One effective way to hold and manage property is through a trust. In this arrangement, a settlor (or grantor) transfers assets into the trust, which are then managed by a trustee for the benefit of one or more beneficiaries. Trusts are a legal and strategic tool with many advantages, particularly when incorporated into a comprehensive estate plan.
If you are considering a trust as part of your estate planning, a Charlottesville trusts lawyer at MichieHamlett can help. We will review your goals, explain which types of trusts may benefit you the most, and draft the necessary legal documents to ensure your wishes are carried out.
Contact our talented estate planning attorneys today.
Almost anyone can benefit from using a trust. Some of our clients use them with wills or in the place of wills. Specifically, you might use a trust if:
Trusts can accomplish many goals and are a flexible estate planning solution. Instead of guessing which trust will benefit you, please contact a Charlottesville trust lawyer today.
There are many types of trusts out there, but we want to review some of the most common features.
Trusts can be revocable or irrevocable. With a revocable trust, the grantor retains the ability to move assets out of the trust after putting them in. Many people create a revocable trust in case they change their mind. However, the control the grantor retains can prevent the trust from accomplishing certain goals, such as reducing taxation.
With an irrevocable trust, the grantor loses control of the asset as soon as it is signed over. For this reason, trusts that offer tax advantages are often irrevocable—the asset is truly no longer in the grantor’s possession.
Many trusts can reduce taxes on an estate. Choosing the right one requires the help of a Charlottesville trust lawyer.
Some of the more common include:
Our clients are worried about more than estate taxes. They also create trusts to reduce or eliminate capital gains taxes, generation skipping taxes, and more.
Many government programs are means-tested. If you have too many assets, you won’t qualify. Many clients want to leave assets to a disabled child or other relative. Unfortunately, doing so can make a loved one ineligible for badly-needed benefits.
Our lawyers can create a supplemental needs trust, also called a special needs trust. With it, our client can provide assets for needs other than those provided by the government program. When drafted properly, the benefits from the trust do not count against eligibility.
Creating an estate plan that includes a trust requires both skill and experience. For guidance tailored to your needs, contact us at MichieHamlett today to schedule a free consultation with a Charlottesville trusts lawyer.
