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Drafting Trusts That Work For You

Trusts

Our Madison attorney helps clients establish trusts to manage their assets in life and after they have gone. This includes using trusts to replace or supplement an existing will, as well as to manage assets during life. Trusts help individuals preserve their assets so they can seamlessly pass them on to their loved ones after the settlors have passed on.

At King Law Offices, LLC, we help our clients to select, plan and fund trusts. In addition to selecting the proper trust vehicle to meet our clients’ needs, we make sure there is dedicated financial backing for each trust so the trust maintains the ongoing financial backing it needs to deliver as intended. Give us a call at 608-620-7285 today to learn more about your options for establishing a trust.

What Type Of Trust Should You Use?

Depending on your objectives, you might choose a living trust or a testamentary trust. A living trust can take effect while you are still alive and can be designed to continue after your death. A testamentary trust puts your property into the trust only after you die. Additionally, we can help you choose between a revocable and irrevocable trust and explain the key differences related to the probate process.

As part of a comprehensive estate plan, we help clients establish living trust packages that include pour-over wills, durable powers of attorney for both health care and financial matters, and marital property agreements.

Choosing The Option That Best Fits Your Needs

Numerous considerations are often involved in choosing a particular trust that will accomplish your goals.

  • Tax planning — In any trust, one of your primary concerns should be limiting the tax liability on remaining assets. Our attorney can help you take the long view in funding a trust while minimizing its tax burdens.
  • Special-needs trusts — Our firm helps people establish special-needs trusts, also known as supplemental needs trusts, to ensure that income and assets in trust are preserved for their disabled children.
  • Revocable living trusts — We strive to help clients see the benefits of establishing a revocable living trust, which is an arrangement you can make for the management and allocation of your property while you are still alive or after your death. Revocable means that you can modify this type of trust at any time.

The Advantages And Disadvantages Of Trusts

Our trust lawyer counsels clients regarding disability planning and all trust administration matters, paying special attention to covering the cost of trust administration.

Advantages Disadvantages
  • Control
  • Privacy
  • Avoid costs and time transferring assets after death: No probate if trust is properly funded
  • Simplify estate tax planning
  • Better for prior marriage situations
  • Asset protection
  • Can administer property in several states with one document
  • Can take advantage of expertise of institutional trustees to manage assets
  • Peace of mind
  • Powers of attorney are not always honored, where trusts must be
  • No date specific cutoff of creditors’ claims (in probate, there is a cutoff after which creditors may not pursue the estate for debts)
  • Upfront costs are higher than for creating a simple will
  • Trusts must be funded to be the most useful and that takes time and attention when the trust is first set up
  • Some maintenance is required such as ensuring future purchases, inheritances, etc., are placed in the trust

Trust Administration

Services are available to help with paperwork when spouses use a joint revocable trust and one spouse passes away. It is wise at this time to review federal estate tax issues, to verify that all assets are in the trust, to review and update documents as needed, and to determine the value of assets. Establishing date of death values is necessary to assess any possible federal estate tax issues and to confirm the new tax basis of assets. This allows the surviving spouse to sell inherited appreciated assets for date of death value and pay no capital gains tax. Future gain will only be taxable for the amount of gain since date of death.

Trust Termination

Services are available to help with the paperwork required to terminate a trust after death. If all assets are in the trust, no probate will be required. However, it is still necessary to make a list of assets and values, file required tax returns, pay debts and expenses, account for assets, and distribute assets as designated in the plan of distribution.

Our Madison law firm also serves the estate planning and probate needs of clients outside of Wisconsin who possess assets and property inside the state.

Get The Legal Help You Need

Our estate planning and trusts lawyer offers free initial consultations, and we accept credit card payments.

Give us a call at 608-620-7285 to discuss protecting and managing your assets by establishing a trust. Or, if you prefer, complete our online form.