Trust Formation & Administration
A Revocable Living Trust can provide a means to manage property during life and avoid probate at death. Revocable Living Trusts are particularly useful when real property is owned in more than one state to avoid multiple probates. In order for a Revocable Living Trust to function properly, all assets must be transferred and titled to the trust. We routinely assist with asset transfers when drafting trusts. These trusts can also provide a means to reduce or eliminate estate taxes.
Trusts can also be established to provide for a spouse during his or her lifetime and further provide that the remaining assets pass to children upon the spouse's death. This is an effective tax planning measure and works extremely well for second marriages. Trusts of this nature can be established under a Will or a Revocable Living Trust.
We are also experienced with drafting Irrevocable Life Insurance Trusts and Irrevocable Gift Trusts, and regularly modify and amend existing trusts.
Special Needs Trusts are an important estate planning tool. Special Needs Trusts can provide a source of funding to supplement the resources of a person who is physically or mentally disabled without disqualifying the individual from his or her public benefits, such as Social Security or Medicaid, which can be fundamental to the support of the disabled individual. There are two types of Special Needs Trusts and we are experienced in drafting both and advising trustees in their responsibilities in administering these trusts. Fiona's article describes Special Needs Trusts in depth. Click to see full article.
Contact Tom R. Ramsey, III and Fiona F. Hill of Ramsey Hill, LLC for all your trust needs.