York Trusts Lawyer

Serving Central Pennsylvania, Including York, Shrewsbury & Mt Wolf

 

Lancaster Trust Lawyer

Trusts are a powerful tool in estate planning.

Trusts are an important part of estate planning and asset protection. Trusts, which take several forms, can be used both during your life and after you pass away. It is important that you work with a knowledgeable attorney to help you determine whether these tools are appropriate for you and what types are best, given your goals. In addition, your lawyer must be capable of drafting your trust in the appropriate fashion so that it survives challenges and meets your requirements.

The trust planning and drafting attorneys at Hoffmeyer & Semmelman have substantial experience in advising on and drafting these documents. Contact us today at our offices in York, Shrewsbury and Mt Wolf to learn how we can assist you.

Types of Trusts

There are two basic types of trusts, living and testamentary. Underlying those types there are as many as you can imagine to help you achieve your goals, minimize your taxes and protect your assets.

Living Trusts

Living trusts can be either revocable or irrevocable. With revocable, you maintain control of assets and you can change the terms at any point or even revoke the trust. With irrevocable, you have essentially turned the assets over, while limiting what may be done with them. These types are especially useful for limiting estate taxes.

Testamentary Trusts

Testamentary trusts do not exist until the person who created them dies. The will, using the proper language, creates the trust upon the person’s death. Testamentary trusts are useful because they allow you to set up a person to manage it after your death. This testamentary type can provide tax benefits, especially in the case of minor children. They can also provide protection from litigants in professional negligence claims and against creditors. If you have a loved one you are concerned is likely to mismanage money, this kind of tools is one way to handle the problem.

Why Trusts?

Trusts are very flexible and can allow you to create virtually any financial arrangement you can imagine. For example, if you do not want your children to receive money until a certain age, these estate planning tools can accomplish this. You can also control how the money is used, even after your death. An example is setting aside money for college or charitable gifts.

Mt Wolf Trust Lawyer

It is critical that your attorney understand your needs and properly draft your trust to meet your goals.

The Key is a Qualified Attorney

It is critical that the lawyer you retain to help you is able to understand your needs and qualified to draft your estate planning documents. At Hoffmeyer & Semmelman, our lawyers will sit down with you and discuss your goals. As part of our estate planning practice, we will help you determine whether trusts are appropriate for you, and then, what kind of will enable you to achieve your goals. Once we have established the appropriate set of actions for you, we will draft trusts that meet your needs.

Contact our central Pennsylvania estate planning lawyers, today. We have offices in York, Shrewsbury & Mt Wolf for your convenience.