Trusts Attorney in Washington D.C. & Massachusetts
What is a Trust?
A trust is a legal arrangement where one person, identified as the “grantor,” transfers property or assets to another person, known as the “trustee,” so that the trustee can manage the property for the benefit of a third party, called the “beneficiary.” Trusts can be vital to your estate plan and offer numerous benefits. As part of the trust, the grantor will normally draft a set of guidelines for how the trustee is to manage the property.
There are generally two types of trusts:
Revocable Trust: this type can be altered or revoked by the grantor during their lifetime, offering additional flexibility and control.
Irrevocable Trust: Once established, this trust cannot be changed or revoked, providing additional asset protection and potential tax benefits.
Like a will, a trust can help provide for your loved ones after your passing and offer benefits to both you and your loved ones prior. Ross J. Fodera, Esq. can guide you through choosing the proper trust for your unique situation.
Types of Trusts
Trusts come in various forms based on your specific goals, offering different benefits. An experienced attorney can assist in determining which may be suitable for your needs:
Revocable & Irrevocable Trusts
Charitable Trusts - allows you to support a charitable cause while receiving tax benefits.
Spendthrift Trust - protects beneficiaries from creditors and poor financial decisions. The trustee manages the assets and controls distributions, ensuring the beneficiary’s long-term financial security.
Testamentary Trusts - a trust created within a will.
Common Misconceptions About Trusts
Many people tend to believe that trusts are exclusively for the wealthy elite, but this is a widespread misconception. In reality, trusts can provide significant advantages for individuals and families across all income levels by offering essential asset protection, helping to avoid the lengthy and often complicated probate process, and ensuring that their personal wishes are honored and fulfilled after their passing. Trusts not only offer flexibility and security in various financial situations, but they also serve as a valuable tool for anyone who is looking to proactively protect their assets and effectively plan for the future.
Another common misconception is that establishing trusts is an overly complex and prohibitively expensive process. While it is true that trusts require meticulous planning and often the assistance of qualified legal professionals, the long-term benefits and protections they provide frequently outweigh the initial costs involved. Trusts can be thoughtfully customized to meet your unique needs and preferences, ultimately providing you with peace of mind and a sense of financial stability for both yourself and your loved ones in the years to come.
Trusts & Asset Protection
Trusts are a powerful and versatile tool that allow you to manage and protect your access in unique ways during your lifetime. A trust can help avoid costly probate expenses, provide for dependents, offer significant tax and liability benefits, and ensure your property is used exactly how you want. There are various types of trusts, including revocable and irrevocable, each serving different purposes. The Fodera Law Firm and Ross J. Fodera, Esq. can help you choose the right trust to meet your needs and preserve your assets for your beneficiaries.
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Don’t Wait to Protect Your Livelihood
A trust is designed to accomplish many things—depending on what your goals are will determined the type of trust that is necessary. From avoiding Probate to protecting a loved one’s inheritance, a detailed conversation should occur between you and an estate planning lawyer to best accommodate your needs. Ross J. Fodera, Esq. can assist in forming, amending, or administrating a trust.
How Can the Fodera Law Firm Help?
The Fodera Law Firm has a track record of assisting clients with:
Trust Formation
Amending Trusts
Moving Property in or out of the Trust
Trustee Compliance Guidance
Trust Management Disputes
Drafting Wills Creating Trusts
Contact an Attorney Today
The Fodera Law Firm is ready to use it's experience, knowledge, and resources to effectively handle your matter.
Contact us today to book a consultation. Fill out our contact form or email RFodera@FoderaLegal.com
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Meet Ross J. Fodera, Esq.
Ross J. Fodera, Esq. is the founder of the Fodera Law Firm and specializes in small business legal services, including employment disputes, real estate transactions, corporate formation, contract disputes, and risk management. Since becoming an attorney Mr. Fodera has been involved in a number of six-figure settlement negotiations, EEOC proceedings, and real estate litigation. Mr. Fodera takes pride in providing affordable services and effectively communicating with clients so they understand every stage of their representation. Mr. Fodera is barred in the District of Columbia and Massachusetts.