Estate planning starts with proper documentation, and the primary go-to is creating a will outlining the cremation services in Apache Junction, AZ. However, if many assets and beneficiaries are involved, it is recommended to include trusts. A trust is a document that can help give specifics on how the assets will be distributed and can help reduce taxes on the assets, so let’s take a closer look at some of the most common ones.
These trusts are ideal for anyone concerned about altering the document because it can be changed even after it is signed. Additionally, the grantor or creator will still own the assets listed in the document, and any revenue must be reported on their taxes.
Irrevocable trusts are created to transfer over the assets to the beneficiaries. This means if any changes need to be made, they need to be approved by the heirs. It relinquishes control and ownership of the assets but can offer tax and security benefits, making them a great option.
A spendthrift trust is in place for individuals more likely to spend their inheritance quickly. This type of trust allows you to negate how and when the funding will be received by the individual, and you can place special stipulations on them receiving the money. A few examples include; the individual having to attend college or they won’t receive funding until they are a specific age.
this type of trust is intended to distribute assets to a chosen nonprofit or charity once the individual passes away. This type of account allows the individual to avoid gift or estate taxes and can be incorporated into a standard trust so that the heirs receive one part and the charity receives whatever is left over.
A generation-skipping trust might be the right option if you want the estate to go to your grandchildren instead of your children. By choosing to transfer the assets directly to the grandchildren, the items listed in the document will avoid estate taxes. There is also an alternative option to give your children access to any income generated by assets listed in the trust.
The Totten trust is a payable-on-death account. The creator will deposit money in a security or bank account and name a beneficiary who inherits the funds. This is another form of a revocable trust, and the beneficiary won’t have access to the account until the creator has passed on.
Many other types of trusts are available to choose from, and it’s always recommended to work with a lawyer to ensure any estate and planning documents are completed thoroughly and legally. Professional support through the process is critical, and when you need cremation services in Apache Junction, AZ, we are here to offer exceptional care. We treat all our clients with respect and dignity and work hard to provide affordable and streamlined services, so contact us today to get started.