Linn County, IA Trust Attorneys Here to Help in Cedar Rapids, Iowa & Nearby
At Stange Law Firm, we can help protect the wealth and assets of our clients through diligently executed estate planning documents. In some matters, an estate plan may involve revocable or irrevocable trusts.
There are three types of trusts in estate planning:
Revocable trusts: Commonly known as living trusts, these trusts can help stay away from probate at death and guardianship in the case of incapacity. Under a revocable trust, the individual who establishes the trust, known as the settlor or grantor, remains the owner of the assets named in the trust. Those assets are taxable to the settlor for income tax purposes and are included in their estate for estate tax purposes.
Irrevocable trust: Many times these trusts are utilized to transfer assets out of the settlor or grantor’s estate to reduce the size of the estate for federal estate tax purposes. Under an irrevocable trust, the settlor gives up all control over the trust assets, and the assets are not considered part of the estate. Because the trust is irrevocable, a client must be careful when choosing a trustee.
Testamentary trusts: These trusts are established at death through a will or revocable trust. Testamentary trusts can separate marital assets (includable in the gross estate) from non-marital assets (not includable in the gross estate). Also, testamentary trusts are important to help defend children, grandchildren, and other family members from divorce, creditors, bankruptcy, and generation-skipping transfer taxes.
Linn County, Iowa Estate Planning Attorneys Who Assist With Revocable and Irrevocable Trusts in Cedar Rapids, IA
At Stange Law Firm in Cedar Rapids, Iowa, we can assist you in figuring out the right type of trust for your needs and objectives and choose the type of trust that best protects your interests, including:
- Irrevocable Trusts, including Special Needs, Asset Protection, and Life Insurance;
- Revocable Trusts, including joint marital trusts or A-B Trusts; and
- Testamentary Trusts
Contact a Linn County Trust Attorney at Stange Law Firm in the Cedar Rapids, Iowa Area Today to Schedule an Initial Consultation
To schedule an initial consultation with Stange Law Firm, please call 855-805-0595 or contact us online.
Linn County (Cedar Rapids), Iowa Office (319-219-6828) | 4515 N. River Blvd NE, Suite 220, Cedar Rapids, Iowa 52411
