Page 11 - Family First Firm Brochure

PROBATE

PROTECTION PLAN

This is the most commonly used Trust for estate planning purposes. The
Trust Agreement can address how trust assets are administered in the
event of your incapacity (thereby avoiding the need for guardianship) and
how trust assets are administered following your death. Assets that are
owned by the trust do not have to go through the lengthy and public
probate process. Transferring assets to a Revocable Living Trust is
referred to as "funding" the trust - a step that is, unfortunately, not
completed by many people. Our estate planning services include helping
you through the funding process to ensure that your estate planning goals
are met.

A Revocable Living Trust also allows you greater control over your assets

following your death. This includes determining when and how your
named beneficiaries receive their inheritance. You can even specify
certain amounts to be distributed at various ages or upon various life
milestones (such as completion of college, or marriage). A beneficiary's
share of your trust assets can even be held in trust for their his/her benefit
in order to protect his/her inheritance from creditors or from
mismanagement by the beneficiary. This ensures that the trust funds are
available to meet the beneficiary's needs, and make certain that they are
not disqualified from receiving public benefits as a result of this
inheritance.

Finally, a Revocable Living Trust can be structured to help minimize tax
liability for your loved ones, and/or to help ensure that your children or
other loved ones won't be intentionally or unintentionally disinherited by a
surviving spouse.

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