Allen County, IN Trust Attorneys Here to Help in Fort Wayne, Indiana, and the Nearby Areas
At Stange Law Firm, we can assist with protecting the wealth and assets of our clients through effectively executed estate planning documents. In some cases, an estate plan can involve revocable or irrevocable trusts.
There are essentially three types of trusts in estate planning:
Revocable trusts: Commonly referred to as living trusts, these trusts can help avoid probate at death and guardianship in the case of incapacity. Under a revocable trust, the individual who creates 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 used to transfer assets out of the settlor or grantor’s estate to minimize 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). Additionally, testamentary trusts are crucial to protect children, grandchildren, and other family members from divorce, creditors, bankruptcy, and generation-skipping transfer taxes.
Allen County, Indiana Estate Planning Lawyers Who Assist With Revocable and Irrevocable Trusts in Fort Wayne, IN
At Stange Law Firm in Fort Wayne, Indiana, we can help you figure 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 an Allen County Trust Lawyer at Stange Law Firm in the Fort Wayne, Indiana 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.
Allen County (Fort Wayne), Indiana Office (260-802-4402) | 110 E. Wayne St., Suite 1236, Fort Wayne, Indiana 46802 (Opening 3/18/24!)