There are many purposes that well-drafted estate plans can serve, including protecting assets from certain taxes. For married couples with considerable assets, bypass trusts may play a beneficial role when incorporated in their plans. Arizona residents may find that these trusts can ensure that taxes are controlled and surviving spouses and their heirs are provided for in the manner they desired.
There are many concerns that need to be addressed in life, including paying for future health care. Though trusts may often be associated with wealthy individuals, these tools can also be used for those who wish to preserve an estate while still qualifying for assistance from Medicaid. Arizona residents who are worried about providing for their heirs and still receiving elder care may benefit from irrevocable trusts.
Americans have a love affair with their pets. In many homes, these animals have taken on the role of cherished children and are cared for in a loving and even doting manner. Arizona pet owners who are concerned about their companions' future well-being may consider the benefits of setting up trusts for their future care.
Those who have assets they wish to protect for their future heirs have several estate planning tools at their disposal. One of the most popular planning tools is the use of trusts. These require proper planning, or they may not fulfill the intended purpose. Arizona residents who are considering how to plan for their heirs will benefit from avoiding a few common mistakes.