Your trust-based estate plan is a good place to begin protecting your assets. The Winter Law Firm PC can assist you with the process. The first step is to put your assets into a trust or trusts. This is accomplished by changing the ownership documents and/or beneficiary designation of your assets. For example, to put your house in the trust, you will need to record a deed from your name into the trust’s name. To put a financial account into a trust, you must ask your financial institution to open an account for the trust and complete the required paperwork.
There are some assets that cannot be owned by a trust while you are living. Examples of these include 401(k)s, 403(b)s, IRAs, 457 plans, TSAs, and all other assets which are commonly known as Qualified Plans. One of the attributes of qualified plans is that they are only available to those who have jobs, and, since your trust never worked, it cannot own a qualified plan while you are alive. Trusts can be beneficiaries of qualified plans at your death, so it makes sense to list your trust as one of the potential beneficiaries of your plan.
Establish Your Trust
There are various types of trusts, and The Winter Law Firm PC has the knowledge and experience to help you determine what you need, how to protect your assets and the best way to administer your trust.