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Trusts Lawyer in Simpsonville, SC, Assisting Clients in Protecting Their Assets and Planning For the Future

Many people mistakenly believe that trusts are only created by the very wealthy. However, many different trust options are available to help individuals with their needs now and in the future.

If you feel that you or your loved one would benefit from creating a trust, you need an experienced lawyer to protect your interests. Our highly experienced and knowledgeable trusts lawyer can answer your questions and explain the options that may be available.

Contact the Law Office of Rhett Burney of Simpsonville, SC, and ask to schedule a no-obligation consultation to learn more information about how we can assist you.

What Are the Benefits of Having a Trust?

There are several benefits to establishing a trust. The most common reason individuals create a trust is to lessen the burden of estate taxes on their beneficiaries. A trust also allows beneficiaries to obtain assets more quickly because it helps to avoid the time and expense of probate.

Some of the other benefits associated with creating a trust include:

  •  Privacy: Because probate proceedings are a matter of public record, a trust allows assets to pass privately to beneficiaries. Additionally, a trust helps beneficiaries potentially avoid estate taxes and court fees.
  •  Protection of assets: Creating a trust can help protect assets from creditors who may try to come after beneficiaries for money they may owe and help younger heirs manage their assets properly.
  •  Control of how assets are distributed: A trust can be designed to distribute assets as the grantor, the person who creates the trust, sees fit. Control of assets is often a viable option for individuals who have children from previous marriages and wish to ensure their beneficiaries receive specific property.

What Types of Trusts Are Available in South Carolina?

Four basic trusts are available in South Carolina. They include:

  •  Revocable trusts: Also known as a living trust, this option is the most popular because it allows the grantor to modify or revoke the trust at any time. However, revocable trusts are subject to estate taxes.
  •  Irrevocable trusts: The grantor cannot modify or revoke this type of trust. Even though there are disadvantages, this type of trust is not subject to estate taxes.
  •  Testamentary trusts: This trust only goes into effect after the grantor dies and is most commonly used to provide for minor-age children or disabled adults. A testamentary trust can also provide the benefit of lifetime income to a spouse.
  •  Special needs trusts: A trust created to care for disabled individuals, which allows them to keep their disability benefits but have financial resources they may need.

The Law Office of Rhett Burney of Simpsonville, South Carolina, can help you determine what type of trust is right for your needs and those of your heirs.

What Assets Can Be Included in a Trust?

Every trust that is created should be based on the individual needs of the grantor and their heirs. However, several types of assets are commonly included in trusts, which include:

  •  Bank accounts
  •  Stocks, bonds, and other investments
  •  Real estate
  •  Insurance policies
  •  Cryptocurrency
  •  Property that includes jewelry, heirlooms, or furniture

Assets that should not be placed in a trust include physical cash, retirement accounts such as 401(k) or IRA accounts, and assets held in other countries. If you are still trying to decide what assets should be included in a trust, contact the Law Office of Rhett Burney for more information.

How Can Your Law Firm Help Me Create a Trust?

The Law Office of Rhett Burney is proud to assist individuals in Simpsonville, SC, and the surrounding areas in protecting their assets and planning for the future. When you choose us for your financial and legal needs, you gain a lawyer with the knowledge and experience necessary to ensure that your family is protected after you are gone.

Some legal issues our law offices can assist you with include deciding what type of trust suits your needs, determining what assets should be placed into the trust, and who should be named as beneficiaries.

Contact the Law Office of Rhett Burney by calling 864 689 4482 to schedule a no-obligation consultation to discuss your needs and learn how we can help.