I Think I Need A Trust…
When talking to estate planning clients, I’m often asked about Trusts. It seems that the popular opinion today is that Trusts are some sort of magic be all and end all to estate planning. Unfortunately, too many estate planning attorneys look that them as cash cows as well. As a result, many clients are purchasing expensive and unnecessary plans that do more harm than good.
This isn’t really a new phenomenon. Starting in the mid 1990’s attorneys started pushing Trusts as a way to “protect assets and keep everyone out of your business”. Many attorneys would set up what we now call Golden Corral Trust Seminars, where they would feed potential clients a lunch of some sort (usually a buffet lunch, hence the name), and then attempt to scare the patrons into believing that the only protection plan for their assets were to set up Revocable Trusts for themselves and their families. As a result, thousands of families found themselves with Trusts that they didn’t understand, that didn’t do what they thought they did.
Most clients are surprised when I tell them they don’t need a Trust, and in fact a Trust would only needlessly complicate their estate plan. There’s nothing wrong with Trusts, if you truly need one. However, I find that the best estate planning strategy is to keep things as simple as possible where you can. Usually, after a brief conversation with the client, they come to their own conclusion that a Trust is not the right option for them.
When you select an attorney to help you with your estate plan, you are looking for expert advice about how to best provide for you and your family. Part of that advice should be how best to avoid future problems for those you leave behind. At Kraus & Phillips, we have over 50 combined years of experience helping clients plan for the future that they want. Give us a call to set up an appointment, and we’ll help you determine what is right for you. And by the way, if it turns out that a Trust really is the best option for you, we can set that up for you too.
