Many areas of the law are constantly changing based on a variety of factors. Estate planning is no exception, especially given that there are potential changes coming to the United States tax policy under the current administration. One of those potential changes is the elimination or restructuring of the estate tax. For individuals with trusts or considering establishing a trust as part of their comprehensive estate planning strategy, the elimination or restructuring of the estate tax may make people wonder how effective those trusts will be in achieving the goals behind their creation. Even with the potential for such changes, trusts are still an important tool when it comes to comprehensive estate planning that will continue to provide many important benefits like those below.
With or without the estate tax in its current form, trusts can help you avoid the headaches that often come with probate. By creating specific types of trusts to handle various assets and properly assigning such assets to those trusts, you can avoid the need to probate those assets This can save time and money, and can help ensure that your assets are distributed in the way you see fit.