Everyone can benefit from estate planning, not just those with manor homes in St. Clair. An ‘estate’ refers to your assets –such as homes or bank accounts– and liabilities upon death, but working with an experienced Pittsburgh estates and trusts lawyer at Mette Law now can secure your future.

Services Offered by Pennsylvania Trust and Estate Attorneys

Estate planning generally involves taking a proactive approach to protecting and distributing your assets after death. This most often means executing a will and other end-of-life documents. Although our estate and trust lawyers can provide these services, they also focus on helping individuals and business owners structure their assets and liabilities now to maximize tax benefits and obtain certain legal protections. Examples of the services our Pittsburgh estate team provides include:

• Executing business succession plans
• Opening trust accounts
• Drafting general and limited powers of attorney
• Understanding educational and charitable trusts
• Reducing taxes through asset and debt management
• Protecting families from personal business liability and healthcare liens

These services can benefit businesses and families now, not just in the future. Discuss how our trust and estate team can help you save money, help others, and protect your hard-earned income through dedicated business and personal estate planning.

Overview and Types of Pittsburgh Trust Funds

Trust funds are among the most beneficial yet underused legal tools in Pennsylvania. Opening a trust involves transferring your assets into a legally distinct ownership account while allowing you to set the trust’s terms and even retain control. Always discuss the best trust account options for your family or business with a  legal professional, as each of the following accounts has various tax implications and rules:

• Charitable Trusts: Opened for the exclusive benefit of a registered 501(c)(3), such as a church, scientific, charitable, literary, or educational organization. You can donate money through the trust while still controlling the distribution amount and terms, such as ensuring the funds are allocated to a specific building project.
• Grantor/Revocable Trusts: General trust accounts you can use for any purpose, such as setting up an inheritance for your grandchildren. These trusts are revocable and taxable, so you can close them and have the assets returned.
• Irrevocable Trusts: Permanently transfer the assets to the beneficiary, but you can still retain complete control as the trustee. 
• Spendthrift Trusts/Provisions: Special trusts that only allow asset distribution for specific financial purposes, such as rent and utilities, protecting the funds from mismanagement.
• Special Needs Trusts (SNT): Unique trusts used to hold the assets of persons with disabilities to ensure they can still qualify for state and federal programs, such as SSDI, Medicaid, and SNAP.

These aren’t the only trusts available in the Commonwealth, nor are they exclusive to individuals. Pittsburgh businesses and married couples can also benefit from opening a domestic trust fund with our estate planning team’s help. 

Pittsburgh Estate and Trust Attorneys

Discuss how opening a trust fund and planning for the future can benefit your family with our dedicated estate and trusts lawyers. For broader guidance on preparing your long-term financial and personal affairs, our Pittsburgh estate planning lawyers offer additional support and resources to help protect your future. Ensure your hard-earned personal and professional assets are protected by calling (717) 232-5000 or connecting with us online today.