Jefferson County, KY Trust Attorneys Here to Help in Louisville, Kentucky & Nearby
At Stange Law Firm, we help protect our clients’ wealth and assets by crafting carefully executed estate planning documents. In certain cases, this may involve the creation of revocable or irrevocable trusts to ensure the proper management and distribution of assets.
In Kentucky estate planning, a variety of trusts can be utilized to meet different financial and estate objectives. Some of the most common types of trusts included in Kentucky estate plans are:
- Revocable Living Trust: This trust allows the grantor to maintain control over the assets during their lifetime and can be altered or revoked at any time. Upon the grantor’s death, the trust assets bypass probate and are distributed according to the trust’s terms.
- Irrevocable Trust: Unlike a revocable living trust, an irrevocable trust cannot be modified or revoked once it is established. This type of trust is often used to reduce estate taxes, protect assets from creditors, or qualify for Medicaid benefits.
- Testamentary Trust: This trust is created through a will and takes effect after the grantor’s death. It is commonly used to manage assets for minor children or beneficiaries who may need assistance in managing their inheritance.
- Special Needs Trust: Designed to provide for a loved one with disabilities without affecting their eligibility for government benefits like Medicaid or Supplemental Security Income (SSI).
- Charitable Trust: This trust is established to benefit a charitable organization or cause. It can also provide tax benefits to the grantor during their lifetime or after their death.
- Spendthrift Trust: This type of trust helps protect the assets from creditors and prevents beneficiaries from spending the assets irresponsibly. It is often used for beneficiaries who may have poor financial management skills.
- Qualified Personal Residence Trust (QPRT): This trust allows the grantor to transfer their primary residence or vacation home to beneficiaries while retaining the right to live in the property for a certain number of years. It is used for estate tax purposes.
- Life Insurance Trust: This trust holds a life insurance policy and can help keep the death benefit out of the taxable estate, which can reduce estate taxes.
Contact a Jefferson County Trust Attorney at Stange Law Firm in the Louisville, Kentucky Area Today to Schedule an Initial Consultation
To schedule an initial consultation with Stange Law Firm, please call 855-805-0595 or reach out to us online.
Jefferson County (Louisville), Kentucky Office (502-516-7375) | 9850 Von Allmen Ct., Suite 235, Louisville, Kentucky 40241
