Trusts and Annuities
A trust is a fund which is paid out over time. The court will appoint a trustee to make the necessary payments. Depending on the type of trust, the trustee may only make payments at certain times for health, education, maintenance and support of the beneficiary of the trust.
An annuity is a type of fund that pays out on a fixed schedule over time. The basic annuity guarantees a certain amount of income over time.
Trusts and annuities are valuable tools to preserve wealth from estate taxes and probate fees. Keeping trusts up to date can ensure that your family or charities are able to use the money for your intended purposes. Structuring annuities correctly can secure income for years. You can create many types of annuities and trusts. Talk to a family lawyer for more information on how to construct your trust or annuity.
Scottsdale Trusts and Divorce Attorney
The Daly Law Firm handles a wide range of family law matters. If a parent wants to create a trust for a child then call The Daly Law Firm for legal advice. If there are trusts and annuities as part of the marital estate, The Daly Law Firm can effectively assist in property and asset division during divorce. You need to make sure the trusts and annuities are serving the correct purpose. If you are getting a divorce and need help in handling your trust or annuity, call The Daly Law Firm at (480) 607-8308 for a free consultation about your trust or annuity concerns.
Trust and Annuities Information Center
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What are some reasons to create a trust?
- Effective pre-nuptial planning. A trust set up before marriage can ensure that separate property does not become a part of the marital estate.
- It can protect assets for your children
- Usually your trust avoids probate when you die so the bulk of your estate should go to the heirs instead of to taxes
- Trusts have instructions on how to manage your assets in the event of your death or incapacity
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What are some reasons to create an annuity?
Annuities set up a fixed income over a period of time. There are a number of advantages in creating an annuity.
- Inheritance benefits for children
- College Fund for children
- Investment benefits
- Retirement benefits
Talk to attorney about how annuities can help you with family planning.
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Do I need to update my trusts?
Updating your trust is a good idea if there are significant changes in assets or beneficiaries. Here are some examples when updating a trust would be beneficial:
- Change in health status
- Change in marital status
- Change in the number of children
- Major assets change such as real estate or investments
It is a good idea to consult both a family law attorney and a probate attorney when creating and managing trusts. From the family law side, a trust is a great way to provide for children and other family members. From the probate side, trusts can help with estate planning, wills, and taxes.
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Can I hide assets in trusts?
If you are going through a divorce, you cannot put assets into trust for the sole purpose of hiding them from your spouse. You can create a trust, but you will still have to make an equitable division of the property and assets. For example if you put the house in trust, the court might not be able to break the trust. However you will still have to give your spouse the fair share of the assets in trust.
There are so many different kinds of trust and annuities it is important to seek legal advice to find out options for your particular situation.
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Resources
Trust.org – Resources for creating private and charitable trusts
Daly Law Firm, PLLC- Phoenix Annuities and Divorce Lawyer
Trusts and Annuities can be part of the marital estate. Trusts and Annuities can also be created as part of settlement agreements during a divorce. It is possible to use trust and annuities to provide for your children’s futures. You need an experienced Scottsdale family law attorney to make sure your trust or annuity benefits your family. If you have questions about how trusts and annuities can affect your family, call The Daly Firm at (480) 607-8308 for a free consultation. The Daly Law Firm currently represents clients in the Phoenix, Scottsdale, Maricopa County area.