Take Care Of Your Loved Ones When You Are Gone With A Living Trust

Take care of your loved ones after you are gone is a thought that must enter the minds of any elderly person every day. The goods news that now this can be done in life through establishing a living trust.

The ability to establish a living trust is one of the most important changes on US financial legislation for the past twenty years. At one time, only the wealthy and privileged could afford the facilities to set up any kind of trust fund so that their estate is kept intact after their passing so that the considerable fortunes that had amassed in their lifetimes could be passed on.

Over the last couple of decades, senate legislators began to recognize that this method of preserving capital and assets from generation should be within the reach of more and more people and gradually introduced legislation that may the possibility of establishing a living trust is within the reach of more and more families.

What may have spurred on this somewhat dramatic chance of face among the US tax authorities was the indisputable fact that people were living longer and healthier lives, working longer and contributing more income taxes to the system than they were before. So why not present these people with the opportunity to enjoy the fruits of their labors for a few more years, as well as keeping it more or less intact. Before the changes in the law regarding trusts, as people were approaching pension age they were pressurized by the fact that they had to tie their capital and assets in a trust, so that they could protect their benefactors from draconian punitive estate taxes if they passed away intestate.

Thanks to the new living trust laws, this is no longer a problem. Anyone can now establish a trust of this nature with very low stipulations on the value of the estate.

Another barrier to establishing a trust for many people in the medium income bracket was their fear that lawyer's fees would make the establishment of a living trust financially infeasible. Nowadays, due to the power of the internet, it is possible to purchase and download a form that will allow the establishment of a trust with minimum headaches as well as financial outlay.

The person who is establishing the living trust will invariably as their own trustee, this saving even more costs. In other words, not establishing a living trust to protect and enjoy your assets is almost negligent, and will deprive your loved ones from enjoying what you have accumulated in your life after you have gone.