When it comes to choosing a Miller Trust, there are several important things to consider. First, it’s important to determine the purpose of the trust and if it meets the needs of the grantor or beneficiary. These Trusts are commonly used to protect the assets of someone who is receiving security income.
Second, it’s important to consider the cost of setting up and maintaining the trust. It’s important to find an experienced attorney who can help with the process and guide the grantor through the process. If you are looking for Miller Trusts in Arizona, you should check this website.
Third, it’s important to consider the tax implications of the Trust. Depending on the structure of the trust, it may be subject to certain taxes, such as the federal gift tax or the generation-skipping transfer tax.
Fourth, the trust can be used to protect assets from creditors, but it can also be used to hide assets. It’s important to ensure that the trust is properly structured and that the grantor understands the threats associated with it.
Finally, it’s important to consider the potential downsides of setting up a Miller Trust. It’s important to make sure that the grantor is comfortable with the costs associated with the trust and that they understand how to access the funds if needed.