Why would I need a trust?
The term “trust” or “trust fund” is often associated with the very wealthy and can carry lots of negative connotations. In fact, however, trusts can be a useful, highly flexible tool to address a wide range of circumstances. A revocable living trust is often the vehicle of choice for younger families given the benefit it offers in avoiding probate, but there are significant drawbacks to such a trust that you should consider before making a decision. Special needs trusts can be useful to ensure that a child with disabilities is cared for after the death of the parents, and may also be a useful tool in ensuring that adults who face incapacity as a result of dementia or other illness can be eligible for MaineCare (Medicaid) benefits. We will provide more guidance on whether a trust is right for your family, and what type of trust is appropriate, following an initial consultation where we can understand your specific concerns.