Multi-State Living Trust and Asset Protection Lawyer
Planning for the end of your life may seem morbid at first. In reality, though, it is a significant act of love that you can perform for your loved ones. Estate planning gives you the opportunity to settle your assets and ensure that you have a plan for them when you pass away. When this time comes, your loved ones will have more freedom to grieve. You will have already taken care of the major planning and asset division.
Living trusts are a popular estate planning tool that can benefit individuals and families of all kinds. Contrary to what many people believe, you do not need to be wealthy to put your assets in a trust for your loved ones. Doing so provides significant benefits of which you need to be aware.
Our team of trust lawyers at Stange Law Firm works diligently to create personalized estate plans for clients of various ages, incomes, and communities. We can do the same for you.
Stange Law Firm: Your Living Trust Attorneys
Our team of living trust attorneys is passionate about providing high-quality estate planning services to our community. We have seen firsthand the significant impact that a properly made trust or will can have on a family. Because of this, we work hard to create estate plans that are tailored to each individual client’s needs.
The trust attorneys at Stange Law Firm understand that this process is extremely vulnerable and emotional for many families. As a result, we treat all our clients with respect, patience, and understanding for the duration of their estate planning process. You can trust us with this sensitive process. You can feel confident that the final product will protect your family for years to come.
If you need an asset protection attorney or a living trust lawyer, look no further than Stange Law Firm.
What Is a Living Trust?
A trust is a type of estate planning account. To create one, the trustor places their assets in the trust account and names a trustee. The trustee holds these assets on behalf of the trustor. They will then redistribute them according to the trustor’s wishes after they pass. Because the trustee is the legal guardian of the assets, they do not need to go through probate court because the trustee did not die.
If you have a living trust, you can make changes to it throughout your lifetime. This includes adding or subtracting beneficiaries, adding assets, redistributing your assets, and more. You are also able to access your assets while you are still alive. If you need to use funds or objects that have been placed in the trust, you can do so. This contrasts with an irrevocable trust, where the trustor loses control over the trust and its assets when they sign the paperwork.
Living Trusts and Taxes
Although living trusts offer you significant freedom while you are still alive, they may require that you pay taxes. If you remove assets or use funds from the trust, you will need to pay a trust income tax on the amount that you remove. This can be a significant cost. It is important to be prepared for it if you create a living trust.
Additionally, living trusts do not exempt your estate from estate taxes. However, you may be subject to federal taxes if your estate is valued at $12 million or more. If you are sharing a trust with your spouse, taxation will begin if your estate is valued at $24 million or more.
If you and your beneficiaries reside within the state, they should not be subject to an inheritance tax when they receive their portion of the trust. However, if they reside in a different state, or your state involves property in multiple states, the beneficiaries may need to pay taxes on their inheritance.
Legal Counsel for Living Trust Taxes
It is important to use a qualified attorney for all phases of the trust process. Legal help ensures that all trust creation, changes, and distribution have been done correctly. This adds peace of mind for many families.
Because trust taxes can be confusing, it is especially important to use an asset protection lawyer or a trust attorney to address your trust’s taxes. If you do not use an attorney, it is possible for you to make mistakes that will cost your family in the future. Trusts are serious matters, and it is essential that you take care of yours by hiring an attorney to help.
How Much Does a Living Trust Cost?
The cost to create and maintain your trust will depend upon your circumstances, the attorney that you use, and the details of your situation. Some firms charge a flat rate for certain estate planning services, while others charge hourly. In the latter scenario, the more complicated your trust is, the more your attorney will cost.
To make sure that you understand your financial obligation, always discuss pricing with potential attorneys that you interview. This helps you create and maintain a budget that works for you.
Creating a trust is an investment that will likely save your family money, hassle, and headaches in the future. With a properly made trust, your family will likely avoid probate court, which can be extremely stressful to endure. Your loved ones can also rest easy knowing that you were able to execute your wishes for your hard-earned assets.
Contact Stange Law Firm
Not all trust attorneys are the same. If you are exploring how to create a living trust, or have questions about trust taxes, it is essential that you find an attorney with proper training and experience. Our team at Stange Law Firm offers high-quality legal services. We can help you with all your trust and estate planning needs.
If you are ready to take the next step in your estate planning process, contact Stange Law Firm or call us at 855-805-0595.
