Glatstein & O’Brien LLP — Denver, Colorado
You Don’t Need to Be Wealthy to Benefit From a Trust
In the past, only wealthy individuals took advantage of trusts as a form of asset protection. Today, Colorado law has extended the usefulness of these legal tools to middle class families so they, too, can enjoy the benefits that trusts provide.
At Glatstein & O’Brien LLP, our attorneys help families throughout the Denver Metro area and Colorado determine whether establishing a trust is right for them and which type is most appropriate. We can provide clear answers and explanations about everything from funding the trust to the importance of selecting the right trustee.
Why Choose a Trust?
For many people, a comprehensive estate plan will incorporate a trust or multiple trusts, as well as a will, power of attorney, health care proxy and other instruments. Trusts are important and versatile estate planning instruments which can be used to protect your assets and to accomplish any number of goals.
When you develop and fund a trust, you transfer the title of that property to the trust itself. Because the trust assets are no longer part of your estate, your beneficiaries avoid probate and estate taxes on those assets.
Trusts may also provide an income stream to your family or a charity. If you own real estate outside of Colorado which you transfer to the trust, you can avoid a secondary probate on that property.
One aspect of trusts that is important to many families is that they can protect your privacy. Probate involves a public accounting of the assets and liabilities of your estate. Assets held in trusts do not go through the public probate process.
Some of the more common types of trusts we create include:
- Irrevocable trusts
- Revocable living trusts
- Special needs trusts trusts
- Testamentary trusts
- Education trusts
- Charitable and charitable remainder trusts
An experienced estate planning lawyer can explain the advantages and drawbacks of a particular strategy based on your specific situation and goals. Our lawyers are here to counsel you on what is the best choice for your family.
To find out more about the use of trusts in estate planning, contact us and arrange a initial consultation with a lawyer at Glatstein & O’Brien LLP today.