Pennsylvania Estate Planning Lawyer & Attorney : Jakubik Law Firm : Serving Philadelphia, Chestnut Hill, Mt. Airy

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A recent article in Black Enterprise magazine provided a pretty good primer on the various reasons for using trusts as a part of your estate plan, as well as a description of many of the more commonly used trusts. As the author of the article notes, the reasons to use trusts include:

• You have sizable assets
• You want your estate to be payable to your heirs upon their meeting certain conditions, such as graduating from college, not necessarily immediately after your death,.
  
• You have a disabled relative you would like to provide for without disqualifying that person from Medicaid or Medicare.
• You want to reduce estate and gift taxes.
• You want to protect your assets from creditors and lawsuits.
• You'd like to ensure that the principal or remainder of your estate goes to your children or other heirs after your spouse dies.
  
• You'd like to maximize estate tax exemptions for yourself and your spouse.

There are, of course, numerous other reasons to employ trusts in your planning, and no two client situations are alike. Only through carefule consultation with your attorney and finan cial advisers can you assure that the structure of your plan best meets your goals and objectives and furthers the hopes and dreams that you have for your family and for your legacy.