Find an Attorney You Can Trust</STRONG></H3> <P>Since you will be dealing with someone to help you manage assets and finances you spent your whole life acquiring, you need someone you can trust. You have two ways to go about it.</P> <P>The first option is to get a referral from a close friend or family member. If they have hired an attorney to take care of their affairs and are happy about it, that is a good sign. Even if they hired legal counsel with a different specialization, it is still a good idea to ask them or their lawyers for a referral. Lawyers usually have colleagues or connections in various fields, and it would be good to get their opinion about these things.</P> <P>You can also consult the National Academy of Elder Law Attorneys (NAELA). It is a non-profit, professional organization that assists legal practitioners and bar organizations in elder and special needs law. They have experienced attorneys who specialize in working with legal issues that older people usually face.</P> <H3><STRONG>Ask for an Initial Consultation</STRONG></H3> <P>Before you hire a lawyer, it is important to get to know them first. An initial consultation is an opportunity for you to understand the lawyer’s style and if you would be comfortable working with the attorney. It is also an opportunity for the attorney to hear about your situation and determine if they can serve your needs. Many law firms do charge for this consultation.</P> <P>It is also a good idea to consult several lawyers to gauge how they would approach your concerns. It is important to note their differences or similarities in opinion to get a good grasp of the legitimacy of their proposed solutions.</P> <H3><STRONG>Give Us a Call Today</STRONG></H3> <P>Choose an attorney with years of experience and who can relate to your situation. Here at the Law Offices of Marilyn C Belo, I have plenty of experience in providing personal and caring legal counsel to elders. If you wish to set up a consultation with me, please call my office today.
Identify the Best Type of Trust for your Purposes</STRONG></H3> <P>Trust funds are set up for various purposes. Some people open one to finance their child’s college education. Others plan to use it to secure their loved ones’ future in the event of the grantor’s passing.</P> <P>There are different types of trusts you can set up depending on your goals. There are revocable, irrevocable, living, and testamentary trusts. They each fulfill a specific purpose, so make sure to utilize the one that is suitable for your needs.</P> <H3><STRONG>Lay Out the Details of the Trust</STRONG></H3> <P>The four components of a trust fund are the following:</P> <UL><LI>The trust creator, also known as the grantor or a settlor, is the one who sets up the fund.</LI><LI>The trustee, which stands as the fiduciary and holds the legal capacity to carry out the grantor’s wishes in the trust; In some cases, the grantor is also the trustee. However, in many cases, third parties are assigned as trustees.</LI><LI>Financial assets, physical assets, and/or other properties in the trust</LI><LI>The beneficiaries or recipients of the assets and properties outlined in the trust</LI></UL> <P>It is important to think carefully about each of these components. Consider which assets to put and how the assets are supposed to be managed and distributed. Also, think about the duration of the trust and any conditions that will cause its discontinuity.</P> <H3><STRONG>Consult a Lawyer</STRONG></H3> <P>While there are many DIY trust services on the internet, don’t buy into the idea that they can replace proper legal advice. It is crucial to consult an experienced estate and trust lawyer, as opening trusts can be complicated. They will ensure that your accounts are set up correctly. Work with someone you can trust and are comfortable with.</P> <P>Different states have different guidelines on filing trust documents, and an attorney can help formulate a formal deed. They will also assist you in filing them according to state guidelines.</P> <H3><STRONG>Fund the Trust and Register It</STRONG></H3> <P>Once the trust is set up, all that’s left is to do is fund and register it with the IRS for tax purposes. You can also ask your lawyer for the best way to file your trust’s taxes.</P> <P>If you ever need help setting up a trust fund, the Law Offices of Marilyn C Belo can assist you. Don’t hesitate to give us a call today.
