Wills & Trusts – Which Will Work for You?
Media, PA, Estate Planning Attorneys
Are you worried about the future financial security of your loved ones? Are you concerned about the impact of estate taxes? At the Media law office of Halligan & Keaton, our Pennsylvania estate planning attorneys will work with you to ensure your assets and heirs are protected with an appropriate will or trust.
What a Will Can Do
- A will is less expensive than a trust and it can accomplish several goals. With a will you can
- Designate who will inherit your assets. You can be as specific or as general as you would like to be
- Name a guardian for your minor children
- Name someone to manage property on behalf of your minor children
- Name an executor who will handle the probate process
When it’s Time to Think About a Trust
There are many types of trusts. The type that is best for your purpose will depend upon the degree of control you wish to maintain over the assets of the trust during your lifetime, the degree of tax protection you seek and the goals you are trying to achieve.
There are two basic types of trusts: revocable and irrevocable. If a trust is revocable, the person who put his or her assets into the trust can choose to remove those assets during his or her lifetime (a living trust). Revocable trusts offer less tax protection. An irrevocable trust offers more tax protection but less direct control over the assets placed in the trust.
Some of the goals you can achieve with a trust include:
- Paying for medical care or nursing home living expenses for an ill or disabled person with a special needs trust
- Paying for education expenses
- Passing along an inheritance with conditions as to the age and circumstances of the recipient
- Passing along an inheritance through life insurance (an irrevocable life insurance trust)
- Providing an ongoing source of funds to a charity by donating the interest earned on a trust
- Conserving and protecting land in a land trust
Contact a Media Estate Planning Lawyer
Halligan & Keaton are located in Media, PA and serve Delaware County, Montgomery County and Chester County including the communities of Media, Springfield, Havertown, West Chester, Ardmore, Upper Darby, Blue Bell, Plymouth Meeting, King of Prussia and Lansdowne.