Estate planning is something that everyone should do, regardless of their asset worth or size. Planning for the future protects your family and yourself and significantly reduces the tax burden on your estate. One of the best financial choices you can make is to place some or all of your assets into a trust.

A trust is a financial product that offers many benefits. Trusts can be set up in many different ways and should be designed by a Portland Oregon trust lawyer so that it fits your specific needs. Your estate planning attorney Portland will most likely recommend one of the following types of Trusts.

• Revocable Trust. With this type of Trust you retain ownership of all of the assets and can make any changes to the beneficiaries or assets contained within the trust. You can also cancel the trust at any time.

• Irrevocable Trust. This type of Trust places the ownership of the assets into the trust itself and assigns a Trustee to manage the account. This has significant tax benefits.

• Living Trust. Your Portland estate planning attorney will most likely recommend a living trust so that it can go into effect immediately while you are alive so that you can reap the benefits.

• Asset Protection Trust. Some types of assets need special protections to reap the most benefits and decrease the tax burden. Your attorney will make this recommendation if your assets would benefit most from this type of trust.

• Charitable Trust. You may desire to leave some of your assets to charity. To decrease the tax burden your attorney may set up a portion of your assets into a charitable trust.

Finding the right trust product to fit your needs is very important. It is always recommended to work with an estate planning attorney like Kali Yost at the Law Office of Kali Yost to create the right estate documents to protect yourself now and your family in the future.