Those who have estate planning concerns or questions often depend on an Irrevocable trusts lawyer Des Moines, IA from Law Group of Iowa for insight. As clients learn about irrevocable living trusts, they may wonder: why would anyone want to give someone else power over their assets and money? Well as your lawyer can explain, there are a few scenarios in which having an irrevocable trust is going to be greatly beneficial. For instance, if you are hoping to protect assets from creditors, be eligible for government programs, or minimize estate taxes, establishing an irrevocable trust may be in your best interests. Here are some highlights to know about irrevocable trusts:
- – The “trustee” is the person who follows instructions within the trust, invests trust funds, uses property for beneficiary needs, and pays administrative expenses.
- – The “creator” is the person who is relinquishing control over their assets and finances. Part of having an irrevocable living trust means transferring assets and property into a trust and appointing a “trustee” to take over managing it.
- – The “beneficiary” is an individual or several people that the “creator” named in their estate plan to receive certain assets after the “creator” has passed on.
By having an irrevocable trust, you may be able to avoid paying estate taxes after you pass away. Those who are willing to gift funds each year can use this to purchase life insurance within an irrevocable life insurance trust. Furthermore, the creator may choose to write a “grantor retained annuity trust” which outlines the flow of income for the years ahead and may permit some principal to be given to family members free of estate taxes.
Most people would prefer to have their assets protected from creditors and may decide to write an irrevocable trust for this reason. However, writing a document like this on your own may prove more complicated than you thought. An IA Irrevocable trusts lawyer in Des Moines recommends having support from a legal team that is experienced in irrevocable living trust nuances before finalizing any estate plan document.
The Law Group of Iowa
If you want help writing an irrevocable living trust, or have other estate planning needs, you can rest assured you are in good hands at our law firm. In fact, we can help you with an array of different topics, not just estate planning. Our law firm is well-versed in personal injury, workers compensation, police brutality, small business law, courtroom and mediation assistance, and so much more. For effective counsel that can address all of your legal needs, don’t hesitate to call us today. We can get to know you and your concerns, then make recommendations based on your needs. Call a Des Moines, IA Irrevocable trusts lawyer from the Law Group of Iowa now!