Questions About Trusts and Lawyers
Do You Need a Lawyer for a Trust?
Trusts and Lawyers – For decades we’ve read about the secret trust funds of super-wealthy families set up by high-end law firms which often includes sensitive tax considerations. But the truth is that anyone can set up a trust, and our constitutional laws have always ensured your right to do so. In a similar mode, corporations and LLCs can be setup by lawyers. But remember, anyone can setup their own business organization.
You do not need anyone to tell you that when you die, your spouse and children will receive your worldly assets. However, lawyers as well as paralegals can provide a few people with peace of mind to ensure compliance with state laws and regulations. You already know the benefits of trusts in terms of protecting your estate privacy, your assets, and your heirs.
When Do You Need an Attorney?
If you were involved in an injury accident or were sued by someone, you’d surely want to hire one. If you were discriminated against at work or suffered financial fraud, you’d need their services to represent you in court. Attorneys can study estate planning (wealth transfer) and living trusts in law school yet these topics are supported by many other professional service providers.
Many Professionals Legally Advise Clients Everyday
There are, however, many professionals in our everyday life that dispense legal advice in their course of business. For example, a social worker advises clients about social security benefits and disability benefits. A property manager will advise tenants about their legal rights and responsibilities. An accountant will advise clients about their legal obligations related to taxes. Paralegals help people with legal document preparation such as divorce, living trusts, child custody. Immigration consultants advise clients about their legal rights to work permits and citizenship. Real estate brokers advise clients about many aspects of their property transactions including ownership vesting.
All of these professionals can advise and execute legal documents for you as it pertains to their area of expertise.
Barbers Sell Haircuts: Lawyers Sell Legal Advice
Ask a barber if you need a haircut, and he’s bound to tell you, “Sure, you could use a trim.” Ask a lawyer if you need legal advice to set up a trust, and you’ll get something similar: “Sure, you can write me a $5,000 check and let’s get started.”
So maybe you hire that lawyer to set up your living trust which are copy and paste templates. There’s little creativity involved except to identify the parties, their assets and who is to get them. But very few lawyers ever suggest the most basic privacy strategies with your living trust. For example, never use your family name.
What if you see the value in other types of commercial trusts for assets? Where can you find a lawyer who has competence and practical experience with Holding Trusts, Investment Trusts, Real Estate Trusts, and Business Trusts with a design for privacy? The answer is virtually nowhere. Why, you ask?
There are many reasons, yet the most fundamental is because these other trusts are not taught in law school. Why not? Because the private nature of private trusts defeats their primary objective of earning legal fees…they go broke! Lawyers prefer corporations and LLCs because they produce steady income. In summary, few lawyers have knowledge of commercial trusts, let alone privacy strategies.
Trust Arte: We’re Strategy Experts
We searched ourselves for lawyers who understand, have practical knowledge and strategies for Real Estate Trusts, Business Trusts, Holding Trusts, etc. They’re virtually non-existent. We had to learn it ourselves and over the course of twenty years, many learning experiences. Our knowledge, mistakes and successes have resulted in strategy and expertise which can now benefit you.
Depending upon circumstances, Trustarte engages legal and financial professionals as resources on behalf of clients. Although our expertise is strategy for asset privacy, lawyers and accountants are helpful for compliance and tax issues.