There is a common misconception that you can find a one-size-fits-all estate plan and that after you’ve done that, you’re finished. The truth is that estate planning is ever-evolving. Your life changes and your needs with it. The law is constantly changing which has a significant impact on your future situation. Morris Hall estate planning is dedicated to catering to its individual client needs. The primary goal is to protect your assets from creditors and to set things into motion so that everything you’ve worked for and achieved goes to the right people and is protected.
Can you imagine working your entire life and achieving that monumental success that you dreamed of, only to have it forfeited to creditors or to the government because you did not properly prepare?
We all work hard in order to provide a good life for ourselves and our families. When we pass on, we want to go peacefully, knowing that our families and loved ones are taken care of and that we can leave them something behind. Many people are too afraid to open Pandora’s box, give into the many fallacies about estate planning, and let fear govern their choices. Consequently, when they pass away, none of their money goes where they planned. Instead, that money and those assets are hounded with unnecessary taxes and distributed among creditors.
Morris Hall estate planning is a member of the AAEPA (American Academy of Estate Planning Attorneys) and has worked really hard over the years to procure a strategy that will protect its clients and their assets. They have Morris Hall financial and accounting firms on their side that help employ the best financial solution possible. This protects your estate from taxes and creditors by setting up the proper trust and using business succession planning. Working with Morris Hall means that you have access to their legal staff, made up of qualified, experienced, and credentialed attorneys, as well as other legal professionals; financial gurus, and CPAs. Together, they work to create an air-tight, advantageous estate plan for you.
When setting up and funding your trust, Morris Hall looks at probate, capital gains taxes, income taxes, state and federal taxes, nursing home expenses, caring for a family member with special needs, disability rules, non-financial assets, and more. They are committed to seeing the entire picture and knowing your estate in and out so that they can come up with the best plan for you.
AB Trusts
This is one of the most common ways that a couple protects their assets. A trust is set up called a B Trust (below ground assets). The B person passes away, and the surviving spouse is referred to as A (above ground) and absorbs B’s assets in their trust. To protect assets further, Morris Hall estate planning also includes beneficiary trusts, so that the assets your beneficiaries receive are protected from creditors, ex’s, bankruptcy, and unforeseen long-term care.
Revocable Living Trusts
These trusts can be changed by the individual who initially created it. This means that as their life circumstances change, as well as their loved ones, they can alter the terms on the trust, as well as make any changes, including dissolution.
Income Only Trusts
Morris Hall has been very successful with setting up Income Only trusts. These trusts help with long-term care. Basically, if a person makes over a certain amount of money, they can still qualify for Medicaid benefits. The income assigned to these trusts is then used for living expenses, like food, shelter and housing, medical care, and personal needs. Of course, there are many restrictions on these types of trusts, but Morris Hall has the experience to determine if this is the right resource for you.
Additional Trusts
Sometimes, the protections mentioned above are not enough. Morris Hall can take things even further with a variety of trusts, partnerships, and entities, which will hold titles to assets, protecting them further from creditors. These include things like QPRT (Qualified Personal Resident Trusts), family limited partnerships, LLCs, grandchildren trusts, qualified trusts, special needs trusts, and more. Each trust accomplishes something different and can make a person’s estate planning airtight.
If you have not given your estate planning any thought, schedule a consultation with Morris Hall. You can find education on the variety of trusts available and secure your assets for generations to come. Morris Hall extensive knowledge in Utah estate planning and offers a customized plan for your unique situation.
This blog should be used for informational purposes only. It does not create an attorney-client relationship with any reader and should not be construed as legal advice. If you need legal advice, please contact an attorney in your community who can assess the specifics of your situation.
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