Mississippi Trusts Attorney Helps You Protect Your Interests for the Future
Thoughtful estate planning now ensures a more stable outlook
You worked hard and saved for many years to fund an enjoyable retirement and leave an inheritance for your heirs. However, without having the right plans in place, a significant amount of your hard-earned money will go to paying estate taxes and court fees. We can help you properly structure your estate now. At Cumbest, Cumbest, Hunter & McCormick, we are well-versed in the various strategies for protecting assets and directing how they will be distributed to your heirs.
What is a trust?
A trust is a financial instrument used to hold and protect your assets and property. It also directs the distribution of those items. A trust is a foundational estate planning document. It is a separate entity in the same way a corporation is an entity.
A trust involves a:
- Trustor or grantor
The grantor is the person who initiates the trust, transfers property to the trust and signs it. The trustee manages the trust, and the beneficiary receives the proceeds of the trust. When you form a trust, you put your assets in the name of the trust and deed real estate over to the trust.
What are the different types of trusts?
Living trusts are commonly prepared along with wills, and the trust becomes the beneficiary of the will. A trust can be:
- Revocable: With a revocable trust, the grantor retains the power to amend the trust, sell the property and give gifts without restriction. While a revocable trust is a great way to avoid the hassle and expense of probate, it does not protect your assets from creditors.
- Irrevocable: With an irrevocable trust, you relinquish control of your assets in the trust. You cannot change the terms of the trust once you establish them.
- Testamentary: This trust is established after your death as your will directs it.
An example of how a trust can be truly helpful is the special needs trust. If you support a loved one with special needs, you can create a special needs trust and appoint a trustee to be responsible for managing the trust and disbursing funds. Your loved one does not have access to it, so it does not limit the person’s ability to qualify for government programs, such as Medicare and Social Security.
An experienced estate planning attorney can assess your situation and your goals to help you decide what should be included in your estate plan. At Cumbest, Cumbest, Hunter & McCormick, we can customize a plan to meet your specific needs. We take the time to listen and understand what you are looking to accomplish and then create a solution that gets you there.
Creating a living trust can reduce estate taxes after your death. A trust also saves time and money because it helps your heirs avoid the costly and time-consuming probate process.
Contact an experienced estate planning attorney today to discover if a trust can help you protect your legacy
At the law firm of Cumbest, Cumbest, Hunter & McCormick, we know that no one wants to talk about what is going to happen when they die, so we do our best to make the process as simple as possible. Contact us online or call us at 866-461-1591 to schedule a confidential consultation today.