Estate Planning & Special Needs Trusts
Carl Mangine is knowledgeable about many types of trusts, depending on your goals and circumstances:
- An inter-vivos or lifetime trust is a revocable trust that allows you to control wealth during your lifetime. Upon death, everything transfers directly to your spouse or heirs without the expense and delay of probate.
- An irrevocable trust provides the best protection from lawsuits and creditors, but provides no personal control of or access to those assets once the trust is created and funded.
- A special needs trust (supplemental needs trust) provides money for the care of an elderly parent or dependent child with disabilities. It provides for basic needs and quality of life enhancements without disqualifying the family member for Social Security and Medicare benefits. Upon death, the remainder of the trust reimburses the government.
- A charitable trust can set aside a bequest for your favorite cause(s) in your name after your death.
A trust is managed by a trustee. This may be a friend or family member of your choosing or a professional trust administrator. Trusts may be set up to transfer wealth upon death or to manage assets until the beneficiary reaches an age of inheritance. Mr. Mangine assists personal representatives and trustees in probate and estate administration, including managing and reporting duties with trusts.
Establishing Your Trust, in Every Sense of the Word
Mr. Mangine has only your best interests at heart. To discuss your estate planning goals and strategies with him, call his office or contact him online to arrange a consultation.