Trusts

A trust is a document in which you, as settlor, transfer ownership of your property to a trustee for the benefit of your designated beneficiaries. In other words, a trust is a safe where the settlor stores everything they want to protect into it with rules that the settlor makes about who has the combination to the safe, who has use to its contents, and where its contents will ultimately go.  There are two common kinds of trusts: revocable or irrevocable. In a revocable trust, the settlor has the combination, has easy access to what is inside, and can get rid of the safe altogether, but in an irrevocable trust, the settlor gives the combination to someone else, thus eliminating access to its contents.

The Importance of a Trustee

Choosing a trustee is one of the most important decisions you can make when you are creating your trust because a trustee needs to be a person who you trust to responsibly handle your assets and to abide by the terms of your Trust. Essentially, a Trustee is the person who you give the combination to your safe with everything that you own is inside of. That person can be you, someone else, or an entity. No matter the decisions you make, there are benefits and drawbacks, which we are happy to discuss.

What Can I Do With A Trust?

A trust is a powerful document that can be created to fulfill your wishes and to protect you, including:

• Protecting your assets from not only your creditors, but also from your family's creditors,
• Designating who you want to receive your assets and how you want them to be received,
• Protecting your assets while maintaining eligibility for Medicaid and other benefits, and
• Creating a plan to ensure your pet(s) are well looked after.

For more information on Louisiana Trusts, schedule a free consultation by calling our firm at 504-309-3304 or contact us online.