Drafting Trusts To Serve Your Unique Needs
A trust is essentially an investment. For every dollar a person spends on a trust while he or she is living, he or she may save $10 or more for his or her heirs. These legal tools allow individuals to transfer their assets while they are still alive, circumventing the probate process.
At The Law Center P.C., our estate planning attorneys draft and review a full array of irrevocable, revocable and living trusts for clients across Colorado. Depending on our clients’ unique needs, we may recommend:
- Special needs trusts
- Stand-alone IRA and retirement trusts
- Life insurance trusts
- Charitable trusts
- Sprinkling trusts
- Spendthrift trusts
- Grantor retained annuity trusts (GRAT)
- Other types of estate planning documents
Trusts Can Be Beneficial In Many Different Scenarios
Trusts are beneficial techniques for reducing estate taxes as well as affording asset protection from creditors of beneficiaries. They can hold cash, personal property and real property, and can be named the beneficiary of life insurance proceeds. Trusts can also be used for management and investment of assets. They are helpful in a variety of situations, including:
- Managing assets for beneficiaries who are currently minors
- Managing assets for someone who is incapacitated by advanced age or severe injuries
- Passing assets to beneficiaries without going through probate
- Sheltering estates of high net worth from federal estate taxes
- Avoiding unnecessary probate expenses for real estate owned in multiple states
The Advantages Of Creating A Trust Rather Than A Will
Wills are not private, unlike well-crafted trusts. A will often requires the estate go through the public probate process. A properly drafted and funded trust is handled privately, avoiding probate and keeping the details of asset distribution and the decedent’s final wishes out of the public eye.
In addition, wills do not cover incapacity planning as fully as trusts do. Finally, a will offers no protection to the testator during his or her lifetime, while many trusts can provide benefits during life.
Call our lawyers at 303-991-5280 or contact our office by email to learn more about trusts and probate avoidance. We have two office locations in Highlands Ranch, Colorado, and Goodland, Kansas, for our estate planning clients.