The Stan Butterfield law firm is able to create trusts for our clients.
What is a trust?
A trust is an entity that can own property just like a person can. In some situations it is beneficial for a person to transfer ownership of their property to a trust that they control.
What are the benefits of a trust?
In Oregon, one of the situations that make a trust a wise tool to use is if a person has accumulated money or property in value of more than a million dollars. At that value, when a person dies the estate is subject to Oregon estate taxes. At an even greater threshold, federal estate taxes are also applicable. If that estate has been transferred to a trust prior to death these particular taxes can be avoided.
It is also possible, depending on what other planning has been done, that a trust would benefit a family with young children. If parents die without a trust, all of their estate goes through a process known as probate. The process takes an average of 10 to 12 months in Polk, Marion, Linn, and Yamhill counties. This can mean that the orphaned children of such a family would not have access to their parents’ financial resources for that long or even longer. A trust would allow children, and the people caring for them, the benefit of family money immediately.
A trust can also give a person the ability to direct how money or property will be managed and benefit a person’s survivors in a way that a bequest in a will may not be able to achieve.
There are many factors to consider in determining whether a trust is a proper tool to use in your planning, but it may be just the thing to help you accomplish your goals. If you think a trust could serve your plans, call Stan to set an appointment at (503) 623-2427.