A key part of estate planning, particularly for estates with considerable assets, is trust formation. Trusts also can be valuable tools for even those without immense wealth, though, particularly if there are children to be considered.

At Morton & Gettys in Rock Hill, our lawyers have experience in creating a wide variety of trusts tailored to suit our clients’ needs.

In very simple terms, a trust is an arrangement where one party holds assets on behalf of another. In terms of an estate, the estate planner authorizes a trustee – and they can be the same person – to manage assets on behalf of his or her beneficiaries. The benefits can be substantial in terms of reducing the estate tax burden, protecting assets and ensuring that specific wishes are carried out.

Trusts also are invaluable tools for taking care of special need adult children or for making sure that minor children are protected should they lose their parents.

At Morton & Gettys, we have helped create a range of trusts, including:

  • Living trusts: These can be funded during your lifetime or after your death. Assets such as banking or brokerage accounts or even homes can be titled to the trust. There are tax advantages – assets in the trust are not subject to estate taxes. Assets in the trust are not subject to probate either.
  • Lifetime Qualified Terminable Interest Property Trust, or QTIP Trusts: These trusts allow one spouse to transfer assets to another free from estate or gift taxes. These are advantageous in marriages where one party is wealthier than the other.
  • Testamentary trusts: These are funded only after the death of the person creating the trust.
  • Life insurance trusts: This mechanism help ensure that loved one can access the proceeds immediately rather than waiting for the estate to be settled.
  • Charitable trusts: This arrangement allows you to contribute to a favorite organization or cause.

Our services extend beyond trust formation. Our experienced trust lawyers also help make sure all assets are properly transferred and titled to the trust. We can take care of administration services for the trust, including tax identification numbers and properly filing all annual returns so that you maintain any tax advantages achieved by creating the trust.

Our Rock Hill attorneys also serve as trustees for trusts of all sizes. Contact us today to see how we can help you.

Joseph L. Raad

Senior Counsel

P 803.366.3429  F 803.366.4044