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Reason to Consider Establishing a Trust
When one thinks of trusts, one often thinks of larger estates, and complex estate tax planning considerations; however, there are additional reasons to consider the use of a trust, in both large and more moderate estates.
You may have a child who has creditor issues. By leaving this child’s inheritance in a spendthrift trust, the creditors will be unable to reach the child’s inheritance.
Another consideration is the high divorce rate in today’s society. By leaving a married child’s inheritance in a trust, this separate property is kept distinct from the assets of the marriage, and the dangers of commingling are lessened.
An elderly couple may need assistance with managing assets and paying bills, as well as protection from unscrupulous parties. A living trust can provide peace of mind for the couple and their family while the couple is still living, as well as at their death.
Proper administration of the trusts is critical to the achievement of these goals. Selection of an experienced and competent trustee is an overriding consideration. The Wealth Management and Trust Department at Community Bank & Trust contains a combined 125 years in trust administration and investment management experience. You can rest assured that by naming our bank as a trustee, your legacy will receive the professional management needed to help achieve its goals.
Please feel free to contact us at any time. We will be happy to visit with you to see if we might be of service.