North Carolina Trust Lawyers
Establishing a trust is an effective means for providing financial resources for future medical needs, an elderly loved one's living expenses, or support for a cherished cause. At the law office of Lutzel, Broadway & Associates, our lawyers work closely with clients in developing trusts tailored to the unique needs of individuals and families. Since the tax code and laws governing trusts are always changing, our office consults tax experts and financial planners when creating a trust. Our attorneys take the time necessary to ensure our clients are positioned to take full advantage of allowances within the law that reduce tax liability while protecting more of your assets.
For more information regarding how a trust can help you and your family secure your financial future, contact trust attorneys at Lutzel, Broadway & Associates today.
Determining what kind of Trust Works best for You
The estate planning attorneys at Lutzel, Broadway & Associates advise and represent clients in regard to the following issues:
- Revocable / irrevocable trusts
- Special needs trust / supplemental needs trust
- Testamentary trust
- Charitable remainder
- Assigning trusteeship
- Transfer of trusteeship
- Fiduciary responsibility
Determining Trusteeship
Whether you are interested in establishing a special needs trust or an irrevocable trust, establishing a trustee to administer the funds involve is necessary. At Lutzel, Broadway & Associates, our lawyers can explain the pros and cons of private trustees and family trustees. While a family trustee will usually reduce the cost of administering trust funds, they are not bonded and insured, as are corporate trustees.
Consequently, should financial mismanagement or malfeasance occur, it's unlikely the beneficiary of a trust will be able to recover any losses. Additionally, should a family trustee pass away, allowances must be made for the transfer of trusteeship. Lastly, an annual financial report and tax return must be prepared by the trustee, a cost typically built into corporate trustee fees and services.
Providing Peace of Mind - Taking the Right Steps from the Beginning
There's a great deal to consider when establishing a trust. In order to avoid problems and legal difficulties later, it's important to provide a transparent reporting and administrative structure that protects your trust from financial mismanagement. Our attorneys can explain and discuss the options and planning tools available to ensure your trust stands the test of time, advising you in everything from assigning a trustee to creating checks and balances in its administration.
To learn more about our estate planning practice and how we can help you establish a trust, contact trust attorneys at the law office of Lutzel, Broadway & Associates today.
