Creating a trust for minors or children enables parents, relatives or guardians to allocate assets for the education, healthcare and/or living expenses of a minor or a child. The potential impact of tax liability, Medicaid eligibility and/or student financial aid are items to consider when deciding how best to structure a trust. Another important issue to consider is who will be appointed the trustee to safeguard that trust funds are available when a trust beneficiary needs funds. We work with our clients to establish the best structure to cost effectively meet their goals with a trust for a minor or for their child. We help client with:
Creating a trust can aid a client to protect family assets from creditors and from the division of property in a divorce. A trust may created in a manner your children have the power to distribute funds for their benefit under specified conditions, yet your children will not technically own the assets of the trust. As a positive consequence of trust planning, should your children need to declare for bankruptcy or are part of a divorce, the trust assets you leave for your grandchildren or great-grandchildren can be protected.