Trusts: Demystifying This Effective Tool For Estate Planning

Trusts are powerful tools in estate planning. They can enable you to manage and protect your assets both during your lifetime and after. By setting up a trust, you can specify how your assets are handled and distributed among your beneficiaries. You can potentially minimize your tax burdens, plan for Medicaid eligibility and shield your assets from creditors. Additionally, you can spare your loved ones from the hassle and expense of the probate process. Trusts are versatile and can be tailored to achieve specific goals, making them an essential component for many well-rounded estate plans.

At Chayet & Danzo, LLC, we create customized trusts and other estate planning tools for people throughout Colorado. Our team of award-winning trust lawyers offers deep knowledge combined with a commitment to personalized service. We are dedicated to delivering high-quality, cost-effective legal services, especially when it comes to creating trusts that address complex legal needs and provide tangible, real-life benefits to our clients.

Common Types Of Trusts In Colorado

There are numerous types of trusts that can be used to accomplish various purposes. Some of the most common include:

• Revocable living trust: This allows you to maintain control over your assets during your lifetime and specifies how they are distributed after your death.
• Irrevocable trust: Once established, this type of trust can’t be altered, but it provides tax benefits and protection from creditors.
• Charitable trust: This enables you to leave a legacy by donating to charities while receiving tax benefits.
• Special needs trust: This is designed to provide for loved ones with disabilities without jeopardizing their eligibility for governmental assistance.
• Pet trust: This provides for the care of a beloved pet after you pass away.

Choosing the right type of trust depends on your specific circumstances and goals, which is why it is crucial to consult with a knowledgeable trust attorney.

Trusts Can Be For Anyone

It’s a common misconception that trusts are beneficial only for the wealthy. In fact, trusts can benefit people with various asset levels. They can provide significant benefits beyond financial ones, such as protecting your privacy, keeping your estate out of probate and providing care for a loved one with disabilities.

Learn More About Whether A Trust Is Right For You

There are a number of financial and legal issues to consider when creating a trust. At Chayet & Danzo, LLC, our attorneys have the experience and knowledge to help you weigh your options. We can help you protect your interests, accomplish your goals and support your family’s financial security.

For further guidance, call our Denver office at 303-872-5980 or fill out a quick online contact form to request a free consultation. We also have an additional office in Edwards and can meet you at other convenient locations of your choosing.