Trust Attorney in Louisville & New Albany
Your wealth encompasses more than mere assets. You may find yourself rich not necessarily with money, but with the care of and responsibility for loved ones. You can use your estate plan to protect everything you hold dear, and trusts provide a solid avenue to ensure your wishes are carried out long after you pass away.
How trusts can work for you
Entering your property into a trust is a means of transferring ownership of that property to another person or entity for dispersal at a specified date or occasion. If you establish a trust for your children, for example, you can use the trust to specify how much your children can control and at what times — such as granting partial access at age 18 and additional access at age 25, or making the release conditional upon graduating from college.
Depending on the type of trust or combination of trusts you choose, you may be able to avoid probate and its costs, reduce tax implications on your estate, and continue to exercise control of your assets after your death. An experienced Louisville trust lawyer can advise you on the best options for your estate.
Types of trusts
There are several different trust options available to meet your needs. Louisville trust attorney Bruce Brightwell can listen to your concerns and advise you on your best options regarding living trusts — those in action during your lifetime — and testamentary trusts, which become active upon your death.
You can create a revocable living trust that permits you to keep total control of your assets during your lifetime and provides for the prompt distribution of assets to your beneficiaries upon your death. A major advantage of using a revocable living trust is the ability to revise or revoke the trust to suit changes in your finances or your relationships. Additional advantages of properly drafted revocable living trusts include:
- Asset protection for your spouse after your death
- Asset protection for your children in case of divorce, bankruptcy, creditor demands and lawsuits
- Protection of assets from a spouse’s remarriage after your death
- Disability planning in case you become mentally incapacitated
- Special needs planning for disabled beneficiaries
While a revocable living trust has many advantages, it does not protect your assets from nursing homes, lawsuits, divorce, bankruptcy or other creditors during your lifetime.
An irrevocable trust is nearly set in stone. Depending on the type of trust, you may not be able to amend its terms, but you may enjoy tax benefits with an irrevocable living trust because the assets included are not subject to estate tax.
Testamentary trusts are those that are enacted upon your death. You can use your will to define them, which means this document must also go through probate.
Special needs trusts can be created in living trusts or testamentary ones. These allow you to assign a guardian for a child or dependent adult with special needs, such as a mental or severe physical disability.
Contact an experienced New Albany & Louisville trust attorney today
To effectively create an estate plan with the utmost protection for your assets and heirs, call 812-542-0007 or contact Brightwell Elder and Probate Law online today. Attorney Brightwell provides informed legal guidance and secures your fortune through comprehensive estate plans and trusts in Louisville, KY, as well as Jeffersonville and New Albany, IN.