If you need to protect assets from creditors or provide for a family member long term, a trust may be your best option. This allows continuous management of your assets to provide property and income to your family members.
Clients who request trusts often do so because they have a spendthrift relative who may waste the estate or adult children requiring long-term care. Tax benefits also arise from trusts. If the value of your assets exceeds a certain amount, you could be subject to an estate tax. A trust can help prevent that.