Whether or not you need a trust is a big decision. We can evaluate your assets, goals, and specific situation to help you decide if a trust is right for you. If you need a trust, we will draft the trust, and help you execute and fund it. There are many different types of trusts. Many times people come to us asking for a trust when they really need something different. Some of the trusts we use most commonly include revocable living trusts, irrevocable asset protection trusts, gun trusts (also known as an NFA trust), as well as tax credit shelter trusts.
Estate Planning Trusts
Revocable trusts are one of the most flexible techniques to avoid probate. Probate fees can add up quickly. We can help you use a revocable trust to minimize those fees, and reduce your loved ones’ need to wait for a judge to permit your loved ones to do what everyone knows is right. A revocable trust may also have the benefit of strengthening your estate plan if you think there may be a challenge from a family member to the distribution of your assets.
Asset Protection Trusts
Creation of an irrevocable asset protection trust must follow a very specific procedure to be effective. A single misstep can require several thousand dollars in additional expenses to fix. If we cannot correct what is broken, our attorneys will advise you on the best strategy for your situation moving forward. Our attorneys want to provide you with the most cost efficient way to protect your assets.
Some types of firearms, like machine guns, short-barreled rifles, short-barreled shotguns, and suppressors are extremely valuable, often costing tens of thousands of dollars. If you own one of these, or are thinking of purchasing one it is important to remember that these types of firearms can’t be transferred to a loved one easily. Without a gun trust, your asset might be seized by the government upon your death or your family could be committing a federal crime by not surrendering them immediately.
Challenging a Trust
If you are a beneficiary to a trust, we can help you to determine your rights under the trust documents. Sometimes unscrupulous siblings or stepsiblings can try to disrupt the estate plan of a second marriage and take what rightfully belongs to other beneficiaries. In some cases we can get the beneficiaries reinstated to the trust using nonjudicial modification of the trust. Other instances may require litigation, and we can help with that as well.
Administering a Trust
If you are a trustee or a grantor to a trust, we can provide you with advice on the management of your existing trusts and to see if you may be able to save some additional funds by making any changes to your plan.
Call us today to schedule your free 30 minute consultation to find out if a trust is right for you. If you currently have a trust and need an attorney to assist you in administering the trust, our attorneys also can help.