Whichever option you choose, a Legacy Trust exists to meet your goals today and in the future. However, there are advantages and disadvantages of each option. Mr. Skabelund will educate you as to which trust is right for you.
An additional benefit to each of the Legacy Trusts is that it provides for the smooth management of your MPI Plan if you are unable to manage your financial affairs due to mental incapacity, such as a stroke, dementia, Alzheimer or an accident. Your Legacy Trust can prevent the need for a conservatorship, which typically costs thousands of dollars and must be renewed each year.
Key benefits of a Legacy Trust are the ability:
You should seek independent tax counsel regarding your estate and gift taxes in your state.