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Meeting your goals through trust planning

A little bit of planning can go a long way for St. Paul residents. On a smaller scale, individuals plan their activities more than they may realize, whether it be planning for meetings at work, or planning for a vacation. When it comes to major events in life, however, there is no question that planning is important in order to make sure every detail is taken care of and considered before the event occurs.

It makes sense then that individuals should strongly consider estate planning to take care of the important matters that will occur upon their death, such as the transfer of their assets to surviving family and friends and the necessary care arrangements for minor children. This type of planning requires some thought and care in order to identify a person's goals and determine how those goals can be met.

For instance, through trust planning, individuals can design a trust that meets their estate planning goals. These goals might include saving money that would otherwise be used to pay taxes. It can also include protecting assets from creditors who would otherwise be able to reach those assets and prevent them from transferring to loved ones.

A trust can also be an effective way to manage property after a person's death. For example, trusts can be designed to provide income to surviving children for their education and well-being. The trust can then be set up to terminate at a certain point, such as when the child reaches a sufficient age of maturity where he or she can effectively manage the assets for himself or herself.

Our firm has significant experience in designing trusts in a flexible manner to meet different individuals' goals. After all, it is not only important to identify a person's goals, but to have the knowledge and expertise necessary to reach those goals, which can include knowledge of various estate planning and tax laws that might come into effect. For more information on how to properly form a trust, please visit our trusts page.

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