We are going to surmise at the Bay Area estate and tax planning Law Offices of Connie YI, PC, that many readers of our blog will offer up a qualified answer to the above-posed headline question.
And they would be wise to do so, given the nuance and complexity of much subject matter relevant to estate planning.
"Maybe" is certainly an apt response to the query. So too is "sometimes" or "it depends."
In considering the question, it is useful to note immediately that trust creation can materially empower a planner and families seeking to respond to immediate realities and devise strategies for the future. We note on our website that trusts "can be an integral piece of estate planning."
Central to their value is the impressive flexibility that trusts bring to planning goals. Among other things, a trust can be revocable or irrevocable during a so-called trustor's lifetime (a proven planning attorney can discuss the differences and utility of both). Trust protections can apply to loved ones with special needs, life insurance specifics, charitable giving, gifting, the timing and amounts of doled-out inheritances and more.
A reader in a recent article highlighting trusts asks the pointedly relevant question whether a planner can create more than one trust.
The answer to that query is a flat "yes." Multiple trusts can be established to promote any number of important planning goals. Every case will be different of course, given the wide variance in estate particulars and related needs that every individual, couple and family has.
Questions concerning the broad utility of trusts and their potential fit within an estate plan can be discussed with an experienced California trust attorney.