Welcome to Ben Luke Law!
There are several benefits to creating a Trust. This asset protection is meant to shelter the wealth you have accumulate from unnecessary risks. A Family Wealth Trust can be one of the most effective and flexible ways to provide that type of protection.
Regardless of the value of your estate, asset protection should always be a priority in your estate plan.
And EVERYONE has an 'estate'. Your estate is made up of everything you own.
A Legacy Wealth Trust will:
•Avoid Successions- the court decides how assets are distributed.
•Minimize Death taxes
•Provide Divorce and Creditor Protection for beneficiaries
•Provide Remarriage Protection for the surviving spouse
•Provide protections for retirement accounts
•Create measures to prevent family fights, and
•Provide a way to pass on family values and experiences
The biggest mistake most families make is failing to protect their assets from the ravages of long-term care costs. Expenses from Nursing Homes, Assisted Living Facilities and catastrophic medical bills can rob the elderly of dignity in their final years. As we live longer, these expenses can destroy an estate, leaving nothing to pass on to your heirs.