Helping Clients Facilitate the Prosperity of Their Beneficiaries
Creating a trust can provide your heirs with peace of mind and tax efficiencies upon the distribution of your estate. If you have a child or another heir who requires special needs planning or other unique care or consideration, a trust can provide you several options to ensure that his or her needs are met when you pass away or if you become incapacitated. Estate planning is not about protecting assets for yourself. It is about setting up provisions and protecting assets that can provide for the well-being of your heirs. A clearly defined trust can help your estate avoid probate.
At the law office of David F. Wedge, Attorney at Law, we can help you prepare a trust that clearly defines your wishes and provides for efficient distribution to your heirs. We will guide you through the process and make sure that you understand every option available to you before we proceed. We will discuss the advantages of revocable and irrevocable trusts with you. Depending upon the control you would like to have over the trust and its distribution, you will want to select a type that best accomplishes your goals and meets the needs of your beneficiaries.
- A revocable trust can provide you with some control over its management while you are alive. You can determine how and when the trust will be distributed and for what purpose. You can include provisions such as age, time, use of assets and other requirements of the trust's beneficiary or trustee as you wish.
- An irrevocable trust provides for even greater tax efficiencies, but it also requires you to relinquish control over the assets transferred to the trust. Commonly, large real estate properties and life insurance policies are transferred to irrevocable trusts.
It is important to consult with an experienced Lancaster trust attorney to determine which type of trust is right for you and your beneficiaries. Attorney David F. Wedge has worked with clients in Lancaster County and the surrounding area on estate planning and trust and tax matters as a lawyer in solo practice since 1981.
Our law firm keeps up to date on Pennsylvania inheritance tax law, and we will ensure that any trusts incorporated in your estate plan provide for the combination of tax efficiency and asset control you desire. We assist clients in establishing trusts that meet their needs, including:
- Simple trusts
- Special needs and supplemental needs trusts
- Education trusts
- Farm trusts
- Life insurance trusts
- Personal residence trusts
- Charitable trusts
- Charitable remainder trusts
- Asset protection trusts
- Testamentary trusts
Contact Our Lancaster County Trust Attorney
For estate planning and administration, we provide services at an agreed-upon hourly rate, not a percentage of what your family members have worked hard to earn.
Contact us online today, or call us at 717-207-8362 or toll free at 866-935-9912 to discuss how trusts can fit your estate planning needs.
