A Harrisville living trust lawyer can provide assistance with the creation of a trust. Trusts are not only for people with substantial amounts of money. Many middle class families could benefit substantially from the creation of a trust. A trust can be especially important if you are the family breadwinner. If this is your situation, Biddinger & Bitzer can provide the help you need to make a trust to protect your dependents.
If you live in or around the Lake Huron communities or along Michigan’s shoreline, our legal team is here to help you determine if you need a trust and to help you create a legally valid trust document. You should give us a call, especially if you have people depending upon you.
To understand why you should get legal help, here are a few key reasons it’s so important to make sure you have a living trust if you are the breadwinner of a family who is counting on you.
A Living Trust Can Protect Your Wealth
If you have a family depending upon you, you want to leave them the most generous inheritance possible to provide for them when you pass away and are no longer there to bring in income. Unfortunately, a lot can happen towards the end of your life that could reduce the inheritance you intended to leave behind for your dependent loved ones.
A living trust provides protection from some of the sources of loss that can occur if you get older and infirm or if you get sick or hurt. The biggest form of protection a living trust provides is protection in case of incapacity. If you become incapacitated and cannot manage your wealth, assets could decline in value or could be lost due to mismanagement. This would leave less money for your family after your death.
If you make a living trust, you don’t have to worry about the wrong person being appointed guardian or conservator to manage assets and you don’t need to worry that there will be a long period when your assets aren’t managed as your family goes to court and gets a guardian or conservator appointed. Instead, the person you named as a backup trustee when you created your living trust can immediately take over asset management and keep your wealth safe for your loved ones.
It’s important to note, however, that a living trust will not provide complete protection of your assets in case of incapacity. If you need nursing home care and your care isn’t covered by Medicare or other insurance, you may have to pay out of pocket for care if the assets held in your trust are too substantial for you to qualify for Medicaid.
Medicare and insurance policies usually pay nothing for nursing home care or long-term care, leaving seniors and sick people dependent upon means-tested Medicaid. Not being able to qualify for Medicaid due to substantial trust assets (or other substantial assets) would mean you’d need to impoverish yourself first by paying for your own nursing home care. While a living trust won’t protect your wealth under these circumstances, there are other legal tools you can use and Biddinger & Bitzer can assist with the creation of a Medicaid plan to keep as much wealth as possible safe.
A Living Trust Can Allow for the Timely Transfer of Assets to New Owners
Another key reason why you may want to create a living trust is to make sure assets can transfer quickly to loved ones. According to Investopedia, it’s common for the probate process to take around a year. If your family is counting on an inheritance you are going to provide to them, having to wait a year for probate to be completed so assets can transfer can cause substantial financial hardship. A living trust allows assets to transfer through trust administration, which is a much faster and easier process so your loved ones can get an inheritance sooner.
Getting Help from a Harrisville Living Trust Lawyer
A Harrisville living trust lawyer can offer you invaluable assistance with the process of determining if you need a trust and with the process of selecting the type of trust that is best for you and your family’s needs. We can also work with you to create a trust document that provides the protections you and your family desire from trust creation. To find out more about the ways in which Biddinger & Bitzer can help families living in and around Michigan’s shoreline communities, give us a call at (989) 872-5601 or contact us online today.