How much money does a person need to have before they need a trust? 

Whether a person needs a trust or not is primarily based on who their beneficiaries will be.  For example, if they have younger children and they don’t want to give them a bunch of money, then a trust would be good because it can give them the money at the right age.  Or if a beneficiary has special needs, a trust can protect the money so the person can apply for Medicaid or continue with a Medicaid benefit, like food stamps or housing, and the money left to them will not disqualify them from that benefit. A trust is also good for a beneficiary who is bad with money or has judgments against them because it can protect their money from creditors. There are many other recipients who would benefit from having their money distributed through a trust.

Tom Sullivent is a partner at Sullivent & Fontanez the fastest growing national group of lawyers in America. He is the author of two books How to Give Through Estate Planning and Trusts: Explained and Illustrated. In his free time Tom enjoys spending time with his family and talking with his neighbors about why their family dog Penny escaped and is in their yard.

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2 Thoughts to “Estate Planning 101: Do Only The Wealthy Need a Trust?”

  1. Thanks for the moment of reading.

  2. Bia

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