- Raul R. Delgado De Armas
LEGAL TECHNIQUES AND TOOLS.
Wills, Revocable Living Trusts, Family Limited Partnerships, Designations of Healthcare Surrogate also known as Advance Directives, Durable Powers of Attorney, and insurance products are some of the tools used in an overall estate-planning solution.
While Wills are generally well understood, we find there are common misconceptions about Trusts. Basically a Trust can be viewed as a separate entity, while a Will is simply a document with a set of instructions. In most cases, you – the client – retain full control of the assets placed in a trust.
They are most appropriate in circumstances such as:
When you own a family business to pass on
When you have extensive real estate holdings or own real estate in multiple states
When you have wealth that needs oversight during a period of disability
When you want to attach a condition (like completing college) to children inheriting your estate.
Not all planning tools are for everyone. Wills, Trusts and Family Limited Partnerships all have pluses and minuses that will be discussed thoroughly with you.