Before attempting to write an estate plan on your own, it can help to have guidance from a Montana irrevocable trust lawyer. Preparing for the future of what you have built over a lifetime is a priority for many people, especially if you have family that you want to leave behind property, money, or other assets to. There are many benefits of having a trust specifically, such as it can protect your assets, enable you to control how wealth is distributed, minimize state or federal taxes, and address family dynamics. If you have questions about anything estate planning, our team at Silverman Law Office, PLLC is ready to assist.
Revocable And Irrevocable Trusts
A revocable trust is an agreement by an individual throughout their lifetime, naming a beneficiary and trustee. Assets must be moved into the trust along with a change in title ownership. The trustor has the ability to terminate or amend the agreement at any point. A revocable trust does not safeguard trust assets from the creditors of the trustor. By comparison, an irrevocable trust relocates assets into the trust, and it cannot be changed or terminated after the agreement is established. For instance, some irrevocable trusts are testamentary and life insurance trusts. In certain circumstances, assets in an irrevocable trust are protected from creditors. Additionally, a revocable trust can turn into an irrevocable trust after the trustor or joint trustor passes away. Then at this point, the assets in a trust are protected from creditors. While both an irrevocable and revocable trust have their purposes, it will depend on what your situation is and what you want to achieve by having a trust.
Get Help With Your Taxable Trust
When setting up a trust, it’s important to understand what the tax impacts would be. Trusts can be useful for many purposes, such as eliminating or reducing federal estate taxes, avoiding probate, and managing property for a beneficiary if direct ownership by that beneficiary is not wanted. Trusts can be helpful for asset protection if someone is concerned about creditors trying to obtain these assets. But as stated above, not every type of trust will serve as an asset protector. Keep in mind that even a trust that is properly structured could be challenged by creditors. Due to the many nuances that must be considered, it helps to have a Montana irrevocable trust lawyer who is familiar with the process.
Silverman Law Office, PLLC
We know that the future of your family’s financial stability and continuation of your legacy is probably important to you. If you are ready to take the steps needed to ensure your wealth is distributed how you want after your passing, then now is the time to talk to our team at Silverman Law Office, PLLC. Our Montana irrevocable trust lawyer can advise you on the best options for your family. Don’t hesitate to contact our law firm at your next convenience to get started.
