Establishing a trust is not just for the very wealthy, despite what many people think. A trust can protect assets for your heirs, establish a steady income stream for them or you in your Golden Years, and preserve certain assets from being considered marital property or from being seized by creditors. Iowa permits several types of trusts, which can afford protections for a loved one with special needs, provide income for someone instead of bequeathing the entirety of the assets at once, and even help support you in retirement.
A West Des Moines, IA, trust lawyer can explain the ways in which a trust can be a valuable part of your estate plan. At the Law Group of Iowa, we strive to help you preserve everything you’ve worked so hard for your family and loved ones. Contact us today to get started.
How Can A West Des Moines Trust Lawyer Help?
A trust lawyer is a type of estate planning lawyer who develops a trust to help benefit a beneficiary. A trust contains money, assets, or both, and the beneficiary of the trust can benefit financially from them. Iowa has several options for a trust, including a Special Needs Trust (SNT) that can help enhance the lives of someone with special needs while preserving their government benefits eligibility. Or, perhaps, you wish to provide income for education for a child, niece, or nephew. A trust can ensure that the money is used for educational expenses, and ensure that they can go to college.
Trusts also benefit you. Depending on the type of trust constructed, it can provide income for you in your retirement years and preserve assets so that you can become eligible for Medicaid. There are multiple options for an Iowa trust, and our legal team can help you decide what is best for you.
Using A Trust As Part Of Your Estate Plan
A trust can be a valuable part of your estate plan. It can protect assets from being subject to estate taxes or other taxes and keep them from being taken by creditors. You can also use a well-created trust to ensure you preserve as much of your assets as possible while becoming eligible for Medicaid.
Or, if you have responsibilities to children from a prior relationship, you can establish a trust to prevent certain assets or money from being considered marital property and, therefore, divisible if you get a divorce. Finally, a trust can still benefit you while you’re alive; a living trust protects assets while still allowing you to financially benefit from them.
Is A Trust Right For Your Family? Call Today.
Do you need to learn more about how a trust can help your family? At the Law Group of Iowa, we take the time to get to know you and your estate planning goals and can work with you to develop a trust to help you accomplish them. Contact us today for a consultation with a skilled West Des Moines trust lawyer.
