Trust Formation Reviews
Trust Formation Services
Do it for yourself your kids your partner your peace of mind today their peace of mind tomorrow
Schedule your 1-on-1 Trust Formation Strategy
Fill out the form below
Select your appointment time
Pay for the $50 consulting fee
Show up for your online appointment & enjoy the extra peace of mind
Trust Formation FAQs
A Trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. In South Carolina, trusts are used for estate planning, asset protection, and tax planning.
Benefits include avoiding probate, maintaining privacy, potentially reducing estate taxes, protecting assets from creditors, and providing for managed distribution of assets to beneficiaries.
Common types include Revocable Living Trusts, Irrevocable Trusts, Charitable Trusts, Special Needs Trusts, and Spendthrift Trusts, each serving different estate planning needs.
Consider your goals, such as asset protection, tax planning, or providing for a family member with special needs. A South Carolina estate planning attorney can help tailor a trust to your specific situation.
A Revocable Trust can be altered or revoked by the grantor during their lifetime, whereas an Irrevocable Trust generally cannot be changed once established, offering different levels of control and tax benefits.
Assets held in a Trust are not subject to probate, as they are legally owned by the Trust and not the individual, allowing for direct transfer to beneficiaries upon the grantor’s death.
Certain types of Trusts, like Irrevocable Life Insurance Trusts, can help reduce the taxable estate, potentially lowering estate taxes owed upon the grantor’s death.
A trustee can be an individual or a financial institution. They are responsible for managing the Trust’s assets according to the terms of the Trust, including investment decisions and distributions.
Setting up a Trust involves defining your goals, choosing the type of Trust, selecting a trustee, and drafting and executing the Trust document, typically with the assistance of an attorney.
A Special Needs Trust provides financial support for a beneficiary with disabilities without affecting their eligibility for government benefits, ensuring they have the resources they need without jeopardizing crucial assistance.
Estate Planning Review
Is a trust right for you?
Contact us today for an end-of-year review.
Trust Formation Advisors
Meet Your Estate
Learn more about managing attorney Trey Nantz and attorney Carolyn Suhocki.