Philadelphia, PA -- (SBWIRE) -- 08/28/2012 -- L&M Law, LLC is a Philadelphia-based law firm focused on the areas of wills, trusts and estates, real estate, family and immigration law to meet the transactional needs of their clientele. The estate attorneys of Philadelphia work directly with clients to provide affordable and personalized estate planning. Their attorneys utilize a wide array of estate planning tools such as wills, revocable trusts, irrevocable trusts, disclaimers, dynasty trusts, supplemental needs trusts, life insurance planning and powers of attorney to provide clients with comprehensive estate plans that address tax planning concerns and the possibility of incapacity prior to death.
A Trust is a medium whereby one person or entity holds and manages property for the benefit of another. The person or entity that holds the legal property interest is called the “Trustee.” The person for whom the property is being held is called the “beneficiary” and the person establishing the trust is called the “grantor.” A recoverable trust is in existence so long as the perspective person is living; they have the ability to alter the trust. There are a myriad of benefits associated with using a Revocable Trust including avoiding the probate process, keeping the terms of the disposition of property at death private, and planning for incapacity, as it allows the successor trustee to step in and continue to manage the assets for their benefit in the event of incapacity.
During a person’s lifetime he/she can serve as the sole trustee of their Revocable Trust, as well as the sole beneficiary. Assets of the Revocable Trust are readily available for a person’s use. Although assets owned by the Revocable Trust are titled in the name of the trust, the Revocable Trust typically uses a Social Security Number as its Taxpayer Identification Number and they will report any income earned by the assets of the Revocable Trust on their own personal income tax return.
L & M Law was founded on the principle that everyone should have access to quality legal services. They believe that each client is unique and deserves to be treated as such. The estate planning lawyers of Philadelphia are passionate about what they do and take tremendous pride in providing affordable and personalized legal services to their clients. For more information on wills and trusts in Philadelphia, visit http://www.lmlawllc.com