Denver Trust Planning Attorney
Trusts can play a very important role in your estate plan. From avoiding probate to removing assets from your estate to avoid taxes, their usefulness is extensive. At Brady, McFarland & Lord, LLC, we fully comprehend all of the benefits there are in having a trust, and we know how to best incorporate them into your estate plan. We want to make these sometimes complex legal issues as simple and easy as possible. For more information on whether or not a specific type of trust is right for your situation, call our Denver trust planning attorneys at (303) 420-2863 or contact us online to set up a free consultation.
Denver Trust Planning Resources
- What Is a Trust?
- Why Do I Need a Denver Trust Planning Lawyer?
- What Types of Trusts Are There?
- Contact Our Trust Planning Lawyers in Denver
What Is a Trust?
In order to know why you would need a lawyer for a trust, it’s essential to understand exactly what a trust is. Simply put, trust is a way for you to decide what will happen to your property after you pass away while still maintaining control over your assets while you are alive. Some types of trusts are more complicated to create than others.
Why Do I Need a Trust Planning Lawyer?
Most people don’t know how to create trust on their own. While many people try to learn because they believe it will save them money, it can be a complex process. If you’re able to figure it out on your own, you’ll likely have spent a significant amount of time learning how to do it. Additionally, it’s imperative to make sure that everything is executed correctly so that your wishes are carried out. Many people mistakenly believe that a trust is just a document – it isn’t. You will certainly have to draft documents in order to create the trust, but the actual trust is really just a legal relationship where someone handles your assets in a way that benefits you and fulfills your wishes.
What Types of Trusts Are There?
There are many kinds of trusts that can be used to help create a solid estate plan for you and your family. While an experienced attorney can help you determine the best kind of trust, it’s also smart for you to understand them so you can play an active role in creating the right trust for you. In order to get what you want, you need to know what you’re looking for.
A few of them include:
- Revocable living trusts: A revocable trust is a trust that can be revoked or changed at any time during the lifetime of the individual who set it up, otherwise known as the grantor. Revocable trusts don’t provide asset protection the way that irrevocable trusts do, but they have other benefits. Revocable trusts have many advantages. They can offer you privacy, allow you to easily transfer your ownership of assets to another person, and help you avoid probate when you pass away.
- Charitable trusts: A charitable trust will allow you to leave money to your favorite causes while avoiding taxes. Once you pass away, your heirs will have reduced estate taxes. There are two main types of charitable trusts: a charitable remainder trust and a charitable lead trust.
- Qualified personal residence trusts: A qualified personal residence trust is an irrevocable trust. These trusts can be helpful in transferring your home to loved ones and removing your home from estate tax issues that may arise down the road. A qualified personal residence trust is considered a gift, so it is treated differently from a residence passed to your heirs once you pass away.
- Grantor trusts: A grantor trust, also referred to as an intentionally defective grantor trust, is an irrevocable trust. This trust can help you reduce taxes, protect your assets, and properly transfer property to your loved ones.
Other Planning Techniques Outside of Trusts
Our team can also work with you to create family limited partnerships and family-limited liability companies to help pass on your estate in the most effective manner. For more information on what options are best for you, do not hesitate to speak with an experienced attorney at our law firm.
Contact Our Denver Trust Planning Lawyers Today
If you have any questions about what type of trust to set up or you need help setting one up, we are here to help you. We offer an initial interview at no charge so we can learn about your legal needs, and determine how we can help you best.
As the authors of the book “Estate Planning and Taxation in Colorado,” our Arvada estate planning lawyers have the comprehensive knowledge you need to achieve your goals. Our firm has been practicing for more than 21 years. In that time, we have developed a process that allows us to be efficient without sacrificing the personal touch. You can be confident that anytime you ask us for help, we will be there for you. Call our law office at (303) 420-2863 or contact us online to set up a free consultation.