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Trusts For Singles/Divorcees

A Trust is a legal entity to which you transfer substantially all of your assets, and formally title them in your Trust instead of your individual name. Your assets are held by you as Trustee, and administered for your own benefit. On your death, your named Successor Trustee steps in your shoes, and manages and distributes the assets owned by your Trust to the Beneficiaries which you have designated in the Trust to inherit from you. As such, your Trust, and not your Will, determines who gets what after you are gone.

The terms and structure of your Trust are customized to fit your specific circumstances and family dynamic, and will depend on the extent of assets you own, the inheritance goals which you seek to put in place for those whom you designate to inherit from you through the Trust, and the familial relationships (family dynamic).

Because your Trust is revocable, you can change the terms of the Trust at any time during your life. You are at all times in full control of your assets. As this is a Grantor Trust, your own Social Security Number is the Trust’s Tax ID, so there is no change in how you file your taxes. And, transferring real estate into your trust does not trigger reassessment of the property taxes.

While you have full control and access to all your trust assets, those you name as beneficiaries after you are gone, do not have such access and control. This allows you put in place spendthrift and asset protection provisions that may shield your beneficiaries from their own creditors.

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