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Living trusts can help middle-income families, too

If you were to take a poll of Washington residents and ask about trusts, many would answer: trusts are only for the rich. That may have been true several years ago, but today a living trust or other form of trust can be beneficial to many families who fall into the middle-income bracket. Trusts can help families reduce their tax exposure, as well as be used to protect and transfer assets. Just as importantly, trusts can be crucial in avoiding probate.There are different types of trusts, and Seattle residents should consult with a professional before choosing one. In general, however, a trust can be set up to protect assets, and in that case, the assets are no longer owned by an individual. This action offers significant asset protection. Also, a trust can be set up to specify what the funds are to be used for: for example, college education or starting a business.

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To speak with an attorney at Gellner Law Group about estate planning, probate, trusts, wills or tax controversy, contact our law office in Kent, Washington, today. You can call 425-336-2908 or send us an email. We provide representation across the entire Seattle-Tacoma metropolitan area.

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