laws for trusts

A Trust is an agreement between you (the Settlor or Trustor) and an individual or entity (the Trustee) made during your lifetime. The trust agreement determines how assets placed in the Trust will be managed and distributed. Trusts can be Revocable or Irrevocable.

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What You Need to Know

Trusts are not only for the wealthy, and not everyone needs a trust. There are different types of trusts for different purposes.

A trust can be established and all of your nonretirement assets transferred into its ownership immediately, or it can be established as a Standby Trust, ready to receive assets if the Settlor becomes disabled. In such cases, someone needs authority to transfer the assets into the trust. This usually will be the agent under a special durable power of attorney granting the specific power to transfer assets to a trust.

  • Irrevocable Trusts cannot be changed or canceled after they are created and have special tax treatment. Careful drafting may permit an Irrevocable Trust to be amendable for some purposes after it is established.

  • Revocable Trusts are subject to amendment or termination according to the terms of the trust agreement. Revocable trusts do not save any taxes; all income from property in the trust is taxed to the person establishing the trust.

  • Irrevocable Life Insurance Trusts can be created to provide substantial estate tax savings for some persons with large life insurance policies. Such trusts require careful planning.

  • Supplemental Needs Trusts or Special Needs Trusts are used to manage assets for a person who may receive public benefits. Such a trust can provide funds for items not covered by such benefits without affecting the recipient’s eligibility for the various programs available.

Trusts are governed by law and should be written so that they meet your specific needs and preferences.

The Benefits of Hiring a Trust Law Attorney

Whether you have a small or large estate, our attorneys can help you determine what type of trust is best for you and what you can put in it. We can also explain any potential tax implications and legal formalities relating to the trust to ensure that your estate is protected. We can also advise you on the best avenues to take to protect your assets for the best interests of your beneficiaries and family.

Want to set up or review a Trust?

Want to set up

or review a Trust?