Incentive Trusts

Fairfield County Estate Planning Lawyer

Money and property can be incredibly difficult for the average person to responsibly manage. It is understandable, then, that young adults and children would have an even greater challenge ahead of them when they find themselves with a sizeable fortune. If you are creating an estate plan but you are worried about your hard-earned finances being squandered or being allocated inappropriately, you can attempt to protect or maintain your estate through incentive trusts.

An incentive trust sets certain guidelines in place that must be fulfilled if your inheritors wish to receive benefits. Put into simpler terms, you may use an incentive trust to promote values or ideals that are important to you. As it grants you some control and influence on your family, even after you pass away, an incentive trust can give you peace of mind in a way that no other legal document can.

Do you think an incentive trust is right for you? Call our Fairfield County estate planning lawyers at Massih Law, LLC today by dialing 203.651.5521!

Benefits of Incentive Trusts

As impressive as the functionality of an incentive trust might be, they are still somewhat less common than a typical trust or will. This might be due to the fact that many people do not fully understand the benefits of creating an inheritance system based on incentive. Others may worry that exerting some sort of influence through your trust will create resentment from surviving family members. It is important to remember that an incentive trust is not meant to be shackling but rather encouraging.

Consider these benefits when you are drafting your incentive trust:

  1. Inspiring behaviors: As examples, you can deny benefits to family members who engage in drug use or criminal activity, or you can provide extra benefits to children who complete college.
  2. Age limits: Incentive trusts allow you to stagger monies or properties granted to inheritors over the years, allowing you to avoid giving all of your assets to someone who could be considered too young for the responsibility.
  3. Protecting your business: If you have a family business that you want to keep flourishing even after you are gone, an incentive trust can be set up to pay out to managing family members whenever they turn a profit – for example, they get $2 for every $1 they make for your business.

Planning Your Future Starts Today

The commonly held belief that only the elderly or famously rich need to create an estate plan is erroneous at its core. There is no wrong time for anyone to lay out what they would like to see happen to their property and finances after they are gone. As trusts can always be revised, you do not have to be concerned about making one that you will later regret; this is especially true if you work closely with a Fairfield County estate planning attorney from our law firm.

For years, we at Massih Law, LLC have been serving the good people of Stamford, Westport, Trumbull, and all of Connecticut. If you want to find confidence and peace of mind in regards to your future and the future of your loved ones, you should not hesitate to contact us today and request your complimentary case evaluation. We look forward to hearing from you.