuals on public benefits or with special needs
- Gun trusts
- Pet trusts
Our skilled attorneys can craft a trust that fits your specific circumstances. We also provide advice and litigation support for trustees.
Contact our Charleston, WV office to discuss our trust services
Pullin, Fowler, Flanagan, Brown & Poe in Charleston drafts trust instruments for clients throughout West Virginia. To consult with a knowledgeable attorney, call 304-344-0100 or contact us online. We have offices in Charleston, Morgantown Beckley and Martinsburg to serve you.