Chayet & Danzo, LLC Chayet & Danzo, LLC www.Coloradoelderlaw.com
Call for a Free Initial Consultation
Direct 303-355-8500
Toll-Free 1-866-873-6596
Email Us
Compassion, talent and dedication: guiding colorado families and Their Trusted Advisors During Times of Need

What kind of trust will you use in your estate plan?

If you have a trust involved with your estate plan, it is likely that you have utilized a revocable trust. When you create a revocable trust when you are alive, it is called a "living trust." This type of trust is a tremendous tool that can help protect your estate (and the assets contained within) from the probate process.

What a revocable trust will not do is protect your assets from creditors. In order to protect the assets from creditors, you need to utilize an asset protection trust. Usually these trusts are established outside of the United States, and they protect your assets from claims made by creditors. These trusts are usually irrevocable in nature -- meaning they can't be changed or altered -- for at least a certain number of years, if not permanently irrevocable.

There are many other types of trusts as well. Charitable trusts not only help you to avoid taxes on your assets, but these trusts donate your assets to charities of your choosing. There are constructive or "implied" trusts, which are created by a court when evidence proves that though no trust existed, the grantor clearly had the intent to create an estate. And there are special needs trusts, which can help people who are receiving government benefits but don't want to be disqualified from getting those benefits as a result of inheriting something through an estate.

Even these trusts don't cover all of the potential options that a grantor has. So if you are considering using trusts in your estate plan, know your options.

No Comments

Leave a comment
Comment Information

Watch Our Firm Video

We are the premier Elder Law firm in the Colorado region. We set ourselves apart from other law firms in the area with our talent, dedication, compassion and ability of our attorneys to handle any case in Elder Law. We serve Colorado families with experience and dignity in your time of need.

View More Videos

Denver Office
650 S.Cherry St., Suite 710
Denver, CO 80246

Toll Free: 1-866-873-6596
Phone: 303-872-5980
Fax: 303-355-8501
Denver Law Office Map

Edwards Office
105 Edwards Village Blvd.
#D-201
Edwards, CO 81632

Toll Free: 888-472-1088
Toll Free: 1-866-873-6596
Fax: 303-355-8501
Edwards Law Office Map

Aspen Office
600 East Hopkins Avenue
Suite 301
Aspen, CO 81611

Toll Free: 888-472-1088
Toll Free: 1-866-873-6596
Fax: 303-355-8501
Aspen Law Office Map

  • Rated by Super Lawyers Macro Chayet SuperLawyers.com
  • Rated by Super Lawyers Frank J. Danzo, III  SuperLawyers.com
  • Member National Academy of Elder Law Attorneys, Inc. TM
  • Avvo Rating 10.0 Superb Top Attorney Elder Law
  • 2015 Five Star Professional Wealth Manager Multi-Year Winner
  • Our new 2015 Medicaid Book: how to protect your Family's Assets from devastating nursing home costs
  • Proud Sponsor 2015-Denver Colorado Senior Law Day
  • Peer Review Rated For Ethical standards & Legal Ability TM Martindale Hubbell
  • Haystack