Virginia Trust Attorney Helps Protect Generational Wealth In Historic Towns Like Middleburg

Ever wonder how the wealthy families of Middleburg stay that way? Want to protect your assets or legacy in Loudoun County, Virginia? - Ask an attorney about creating one or more trusts at the Legacy Law Centers.

Middleburg, Virginia, with its historic manors, thoroughbred stables and sprawling fox-hunting estates that once welcomed the Kennedys, is a monument to history and wealth. Even when the properties that helped put and keep the town on the map changed hands, they tended to remain in possession of the wealthy or powerful, and served as the cornerstone of generational wealth.

The ability to pass on and preserve wealth for future generations is not limited to property owners in Middleburg, however. Passing on assets from property to financial portfolios can also be accomplished with a little help from estate planning lawyers like Sam Mansoor of the Legacy Law Centers in Loudoun County.

One of the strongest and most consistently successful tools for creating generational wealth is the trust. Or, more accurately, as any estate planning lawyer can tell you, the wide array of possible different trusts. Each of these has its own particular strengths and advantages when it comes to protecting and passing on wealth, even Middleburg homes.

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Start Planning Today! | (571) 260-0827

How Do Trusts Allow Estate Planning Lawyers To Preserve Wealth In Loudoun County?

Trust Lawyer Middleburg Virginia

Many of the magnificent former farmhouses and manors that make up the historic estates around Middleburg and straddle the border of Loudoun and Fauquier Counties stand as evidence of some families’ desire to build an enduring legacy. Others have been acquired by new arrivals on the scene in the hopes of doing so. But the truth is that even such gorgeous real estate is not sufficient for preserving wealth.

You also need a legal method of passing it down, holding it, and protecting it for the next generations. That is done through advanced estate planning. Basic tools like wills give you some control over who gets which properties or assets among your loved ones, but they are vulnerable to estate taxes, the costs and publicity of probate. Trusts, on the other hand, offer far greater protection, customization, and control over how you preserve wealth for the next generation.

A trust can be created with the help of an estate planning lawyer to take assets out of your direct ownership (and thus vulnerability) to be managed and distributed according to your wishes and specifications by a trustee of your choice. Trusts allow you to set aside wealth for specific purposes, have intricate or strict requirements for its access, or be left with general instructions, depending on the type of trust used and how it is set up for you by your lawyer.

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Start Planning Today! | (571) 260-0827

Different Types Of Trust We Can Help You Set Up In Loudoun County

Trust Lawyer Middleburg Virginia

Part of the charm of historic areas of Loudoun County is that no two Middleburg families will have identical homes. Just as each one will have its own character and design, those families will have different estate planning needs and objectives. Fortunately, there are many different kinds of trusts a lawyer can help you set up to meet your needs and match your circumstances.

A Revocable Living Trust

The simplest estate planning trust, a revocable living trust, allows you to move assets in and out of its ownership with greater ease. This type of trust also has beneficiary designations and distribution instructions that are easy to modify. You can even act as your own primary trustee, responsible for decisions and management.

Yet when you die, the trust protects your assets and family from the probate process by bypassing it entirely.

An Irrevocable Trust

Quite the opposite of a revocable trust, irrevocable trusts are virtually impossible to modify or to have assets removed from once they are placed in it. This provides far greater asset protection potential and tax-saving opportunities at the cost of flexibility.

Since the assets are firmly outside your control or ownership, irrevocable trusts can help even aging Middleburg property owners obtain wealth and income-restricted benefits like long-term health coverage under Medicaid.

While most trusts do fall into at least one of the larger categories of revocable or irrevocable, they can be nearly infinitely personalized, like the manor houses of Middleburg, with details, features, conditions, and whatever specifications you have in mind for your legacy.

Grandchild Or Generation Skipping Trusts

If you want to provide for another generation, even your grandchildren, without putting the burden of wealth and taxes on your children, a generation-skipping trust can be a powerful tool for passing on wealth. This protects and preserves assets like a Middleburg home from creditors that might come after you or your children, preserving the home’s ownership and value for future generations.

Special Needs Trusts

If you have vulnerable family members you want to care for, especially those on government benefits such as disability, a special needs trust can be set up to help provide for them. Such a trust will make funds available to help cover their needs and comfort without disqualifying them from federal or Virginia benefits like inheriting a large sum or a Middleburg home would.

To find out how a trust can help you preserve wealth for the next generation, reach out to an estate planning lawyer near you.

Want To Set Up A Trust Near Middleburg? Call A Loudoun County Estate Planning Lawyer

Legacy Law Centers | Serving communities throughout Loudoun County and Virginia, estate planning lawyer Sam Mansoor can help you, too, set up a trust.

Whether you have inherited generational wealth like a home in Middleburg or are just starting to put aside and build up assets to pass on to the next generation, a trust might be the right tool you need to protect and preserve your legacy.

To set up one or more trusts in Virginia before it is too late, reach out to Loudoun County estate planning lawyer Sam Mansoor of the Legacy Law Centers to discuss your options and situation. Call (571) 260-0827 or reach out online to begin the process today; your children and grandchildren will be grateful that you did!

Phone
Start Planning Today! | (571) 260-0827
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