Tailoring Trusts To Fit Your Estate Planning Needs
Many people are uncomfortable talking about the future. It can be frightening and emotional talking about and planning in the event of an incapacitating illness, serious injury or death. At the Law Offices of Bonnie M. Benson, P.A., we understand how difficult this can be. Let our experienced estate planning and trusts lawyers guide you in your decision-making with skill and compassion.
Establishing Trusts For Delaware Individuals And Families Since 1983
Our attorneys have more than 60 years of combined legal experience helping clients with their estate planning needs. Comprehensive estate plans usually include a number of legal documents such as health care directives in the event of incapacitation, wills and powers of attorney for financial matters.
A trust is equally important for you and your family, if not more so. Trusts offer many benefits, including:
- Transferring assets quickly to beneficiaries after a death
- Minimizing estate taxes and the cost of probate so more money is kept in your family
- Avoiding probate altogether
- Maintaining your privacy about the kinds of assets you have and where they are going
Tell us your goals, and we will create a trust that is tailored to your specific needs and desires. You can decide to privately gift a large portion of your assets to a charitable organization or someone unrelated to you. You may wish to have your estate proceeds distributed over many years so your children don’t spend their inheritances quickly.
Our lawyers will educate you about your options and skillfully help you choose a trust that is best for your circumstances. Some options include:
- Special needs trusts, which provide continued care for adults with special needs
- Qualified income trusts — called Miller trusts — preserving assets without compromising rights to Medicaid benefits
- Revocable living trusts, which can be revised at any time during your life
- Irrevocable trusts for tax planning, investment or education purposes
- Life insurance trusts
Frequently Asked Questions About Trusts In Delaware
Are you exploring Delaware trust options? Below our attorneys answer some common questions we receive about trusts.
What are the benefits of a revocable living trust in Delaware?
A revocable living trust allows you to retain control of your assets during your lifetime. It also creates a clear plan for how those assets will be managed if you become incapacitated or pass away. For high‑asset individuals, one of the most significant advantages is the ability to avoid probate, which can be time‑consuming and public.
Because trust administration occurs outside the probate court, your financial information, beneficiaries and asset distribution is private. This structure also helps streamline the transfer of property. It is especially appealing to those who want to reduce administrative burdens for their families.
How does a Delaware Asset Protection Trust work?
A Delaware Asset Protection Trust (DAPT) is an irrevocable trust that allows you to place assets under the management of a trustee. It also permits certain benefits, such as receiving distributions at the trustee’s discretion. Once assets are transferred into the trust and the statutory waiting period has passed, they are generally shielded from future creditor claims.
This type of trust is particularly valuable for individuals who want to safeguard wealth from unforeseen liabilities or professional risks. Delaware’s favorable trust laws, including strong creditor‑protection statutes, make the DAPT an attractive option for those seeking long‑term financial security.
Do I need to update my trust if I recently moved to Delaware?
If you have relocated from states such as New York, New Jersey, Maryland or the Washington, D.C., area, it is wise to review and update your trust with a lawyer to ensure it aligns with Delaware law. Each state has distinct rules for trustees, property management, tax treatment and execution requirements.
Updating your trust can help you take advantage of Delaware’s lower taxes, flexible trust statutes and robust privacy protections. A thorough legal review also helps ensure your chosen fiduciaries, distribution terms and asset structure are appropriate for your new residency and long‑term goals.
Call Now For Caring, Understanding And Affordable Legal Assistance
Contact the Law Offices of Bonnie M. Benson, P.A., online or call us at 302-549-0160 in Lewes or at 302-600-9036 in Camden to learn about your choices in a comfortable and supportive setting. Most of our services are available on a flat-rate basis, and we accept credit cards.