I’m a Financial Advisor who partners with a trusted attorney’s office to help clients set up their trusts. Working together through this process has been a game changer for many, because it shines a light on all the important parts of their lives that deserve careful planning—while they’re still here to make those decisions.
Many people assume trusts are only for the wealthy, but that’s simply not true. Trusts can provide peace of mind and practical benefits for people across many financial situations. Here’s a straightforward look at what trusts are, why they matter, and how they might fit into your overall financial plan.
When many people hear the word trust, they picture something reserved for billionaires or sprawling estates. But the truth is, trusts can be incredibly practical for families across a wide range of wealth levels. As a financial advisor, I often work alongside experienced estate-planning attorneys to help clients decide if a trust fits into their overall plan.
A trust can protect your assets, simplify your affairs, and make sure your wishes are carried out exactly as you intend. While I don’t draft trusts myself—that’s the attorney’s role—I can help you evaluate your needs, prepare your financial picture, and coordinate the process so your trust works seamlessly with the rest of your plan.
Why Consider a Trust?
Here are just a few ways a trust might benefit you:
- Safeguarding and preserving assets for the future
- Directing how and when your wealth is shared
- Minimizing taxes
- Navigating family changes such as divorce or blended households
- Helping a parent or loved one manage finances
*For many, a Revocable Trust is the most common and flexible option.
Two Main Types of Trusts
Revocable Trusts
A revocable trust lets you maintain control over your assets while offering flexibility. You can serve as your own trustee, update terms, add or remove assets, and name a successor trustee. Revocable trusts work during your lifetime—not just after—offering continuity if you become incapacitated. They also allow your estate to bypass probate, saving time, costs, and keeping matters private.
Irrevocable Trusts
With an irrevocable trust, assets are permanently moved out of your taxable estate. While changes are limited, this type of trust can help reduce estate taxes, protect assets, and ensure wealth is managed responsibly, especially in complex family situations.
Bottom line: Trusts aren’t only for the ultra-wealthy. With the right guidance from a financial advisor and a qualified attorney, they can be a powerful tool for protecting your legacy and providing peace of mind.
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Steve LeBaron
www.lebaroninc.com
steve@lebaroninc.com