Irrevocable Trust Lawyer in Minneapolis Helping You & Your Family Plan for the Future
When considering an estate plan as a way to leave assets and property to your loved ones, there are a lot of options. A very common tool is a trust. There are two types of trusts: revocable trusts and irrevocable trusts. An irrevocable trust can be a big part of estate planning, asset protection, and tax avoidance planning. Because mastering their use takes time, many estate planners do not use irrevocable trusts. When it comes to estate planning, avoiding trusts may be a big mistake. Here at Stone Arch Law Office, our experienced attorneys can help you to determine what kind of trust is best for you and can ensure that your trust is set up properly.
There are many legal considerations in the creation of a trust and the eventual distribution of your estate, so making sure your trust is set up correctly is important. With good counsel, you can make sure you have a legal document that carries out your wishes. It’s extremely important that this is done for your loved ones before you pass away. A good trust lawyer can help you get a trust started and guide you through each step of the process. Call our Minneapolis office today at 612-682-0294.
What is an Irrevocable Trust?
An irrevocable trust is just that: irrevocable. It’s a trust that is created by the grantor, making it nearly impossible to revoke the trust or to take any of the assets within it back. This differs from a revocable trust, which is usually created as a will-replacement to help your estate to avoid the probate process.
Once the grantor places an asset in an irrevocable trust, the asset belongs to the trust, and no longer belongs to the grantor. This can assist with certain types of asset protection, with some types of tax mitigation, and with maintaining control of an asset that you wish to give to another person. To create a proper irrevocable trust, be sure to hire a trust lawyer to make sure that your hard-earned assets are protected.
How Do I Set Up an Irrevocable Trust?
Every irrevocable trust has a “grantor,” which is the person who created the trust and transfers assets into it. To set up an irrevocable trust, you must appoint an individual or business who is in charge of administering the trust; this is called a “trustee.” This should be someone you know and have confidence will do a good job in overseeing and administering your assets when you pass away. You’ll also need to know who should get the money from the trust one day … these are called “trust beneficiaries.” Once the trust is set up, you can begin adding assets.
A trust attorney can ensure that your irrevocable trust is tailored to your specific needs and is done in a manner that will hold up in court in the event that it is challenged.
What Are the Benefits of an Irrevocable Trust?
An irrevocable trust is a great way to keep family assets in the family. In certain circumstances, an irrevocable trust can remove assets from you or your beneficiaries’ taxable estate, avoiding estate taxes. To make sure your loved ones receive your assets as securely as possible, contact a trust attorney to start the process of drafting your irrevocable trust today.
Do I Need a Trust Lawyer?
Almost every irrevocable trust is set up with the help of an experienced estate planning attorney.
Both grantors and trustees often seek legal help because they know this is a wise decision. Good legal advice from a knowledgeable trust lawyer can help avoid conflict and minimize the chances of future litigation.
Give Stone Arch Law Office, PLLC a call at 612-682-0294 to speak to a trusted attorney and start drafting your irrevocable trust today.