Protect Your Family

By Jeffrey Bock July 24, 2019 Posted in Family Law Share

While many people feel that online estate planning documents provide adequate protection, they often do not. Unfortunately, once you pass away or become disabled, these estate documents have to be followed, making it difficult for your family to undo the damage that is already done.

That is why working with an attorney to prepare custom estate planning documents is highly advisable. While online forms are cheap, simple and easy to use, an attorney can analyze your situation and draft estate planning documents that are custom tailored for you and your family.

A Trust Can Be an Effective Estate Planning Tool

Whether you have a complicated financial situation or you want to plan for your family, you can use trusts as a means to accomplish your goals.  There are many types of trusts. 

There are charitable trusts that you can use to benefit charities, save taxes and benefit your family.   

There are retirement benefits trusts that allow you to decide when and how your children will receive your retirement benefits while providing your children with asset protection. 

There are revocable trusts which you can use to minimize or even eliminate court involvement in you and your family’s life. 

There are trusts designed to protect your assets and your children’s assets from creditors. 

Sometimes you can incorporate various types of trusts in one trust or in a will. 

Be Sure to Specifically Address Your Retirement Accounts in a Trust

Pension plans or retirement plans, such as IRAs and 401(k)s allow you to designate beneficiaries, but what happens if your children are minors or you have a child with special needs ?   Are you worried that your children will have millions of dollars at their disposal when they turn age 18?  You need to ensure that your children are well protected and cared for in the event of your death.

Consider a Revocable Trust

Designating your revocable trust as as a beneficiary of your retirement accounts can be an effective way to provide for your children and to provide them with asset protection.  You can also provide instructions to your trustee on how and when you want your trustee to distribute your retirement accounts to your children.  

Let Attorney Jeffrey B. Bock Assist With Your Estate Planning Needs

If you are looking for an attorney to help review your estate, provide legal advice and set up a retirement trust, contact Jeffrey B. Bock for your Texas and Florida estate planning needs.