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Trusts

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Trusts Generally

Along with a will, a trust is a legal arrangement and document that allows one person hold some kind of legal interest or right for the benefit of another. Trusts are not only for the rich but anyone who wants control over their assets, their children and their future. Dorazio Law Group, P.C. is equipped to handle the very simple to the most complex type of a variety of trusts.

A trust is a legal property interest held by one person (the Trustee) for the benefit of another person (the Beneficiary). The person establishing the trust is called the Grantor. A trust designed to go into effect upon your death is a Testamentary Trust while Living Trusts are a way to avoid probate and associated costs. Trusts along with a will protect legal property

The Irrevocable Trust

This trust may be used to purchase insurance covering the life of the grantor, or the joint livs of the grantor and his or her spouse, the proceeds of which can be totally insulated from death taxation when distributed to the children.  This trust, often used to offset the effect of death taxes, is growing in popularity.  Irrevocable trusts can also be used to shelter assets from creditors.  Of course, the grantor’s own ability to benefit from such trust must be considerably curtailed.

Shareholder’s Agreement

Whenever one owns shares in a closely held corporation, an agreement by which the surviving shareholders and the corporation are required to purchase the shares from the estate of a deceased shareholder must be prepared and periodically reviewed.

Family Limited Partnership

By conveying assets into a partnership, the asset owner, who typically retains total control as the general partner, can achieve both gift and estate tax savings.  Rather than giving, or leaving by will, the underlying assets, the owner gives away or leaves shares of the partnership.  The value of those shares can be significantly discounted because of their lack of marketability and the minority interest of the shareholder.

We at Dorazio Law Group, P.C. have a responsive team of fiduciary attorneys available to oversee your estate planning and to serve as coordinator of the financial planning team.  We will also draft most of the documents that will form the foundation for your plan.  We can be objective about recommendations.