Trusts are useful tools that allow people to transfer or set aside tax-exempt assets for practical needs. A trust can provide for the health care or educational needs of a family member, help an elderly parent qualify for Medicaid, or fund important causes.

Considering Which Trusts Work Best for You and Your Family

With over 75 years of combined legal experience, the attorneys at Barnett Law Firm, Chtd. are readily able to counsel our clients regarding the following trust-related issues:

• Revocable trusts
• Irrevocable trusts
• Living trusts
• Testamentary trusts
• Charitable trusts
• Special needs trusts
• Corporate trusteeship
• Family member trusteeship
• Transfer of trusteeship
• Tax and financial reports for a trust
• Fiduciary responsibility

Assigning Trusteeship

An important part of establishing a trust is determining the trustee. In general, there are two types of trustees: corporate and familial. While corporate trustees are more expensive, they are bonded and insured and usually take responsibility for preparing taxes and financial reports for a trust. Family members typically don't charge anything but are seldom, if ever, bonded and insured; consequently, if financial mismanagement or malfeasance occurs, it is difficult to recover lost assets. The skilled lawyers at Barnett Law Firm, Chtd. can help you make the best decision in choosing a trustee based on your particular situation.

Protecting Your Trust

Not only do our attorneys discuss the pros and cons associated with different types of trusteeship, but in order to protect our client's interests, we include terms and conditions in the trust documents that provide greater transparency and oversight through auditing and reporting mechanisms. Should a trustee violate their fiduciary responsibility, we can seek damages against them on your behalf.

Let Our Experience Work for You

Trusts involve several legal and financial issues, and our knowledgeable attorneys have the experience and resources necessary to help you achieve your individualized goals. We consult with tax experts and financial planners to create trusts for clients interested in securing their family's financial future. And since the tax code, Medicaid and other laws change frequently, our attorneys will continually explore estate planning strategies for you that optimize the financial advantages of creating a trust for tax and health care planning in light of current law.

If you are concerned about your family's financial future, and need to develop a plan that will help ensure their financial security, contact us today to schedule an appointment with a skilled Kansas City estate planning attorney.