Some individuals feel that they don’t need a trust because they are not rich. The fact is that anyone with assets can create a trust in order to maintain privacy regard the distribution of their assets at death. A trust not only maintains your privacy but also helps ensure that asset distribution is carried out according to your wishes and not dictated by the court.
An irrevocable trust is one that is typically set up by a Minneapolis estate planning lawyer. An irrevocable trust cannot be amended, changed or revoked. Whereas with a revocable trust, changes can be made to it during the lifetime of the settlor. Irrevocable trust are often used to reduce income or estate taxes. There are many irrevocable trusts that start out as revocable trusts because they are in effect while its creator, or settlor, is living and then the trust becomes irrevocable once the settlor dies. When it is revocable, changes can be made to it during the lifetime of the settlor.
If you feel an irrevocable trust is the right type of trust for you, you need an estate planning attorney who is experienced in setting up trusts to help you. You will find that you can still enjoy your assets while they are under the control of your trust, yet you can enjoy the tax benefits that come with it. To set up your trust as soon as possible, call us at 952-894-6400 or fill out our online contact form to set up your appointment.
Uses For Trusts – Irrevocable and Revocable
There are many reasons why a person may have their Minnesota estate planning attorney create a trust for them. These reasons include:
- Charitable Contributions
- Estate tax savings for the surviving spouse
- Spendthrift concerns when unnecessary or improper spending is an issue
- Minors are the beneficiaries and assets need to be protected and monitored
- Avoiding the necessity for probate in multiple states
- Life insurance is used to provide liquity or pay taxes
Many individuals in Minnesota are realizing the benefits of having trusts and what they can do with them. There are tax advantages, probate court can be avoided when dividing property, and beneficiaries are simply taken care of.
Contact Eastlund Hutchinson at (952) 894-6400.