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Pearson Butler Attorneys at Law

South Jordan Utah Estate Planning Attorneys

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Estate Planning & Asset-Protection Planning
Home / Estate Tax / People Are Asking Me . . .

People Are Asking Me . . .

January 3, 2011Estate Tax, General Estate Planning

. . . “Now that the government has increased the estate-tax exemption to $5 million, do we still need a Living Trust?” The answer depends on what you want to happen to your estate (house, savings, life insurance money, retirement accounts, investments) if you die unexpectedly.

A mainstream Living Trust can still provide:

  • Protection for some (or possibly all) assets in the event of a lawsuit
  • Safeguards so that children/grandchildren do not inherit too much, too soon
  • Incentives so that a child/grandchild will more fully appreciate the inheritance you leave buying “earning” the right to receive it
  • Protection so that the inheritance doesn’t get tangled up in the child’s/grandchild’s Divorce, Lawsuit, or Creditor Claims
  • Provisions to keep the inheritance of a “special needs” child/grandchild from making him/her ineligible for government benefits such as Social Security disability benefits and Medicaid
  • Protection so that a child/grandchild will not lose his (her) inheritance if he (she) develops gambling or substance abuse addictions
  • Tax planning should the government suddenly take away the $5 million estate-tax exemption it gave you in December

In short, there are a lot of reasons for families and individuals to utilize Living Trusts — as well as other types of estate-planning tools. With the busy holidays behind us, this could be a good time for you to consult with your estate-planning attorney to make sure that all of the things you want are covered in your current estate-planning documents.

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Randall Holmgren
Randall Holmgren
Randall “Randy” Holmgren’s practice focuses exclusively on estate planning, asset-protection planning, and business succession planning.

Randy has presented hundreds of lectures, seminars and workshops on estate planning, asset protection and business succession.He is a frequent presenter at colleges, universities, conventions, financial institutions and church and social groups.
Randall Holmgren
Latest posts by Randall Holmgren (see all)
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