Heritage Law

Revocable Trust Attorney

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Protect Your Assets and Avoid Probate

A revocable trust is one of the most flexible and effective estate planning tools available, offering benefits such as asset protection, tax reduction, and probate avoidance.

At Heritage Law, our revocable trust attorneys help clients create customized revocable living trusts to manage their assets, protect their families, and plan for the future.

Whether you have a large estate or modest assets, a revocable trust can be an essential part of your estate planning.

What Is a Revocable Trust?

A revocable trust, also known as a living trust, is a legal arrangement that allows the grantor (the person creating the trust) to retain control over their assets during their lifetime. The assets placed in the trust are managed by a trustee and distributed to the beneficiaries after the grantor’s death. A revocable trust can be changed or revoked at any time during the grantor’s life, making it a flexible tool for managing wealth.

With a revocable trust, you retain the ability to:

Modify or revoke the trust at any time.
Avoid probate by ensuring that assets are distributed directly to beneficiaries without going through the time-consuming and expensive probate process.
Manage assets if you become incapacitated, as your chosen trustee can step in to handle your affairs.

Our revocable trust attorneys will guide you through every step of setting up a trust that meets your unique needs and provides security for your family.

Who Needs a Revocable Trust?

A revocable trust can benefit a very wide range of individuals and families, not just those with significant wealth. Here are a few additional situations where a revocable trust may be especially beneficial:

People with Mental Disabilities: If you are concerned about mental disability or cognitive decline in the future, a revocable trust can provide peace of mind. It allows for the management of your assets without court-supervised guardianship, saving you and your family thousands of dollars.
Parents with Minor Children: A revocable trust can protect life insurance policies and retirement accounts for minors by placing these assets under the care of a trustee. This avoids court supervision and ensures that your children’s inheritance is managed responsibly until they come of age.
Single Individuals: If you are single and own assets, a revocable trust helps avoid probate and court-supervised guardianship, ensuring your assets are distributed efficiently and according to your wishes.
Married Couples: For couples with estates exceeding federal or state tax exemption thresholds, a revocable trust can help maximize estate tax exemptions, using strategies such as AB or ABC trusts to distribute assets and minimize taxes.

How Does a Revocable Trust Work?

Setting up a revocable trust is a straightforward process:

Create the Trust: The grantor (you) creates a trust agreement that outlines the terms, appoints a trustee, and specifies beneficiaries.
Transfer Assets: You then transfer assets—such as real estate, investments, and bank accounts—into the trust.
Control and Flexibility: While you’re alive, you retain full control of the trust’s assets and can modify or revoke the trust as needed.
Asset Distribution: After your death, the trustee distributes the trust assets to your beneficiaries, bypassing probate and ensuring a smooth transfer of wealth.

With the help of a revocable trust attorney, you can set up a flexible, long-term plan that safeguards your assets and minimizes complications for your heirs.

Advantages of a Revocable Trust

Creating a revocable trust offers several key benefits:

Flexibility: You retain control of your assets and can modify or revoke the trust at any time.
Avoid Probate: One of the primary benefits of a revocable trust is avoiding the probate process, which can be costly, time-consuming, and public.
Seamless Asset Management: If you become incapacitated, your trustee can step in to manage your assets without the need for court intervention.
Tax Efficiency: A well-structured revocable trust can help minimize estate taxes and ensure that your assets are distributed efficiently.

Disadvantages of a Revocable Trust

While revocable trusts offer numerous benefits, it’s important to be aware of potential drawbacks:

Trust Funding: Assets must be properly funded into the trust, which can be time-consuming.
No Automatic Changes: Unlike wills, revocable trusts do not automatically update in the event of life changes such as marriage, divorce, or the birth of a child. You must manually update the trust as needed.

Our revocable trust attorneys will ensure that your trust is properly funded and updated to reflect any changes in your circumstances.

Setting Up a Revocable Trust

Setting up a revocable trust involves several steps, and it’s crucial to work with an experienced attorney to ensure everything is done correctly:

Prepare the Trust: Draft the trust agreement, appoint a trustee, and specify the beneficiaries and terms of asset distribution.
Transfer Assets: Ensure that your assets are properly transferred into the trust, including real estate, investments, and other property.
Maintain and Update: Regularly review and update the trust as your financial situation and family circumstances change.

Our revocable trust attorneys will handle all aspects of trust creation, from drafting the initial documents to ensuring assets are properly transferred and updated over time.

Can a Revocable Trust Be Changed?

Yes, a revocable trust can be changed at any time during the grantor’s lifetime. This flexibility is one of the key advantages of a revocable trust. You can modify beneficiaries, change trustees, or adjust the terms of the trust to reflect your current wishes. Our revocable trust attorneys will help you make any necessary updates to ensure your trust continues to meet your needs.

Tax Considerations for Revocable Trusts

From a tax perspective, revocable trusts are treated as grantor trusts, meaning that the grantor retains control of the trust assets and is responsible for any income tax generated by the trust. This simplifies tax reporting, as all income from the trust is reported on the grantor’s personal income tax return. Our revocable trust attorneys can guide you through the tax implications of setting up a trust to ensure you are fully informed.

We are here to help you. Please contact Heritage Law and start planning for the future today.

We work one on one with you directly to ensure your revocable trust is completed from start to finish.

We ensure the future plan we put in place makes the most financial sense for your property and your family long term.

We take our time to explore all available options as we strive for excellence. We work hard so you don't have to.

What’s the Difference Between a Revocable Trust and a Will?

A revocable trust and a will serve different purposes in estate planning:

Revocable Trust: Takes effect immediately and allows you to manage your assets during your lifetime. It avoids probate and provides a seamless transition if you become incapacitated.
Will: Only takes effect after death and must go through probate, which can be lengthy and expensive.

A revocable trust offers more control, flexibility, and privacy compared to a will. It also ensures that your assets are managed according to your wishes if you become unable to do so yourself.

Start a Revocable Trust With an Attorney Who Cares

At Heritage Law, we understand the importance of protecting your assets and ensuring your family’s financial security.

Our experienced revocable trust attorneys are here to guide you through the process of creating a trust that meets your needs, minimizes taxes, and avoids the complexities of probate. We work closely with our clients to develop personalized estate plans that align with their goals and values.

Contact Heritage Law today at 1 402 915 1039 for a free consultation, and let us help you create a revocable trust that protects your assets and provides peace of mind for the future.