Irrevocable Trusts

Tucson Irrevocable Trust Attorney

Helping Clients Protect Their Assets for the Future

Most people think of estate planning attorneys as professionals who assist with estate planning goals, such as deciding how to distribute funds to their posterity.  Indeed, estate planning lawyers help their clients in many ways. They assist with estate administration, the probate process, and preparing legal documents that align with the person’s wishes. While all of these functions are important, one of the most critical estate planning needs is asset protection.

When you’ve worked your whole life to build wealth, it only makes sense to protect it from predators and others who would drain it away. Taxes are one example of potential costs that drastically reduce many Arizona estates. Other families shoulder hefty burdens due to the decedent’s debt. The good news is that with proper estate planning, you can have more control over your assets and prevent losses due to taxation, creditors, and predation.

One of the most powerful tools you can use to protect your assets is the trust. Trusts go beyond wills in their flexibility in asset distribution and protection. Our estate planning attorney is ready to provide the legal counsel and support you need when preparing your estate plan, including creating trusts. We’ll help you determine the right type of trust for you and answer any questions you may have. Call 520-355-1161 today to learn more about the advantages of a trust in your estate plan.

What Is a Trust?

When you create a trust, property ownership transfers from your name to the trust. Using this estate planning strategy can give you excellent liability protection. You’ll also get the option to manage the trust yourself, depending on the type of trust you choose. If you wish, you can dictate how and when to assign your heirs their inheritance. In most cases, trusts are generally managed by a trustee, who should be a person of utmost loyalty and character.

Some examples of types of trust include:

  • Irrevocable trusts – You get maximum asset protection in an irrevocable trust. However, the terms of the trust are very difficult to alter should the need arise
  • Living trusts – Living trusts allow the grantor to be named as the trustee
  • Special needs trusts – Special needs trusts provide a life of security for individuals with special needs without jeopardizing their eligibility for Medicaid and government benefits
  • Charitable trust – A charitable trust provides tax benefits while reducing your family’s tax burden

Our law firm can answer many common questions people have about trusts, such as how they work, how to set one up, and which trust is right for you. We can protect your spouse, children, grandchildren, siblings, and parents through proper estate planning. Call today for more details!

How Do Irrevocable Trusts Work?

Irrevocable trusts are unique because they provide such valuable asset protection. Once created, the trust is legally the owner of the property. This form of ownership offers many advantages. For example, individuals who create irrevocable trusts can enjoy peace of mind in knowing that creditors, tax collectors, and predators cannot come after their wealth.

Like other trusts, irrevocable trusts are managed by a trustee. Choosing a trustee can be tricky because you must choose someone you trust implicitly with your wealth. The trustee manages the funds while you are still alive and has several duties to perform when the trust is administered after your death. They’ll need to inventory your assets, inform beneficiaries of the trust administration, and disburse assets according to your wishes. If you are the trustee for a loved one’s death, please get legal counsel from a trusted law firm to help with these critical duties.

It is essential to understand some potential disadvantages of the irrevocable trust. If you change your mind or need to alter the trust due to family changes like divorce, marriage, or the death of family members, you may have difficulty doing so with an irrevocable trust. For this reason, we recommend speaking with an attorney before taking any estate planning actions.

Why Do I Need a Lawyer to Set Up an Irrevocable Trust?

Estate planning can be highly beneficial to your current peace of mind and for your family’s well-being. However, creating an estate plan can be complex and confusing. With an estate planning attorney on your side, you can get advice based on your unique situation.

Some other advantages to hiring a trust attorney are:

  • Assurance that you’ll be paying minimal estate taxes
  • Help creating an irrevocable or revocable trust to protect your assets
  • Assistance with other estate planning documents, including health care directives, wills, and powers of attorney
  • Guidance through the probate process for your deceased loved one
  • Peace of mind for your spouse, children, and other relatives

Whenever you are ready to take action regarding your estate plan, you should have the counsel and representation of a knowledgeable legal team backing up each decision. Call Doug Newborn Law Firm, PLLC, to schedule a consultation with our caring elder law and trust attorney. 

Should You Hire Our Tucson Irrevocable Trust Attorney?

Creating an irrevocable trust is a major step toward protecting your assets. Be sure this is the right decision for you and get the help you need to create a trust and other legally sound documents by calling our law firm today.

U.S. Air Force veteran Doug Newborn has vast experience with probate, asset distribution, wills, trusts, and more. Our legal team can help establish an estate plan that meets your needs and is flexible enough to accommodate any future adjustments that might arise.

Moreover, we offer free consultations so you can get answers at no financial risk. Contact us at 520-355-1161 to get started.