Many people will ask how to set up a trust. They will ask whether you need a lawyer and how much does it cost. They will ask whether a trust can protect assets from creditors. Many elderly people want to know whether trusts can protect assets from Medicaid. We get a lot of questions, so we made this series of articles on trusts in Oklahoma.
These articles will start with the basic aspects of setting up a trust in Oklahoma. The first article will explain the different roles of trustee and beneficiary. You will need to understand these concepts before moving to the initial stages of setting up your trust. We will explain what is a trust, how it works, and what parties are involved in forming a trust.
Next, we discuss trust design. This article addresses the fundamental concept of how to set up a trust in Oklahoma to accomplish your goals. You don’t set up a trust because your neighbor said you need one. Instead, you brainstorm your worst and best case scenarios. As your estate planning lawyer, our job is to draft legal documents that deliver the best case scenario to you and your family. This is why the design phase is so important.
After designing your trust, we must fund it and implement it. This is arguably the most important step, because if this stage does not happen, your trust will not work.
Later, we’ll look at how trusts can be used to protect assets from creditors. In that series, we will answer a common question: Can trusts protect assets from Medicaid and creditors? We’ll talk about asset protection trusts for older Oklahomans. We’ll also answer this common question: Does placing your home in a trust protect it from Medicaid?
Curious about trusts for your estate planning? Contact us to set up a 15-minute call and discover our estate planning process. We stand apart from traditional law firms. They mainly create documents and sell them in a transactional manner. We ensure our clients’ estate plans are done right, put into action, and updated often. Our mission is to make sure your estate plans protect your family and assets when you need them most.
Call 405-607-7799 to schedule a consultation with Travis Charles Smith or send us an email.