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Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group. Rebecca Rosenberger Smolen, left, and Amy Neifeld Shkedy, right, of Bala Law Group.

In our articles, we often highlight the importance of incorporating trusts into estate plans. We have found that more and more clients seek to leave their assets (whether at a client’s death or through lifetime gifting) in trusts for their children (or other intended beneficiaries) for numerous reasons, whether it be for tax planning, creditor protection, spendthrift protection or all of the above. Our typical approach is to design trusts to last for a beneficiary’s lifetime (as opposed to terminating upon a selected age at which it is hoped financial maturity would have been attained), while permitting discretionary distributions to a beneficiary to the extent that a beneficiary may need to access the trust funds.

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