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How Trusts Empower You to Shape Your Estate Planning

Trusts are essentially a document where the deceased signed away part of their assets to a trusted companion or colleague with the arrangement and understanding of how those assets will be turned over to the proper beneficiaries.<br>Trusts are an important part of estate planning as they reduce estate tax liability, protect property in the estate, and avoid probate.

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How Trusts Empower You to Shape Your Estate Planning

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  1. How Trusts Empower You to Shape Your Estate Planning in Toronto & Pickering (416) 380-7550

  2. What Is a Trust? • A legal arrangement where assets are held by a trustee for the benefit of beneficiaries • Avoids probate court and its associated costs and delays • Offers flexibility and control over asset distribution Learn more here: https://cohenlaw.ca/trusts/

  3. Different Types of Trusts in Toronto • Revocable Trusts: Can be changed or revoked by the grantor during their lifetime. • Irrevocable Trusts: Cannot be changed or revoked by the grantor once created. • Living Trusts: Take effect during the grantor's lifetime. • Testamentary Trusts: Take effect after the grantor's death.

  4. Benefits of Trusts: Unlocking the Secrets of Smart Estate Planning • Reduced Estate Taxes: Trusts can help minimize estate taxes by sheltering assets from the taxable estate. • Asset Protection: Trusts can protect assets from creditors and lawsuits. • Avoid Probate: Trusts can avoid the probate process, which can be time-consuming and expensive. • Planning: Trusts can provide for the needs of a disabled beneficiary. • Privacy: Trusts can keep assets private, which can be beneficial for families with a high net worth.

  5. Challenges of Trusts • Complexity: Trusts can be complex to set up and manage. • Cost: Legal and administrative fees can be associated with trusts. • Loss of Control: Grantors may lose some control over assets once they are transferred to a trust. For experienced and professional trust lawyers in Toronto and Pickering, contact Cohen LLP, Barristers & Solicitors at (416) 380-7550

  6. Choosing a Trust Lawyer for Your Estate Planning Deciding on a trust lawyer for your estate plan is a crucial step – after all, they'll guide you through complex legal waters to secure your family's future. Here's how to navigate the selection process: • Qualifications & Credentials • Communication & Compatibility • Fees & Services • Get Recommendations • Schedule Consultations For experienced and professional trust lawyers in Toronto and Pickering, contact Cohen LLP, Barristers & Solicitors at(416) 380-7550

  7. References • Wills - https://cohenlaw.ca/wills/ • Power of Attorney- https://cohenlaw.ca/power-of-attorney/ • Estates and Probate - https://cohenlaw.ca/probate/ • Trusts - https://cohenlaw.ca/trusts/

  8. Contact Us Toronto Office Pickering Office Cohen LLP 41 Wynford Drive Toronto, Ontario M3C 1K1 Stroud Cohen Law 1154 Kingston Rd., Unit 2 Pickering, Ontario L1V 1B4 416-380-7550 905-837-1353 416-380-7555 905-837-237 https://cohenlaw.ca/

  9. Thank you!

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