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Trusts Archives

Is it difficult to transfer wealth and assets to a living trust?

We have talked about trusts quite a bit in the past, and one of the more common (and important) types of trusts is called the "living trust." A trust is an arrangement between the grantor, a trustee and a beneficiary. The grantor gives wealth, assets and/or property to the trustee, who holds it on their behalf for a certain amount of time until the estate is ready to be executed. Then, the beneficiary may utilize the assets, wealth and/or property contained within the trust.

The living trust: what it means and how it works

Whether someone is planning for their later years in life, or they are just trying to strategically place their property and assets in the right place for estate purposes, a trust can help their cause. One common type of trust is the living trust. The living trust gets its name because the grantor is alive when he or she creates the trust. Other trusts can be created upon the grantor's death, but the living trust is done while the grantor is alive.

The many ways in which a trust can help someone

Utilizing trusts in your estate plan can be a very helpful way to save money and protect yourself (and your loved ones and beneficiaries) from estate taxes. Even though trusts are just a tool to help people building their estate plans, many people may shy away from trusts simply because they assume that a trust is too complex to get involved with.

On probate, and what it means for the testator and family: Part 2

In our last post, we began a two-part discussion of probate: what it is, how it works and what you can expect if you are involved in the probate process. We also mentioned that probate can lead to some financial costs and fees, which naturally leads to this question -- can you avoid the probate process?

Colorado Court of Appeals decision limits trust substitutions

The decision specifically affects an estate-planning tool called an intentionally defective irrevocable trust (IDIT). This trust allows an individual to exclude trust assets from his or her estate for estate tax purposes. The creator of this type of trust (grantor) may also pay income taxes, which can increase the value of the trust gift tax-free.

Is a life insurance trust right for your Colorado family?

An irrevocable life insurance trust (ILIT) can both hold a life insurance policy and take the place of an outright distribution to beneficiaries. A major advantage of this type of trust is it allows you discretion to provide for special needs that might relate to the education of a child or hospital bills.

Why hire a lawyer to create a special needs trust?

All parents want what is best for their children, and estate plans are often created with this goal in mind. For parents of disabled children, this need is especially pressing – most will want to ensure that their child’s quality of life will not be compromised after they die, especially if the child cannot fully support him or herself through employment.

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