Right Time For A Trust
Hi All,
I have done a lot of research on the reasons for getting a trust and have talk talked with my family but wanted to get my fellow BiggerPockets friends and connections opinions.
Reasons for:
1. pass wealth privately instead of going through probate.
2. Preserve your estate and assets for heirs.
3. Reduce estate taxes.
4. making sure assets are disperse how you planned.
5. Keeping your assets in your family.
Reasons against:
1. Cost
2. Continual need to change as life changes.
My question I would like to get feedback on and start a discussion on is at what age and net worth does it make sense to structure a trust. For example at what stage of your life and or what financial position you are in does the cost make sense to protect your families assets? Lastly what are everyones favorite way to structure their Trust and Will and why?
I know this is a pretty open ended question but I would like to see what peoples thoughts are, as I am looking into them and think it will be helpful for others.
Warm regards,
-Dylan Mathias