As a Philadelphia estate lawyer with more than 25 years of helping families protect their financial interests for their children, I often hear from clients that say they wish they had contacted me sooner. It doesn’t take a portfolio the size of Warren Buffett to establish a trust for your children. What you have right now is probably enough to begin laying the groundwork to protect their financial interests with a trust.
If you have a home, life-insurance policy and some money in the bank, you too can set up a trust. There are several advantages for a trust here in the tri-county area. There can be possible federal and Pennsylvania tax breaks for your loved ones. Plus, a trust can keep your assets out of a long and drawn out probate court and instead keep it in your descendants’ hands. Additionally, one of the most desirable benefits of a trust can be setting aside financial resources for your children for education expenses.
Trusts can be set up for your child’s college years that will allow you to set aside money for your child’s tuition, but many parents often forget the trust can also be drafted to include living expenses at college. In addition, you can also set aside part of your estate for your grandchildren’s education as well. I have written many trusts over my quarter of a century in estate law in Philadelphia and know the importance of guiding you through the process to ensure that the money you set aside in a trust is used in the way you intended. For example, some clients establish guidelines in the trust that the child receives more financial benefits if they graduate college, not just by attending a few classes.
I’m here to help answer the many questions you have about setting up a trust. You can be certain that I know all the advantages of federal and Pennsylvania law and I will ensure that your family is protected and that the money you set aside is used in the way you intended. That’s my promise to you: there will be no doubt your family’s financial interests will be taken care of.
