Generic Trusts – A Good Idea?
- April 4, 2013
- David Greene
- Comments Off on Generic Trusts – A Good Idea?
Definitely not! A trust is not a “one size fits all.” To be sure that your trust accomplishes what you want and is not susceptible to attack by the State, Federal government or potential heirs, it needs to be prepared by a qualified attorney exclusively for you with built-in safeguards. Also, sometimes you need more than one trust, e.g. an Irrevocable Life Insurance Trust or a Special Needs Trust. Also, if you have a family, the trust can save your heirs thousands of dollars in future inheritance taxes if set up properly. Finally, your attorney will help you be sure your trust is funded properly so it accomplishes what you want. The biggest problem I see with trusts brought to me to review is that they are not properly funded.