Trusts
Protecting Your Family & LegacyWhat Are the Advantages of a Trust?
In definition, a trust is where a grantor can place their asset with special instructions on how they want it transferred to their beneficiaries. The execution of a trust is given to a trustee or a third party, who is also responsible for managing and distributing the assets.
Key Benefits of Establishing a Trust in NY
- Allows your beneficiaries to skip the probate process
- Helpful in disability planning or in the event that you become disabled or incapacitated
- Trust executions are private and cannot be made public
What Are the Advantages of Using Trusts?
In definition, a trust is where a grantor can place their asset with special instructions on how they want it transferred to their beneficiaries. The execution of a trust is given to a trustee or a third party, who is also responsible for managing and distributing the assets.
Advantages of creating a trust include:
- Allows your beneficiaries to skip the probate process
- Helpful in disability planning or in the event that you become disabled or incapacitated
- Trust executions are private and cannot be made public
The Stories That Matter Most
Read About Real Client's Experiences-
“He took the time to understand our goals and our family situation. He was friendly, thorough, and very knowledgeable.”
- Mark -
“Matt did a great job explaining and helping us navigate the process of creating a will and trust.”
- Allison -
“I am very pleased to have everything in order in such a professional way.”
- Kathy -
“She was very responsive and always made sure to answer any questions we had.”
- Shannon -
“Very nice and understanding and helped us through the process to set up our wills and trust.”
- Erik
Types of Trusts We Can Help you Set Up
At Estate Law Partners, LLC, we know that every person has a unique situation and goals when it comes to dealing with their assets and finances. When you come to our trust lawyers in Madison for your estate plan, you can be sure that we work with you closely to determine which type of trust is best suits your lifestyles and objectives.
The most common types of trusts we help clients set up include:
- Revocable Trusts/Living Trust: A trust that can be modified or even revoked entirely. Assets that were transferred to a trust before your passing cannot be subject to probate.
- Irrevocable Trust: Once an irrevocable trust is created, no one, not even the grantor, can make changes or take the property out of the trust.
- Asset Protection Trust: A type of trust that is designed to protect the grantor’s assets from future creditors.
- Charitable Trust: This type of trust benefits a particular charity, organization, or the public in general and can help lower or even avoid estate and gift tax.
- Special Needs Trust: This type of trust is especially helpful for parents or individuals with dependents who have special needs. It allows the beneficiary to continue receiving government benefits even after the grantor has passed.
- Pet Trusts: A pet trust in Wisconsin allows individuals to set aside funds and provide detailed instructions for the care of their beloved pets in the event of their disability or death. These trusts ensure that pets are well-cared for by a designated caregiver and provide financial support for their needs, including food, medical care, and living arrangements.
- Dynasty Trusts: In Wisconsin, dynasty trusts are estate planning tools for multi-generational wealth. They reduce estate taxes and provide lasting financial security, uniquely designed to benefit beneficiaries across generations.
Contact Our Madison Trust Lawyers
Estate Law Partners, LLC is prepared to utilize our decades of experience in trust creation and estate planning on your behalf. We are well-versed in the current state and federal laws that can affect your assets in the future.
Let us help you determine if creating a trust is the most beneficial estate planning approach for you.
Call us today at (608) 292-5185 or contact us online to schedule a consultation with our Madison trusts attorneys.
