A financial adviser recently writing an article for Forbes leads off with – and then quickly discards – the premise that trusts are relevant estate planning instruments only for families with bags of money.
Contributor Rob Clarfeld does note, of course, that trusts do routinely play a central role in safeguarding assets and promoting multigenerational wealth transfers. He stresses, though, that viewing them in that limited capacity undersells trusts’ broad-based utility for planners with highly varied needs.
The deep estate planning legal team at the Brentwood law firm of Cook Tillman Law Group seconds Clarfeld in that assessment. We flatly note on our website that “there are many types of trusts to suit every desire.” High-asset clients in Middle Tennessee and spanning the state do indeed focus often on wealth transfer. But they and other clients with a variety of goals also seek to promote other interests through trust creation.
Trusts allow for that, and impressively so. Their power in estate planning is repeatedly demonstrated across many dimensions. Clarfeld notes that creators can establish trusts to protect assets from creditors and/or to ensure that beneficiary distributions are made in a purposeful and timely manner. A trust can protect one or more loved ones with special needs and fund educations for future generations. It can spotlight charitable goals and address family legacy concerns.
On top of that, trusts confer the important benefit of probate-avoidance, which can often be a lengthy, expensive and highly public affair. They are also comparatively efficient vehicles when it comes to asset distribution, with property disbursements to beneficiaries typically being carried out in an expedited manner.
We note a key bottom line relevant to trusts on our website, namely, that they can be impressively tailored to personal needs.
Cook Tillman Law Group welcomes contacts to our firm from parties interested in learning more about trusts and the powerful contributions they make in the estate planning realm.