Read Our Frequently Asked Questions Here

A trust will become the owner, or the controller of your assets identified with a deed, title and/or contract/policy number. 

If you are the owner of the assets before you place them into your trust, you maintain complete authority, as the Trustee(s), to handle and manage your assets in the same manner as you did in the past.

Your properly prepared Trust by AFEPI, will eliminate probate on assets you allow the Trust to own/control. The Trust will expedite the distribution of your assets to your heirs, exactly as you predetermine, and most of the time, in a very short time.

Maybe. If your assets are in an IRA, 401-k or other qualified account, then yes, they will be taxed.

AFEPI can share some strategies to eliminate or reduce those taxes.

If your assets are not considered ‘qualified assets”, then your beneficiaries will receive the assets on a stepped-up basis, without taxes.

Contrary to a popular myth, a ‘Revocable Trust’ does not protect you from a lawsuit. Remember, you still maintain 100% authority to handle your assets in anyway you desire, just as before you created your Trust.

Contrary to a popular myth, as enticing as it is, a trust does not eliminate your requirement to pay income taxes. There are some ways to defer or reduce the taxes you owe, and we can help you to understand how to legally do so.

Not difficult at all. When AFEPI creates your Trust, we will be available to answer any questions or to help in these areas. Essentially, you would complete the same process that you would have if you didn’t have a Trust. We provide documents to aid in these instances as part of your Trust package.

Typically, none.  The surviving spouse can move forward with the funeral and grieving process and no changes to the Trust will be required. If there is ever a doubt, please contact us.

Once the surviving spouse is ready, after the funeral and receipt of the death certificates, AFEPI can help answer any questions, complete forms, and assist in any transfers that are needed. There is no charge for our services in this area. Remember our motto is “We will be there when you need us the most”. This will be one of those times.

Most people name the most qualified child and an alternate to be the “Successor Trustees” (the proper name for this position). 

It can.  This is a subject to be discussed with decisions based upon your specific situation.

Typically, the Trust will allow your ‘Successor Trustee’ or ‘Power of Attorney’ (again typically the same person) to write checks and pay your bills if you become incapacitated. This is in place for a variety of reasons designed to protect your assets more fully.

Yes, you can eliminate anyone who might be eligible to receive your assets upon your death.

There are many and varied situations that make this viable. Remember, once you pass away this Trust can not be changed. Therefore, your wishes are locked in afterwards.

AFEPI will help you by creating the provisions in your Trust to appoint the Guardians you choose.

We will then create provisions that allow the Guardians to use your assets for the benefit of your children until such time as you want them to receive the balance of their shares. This could include provisions for health, education, maintenance, and support.

There is a process whereby you can leave an inheritance for your loved one without jeopardizing their government benefits. AFEPI will help you to achieve this goal.

A living trust is a legal entity, meaning it can own property and hold legal authority.  It gives you the ability to manage your estate yourself without holding these possessions in your name because when a trust is created, ownership of assets is transferred to the trust itself.  Further, a trust allows you to clearly specify what you want to happen in the event of your incapacitation or passing, so that when these events occur, many difficult decisions are already made and no one is left to guess or override your wishes.

For example, if you transfer an investment property from your name into the name of a trust, you do not own the property anymore – the living trust does. The same applies to bank accounts, vehicles and anything else you want to put in there. This process is called funding the trust. Those items together form a trust fund.

As the grantor of the trust, you appoint a trustee, which is usually yourself, at least initially.  You further name a successor trustee who will ensure the instructions in the trust are carried out in the event of your incapacitation or death. This person could be a relative or an appointed professional trustee from AFEPI. The successor trustee is obligated by law to do exactly as you have outlined in your trust.

From that trust fund, you can leave your full inheritance to your heirs (called the beneficiaries) or anyone you designate. You also have the power to place conditions on beneficiaries prior to them receiving their inheritance (like a grandchild finishing college before receiving a lump sum of cash).

1. Saves time and money – Probate is a legal process that can be lengthy, complicated, and expensive. The process of probate must be completed, and all legal fees paid before your beneficiaries are granted access to any of your assets. A trust allows your estate to skip the probate process and efficiently transfer ownership of your assets as you have designated.

2. Protects your privacy – A will is a public document, therefore anyone can get a copy of it from county records after your death. A living trust, however, is totally private. No one can know the details of your trust without the trustee providing them the information.

3. Offers more protection – Because a will is easily obtainable as a matter of public record and subject to probate, it is not uncommon for a will to be contested by someone the deceased has never even met.  Because a living trust is not a matter of public record and not subject to probate, it is far less likely to be successfully challenged than a simple will. Challengers must prove you were coerced into signing documents and forced to complete the process of funding the trust.

Irrevocable trusts are very complex, and they are only used in very specific situations, usually to preserve benefits or avoid creditors and taxes. With a revocable trust, the transfer of assets to the trust isn’t permanent as long as you’re still living. 

An irrevocable trust, on the other hand, involves a permanent transfer of assets.

Because an irrevocable trust cannot be changed, you want to be extra careful to understand its terms. Unlike with a revocable trust, where you reserve the right to dissolve or change the trust at any time (as long as you’re mentally competent), an irrevocable trust is, for the most part, forever.

Irrevocable trusts also shield assets from creditors and help provide for family members who benefit from not receiving a single, large gift. Additionally, if it is an irrevocable trust, it may not be considered part of the taxable estate, so fewer taxes may be due upon your death.

AFEPI provides the following types of Irrevocable trusts, as well as others:

Medicaid Asset Protection Trust (link) Veterans Qualifying Trust (link) 

Special Needs Trust (link) Irrevocable Life Insurance Trust