What is a GST Trust?

June 3, 2019Estate Planning, Legal Education

A Generation-Skipping or “GST” trust can be a good way to keep assets out of the taxable estate of a beneficiary and yet still allow them to be used for the beneficiary’s benefit during life. Read on to learn more about this type of trust and whether it might make sense for you.

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Kevin Kinghorn

Kevin Kinghorn has been a practicing attorney in Tucson and southern Arizona since 1993. He has been certified as a Specialist in Estate and Trust Law by the State Bar of Arizona’s Board of Legal Specialization. His practice includes all facets of estate planning including trusts, probate, trust administration, Medicaid and VA planning, and business planning and formation.

Latest posts by Kevin Kinghorn (see all)

Remember to Include These Things in Your Will - June 8, 2020
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Is it Time to Review Your Estate Plan? - May 11, 2020

In this day and age it is very rewarding and comforting to make a major decision for the long-term security of your family. Over 14 years ago we decided upon the Kinghorn Heritage Family to create our family trust. Through the years it became very evident that this decision was a major and necessary step for a secure future in an ever-changing legal climate. The Kinghorn Family has been a close friend that has always been there to serve our family.

Gary and Velma T. Client Review September 8, 2020

We appreciate the programs presented that keep us informed and updated in today’s internet and financial world. It is a comfort to know that you are only a phone call away if questions arise.

Robert and JoAnn H. Client Review September 8, 2020

We enjoyed meeting all the behind-the-scenes people on your team and want to thank you for the peace of mind you’ve given us and our children.

M.D. Client Reveiw September 8, 2020

What an amazing law firm, where the people I refer to them are handled as good friends, family, and confidantes.

Eileen E. Client Review September 8, 2020

Thank you Allison and Kinghorn Law family for everything you have done to make our end-of-life decisions a reality and stress free. When we think of Kinghorn: trust, peace of mind, professional. Outstanding Law Firm!

Ken and Cheryl V. Client Review September 8, 2020

Very satisfied with your company and staff.

Robert and Britt O. Client Review September 8, 2020

Are You a Caregiver for a Loved One?
The job of caring for someone with a physical or mental disability, such as Alzheimer’s disease, is one of the biggest challenges you as a caregiver will ever face. In addition to juggling your own schedule, you are constantly on call, making sure your loved one’s needs are met. We have found that caregivers are most concerned with ensuring their loved one is properly cared for and receiving the best medical treatment, all without spending down their hard-earned life savings. Caregivers often put their needs on the back-burner, leading to burn out and feeling overwhelmed. Caring for an aging or ill loved one is extremely difficult. But there are tools available to help caregivers make the right decisions while also taking care of themselves.
How to Find Relief
There are many places where you can turn for relief:

Another family member or friend

Home health care agencies

Services such as Meals on Wheels

At some point, you may realize you have done everything you can but are unable to provide a high level of care. Although difficult, placing your loved one in an assisted living community may be in his or her best interest. You can take certain steps that will make life easier on you as well as your loved one. Contact us ((520) 529-4000) for more information regarding legal and financial planning.
Taking Care of Yourself
Are you tired? Burnt out? These feelings will likely only increase over time, especially if you have no relief. Medicaid, which, in Arizona is called Arizona Long Term Care System (ALTCS for short) can help pay for different types of care, depending on your need and circumstances:

In-Home Care – this provides assistance during the day, as the primary caregiver remains in charge on the evenings and weekends. You will not relinquish all responsibilities.

Adult Day Care – provides occasional and/or scheduled breaks for the caregiver, and can also be scheduled around work and vacation schedules.

Nursing or Assisted Living Care – Full-time relief for the caregiver.

What resources and support are available so you can get the help you need? If you are concerned about the cost of quality care, consider the following benefits of legal planning:

Emergency Medicaid planning to discuss qualifying for government benefits

Ability to make decisions that can preserve some of your assets and pay for long-term care

In the event of nursing home care in the future, planning with public benefit triggers can safeguard your assets if completed and funded prior to the look-back period

We can also help you and your loved one put together a disability plan should they become incapacitated and be unable to make their own health care or financial decisions. Having this plan in place will help you avoid the guardianship or conservatorship process. Click here to download our free report on The Alzheimer’s Survival Guide for Caregivers: Practical Tips on Caring for Your Loved One or contact us today to schedule a free private consultation.

Chandler V. Client Review September 8, 2020

Estate Planning attorneys are sometimes criticized for offering needlessly complex, 'canned' solutions. This never has been the case with Kevin. The documents he created were comprehensive when appropriate and surprisingly simple when suitable. In every case, they were individually crafted to meet our unique needs.

Rich D. Client Review September 8, 2020

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