Trusts aren’t for everyone. But they also aren’t just for the elite.
In a recent “Ultimate Guide to Retirement” from CNN Money, they break down the basics of a trust, how a trust differs from a will, and who needs a trust.
Per the guide, you might be surprised to know that you should create a trust.
“Here’s a good rule of thumb:
If you have a net worth of at least $100,000 and have a substantial amount of assets in real estate, or have very specific instructions on how and when you want your estate to be distributed among your heirs after you die, then a trust could be for you. Trusts are also great for minimizing estate taxes or protecting your estate from lawsuits and creditors.”
CNN Money
To read more about who needs a trust here, or visit CNN Money to view the full guide.