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
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:
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.
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.
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.