Trusts
Not everyone is required to have a trust. But if you own real estate in more than one state or if you have different types of investments that aren’t in a single brokerage account, a trust may be what is necessary to help you put your affairs in order.
Loberg Law Office, LLP tells you straight if you need a trust. Otherwise, we will make recommendations that best match your legal needs.
Protect Your Legacy with a Trust
A trust is a fiduciary arrangement that gives you control of your wealth and the distribution of assets. It also minimizes estate taxes, and allows assets to remain private and to pass outside of probate. Trusts fall under one of these categories:
Revocable Trust
Revocable trusts, which are also known as living trusts, are designed to avoid probate. As the grantor, you retain control of your assets throughout your lifetime. You can dissolve the trust when your intentions or circumstance change. It turns into an irrevocable trust after you pass on.
We recommend revocable trusts only when necessary. If you need one, we often suggest appointing a Trust Protector who may have the role of removing a non-performing trustee.
Irrevocable Trust
Whereas a revocable trust is still treated as your asset throughout your lifetime, an irrevocable trust transfers assets out of your hands and control and onto your trustees. You cannot longer alter this type of trust once it has been created. You can no longer dissolve it either.
This option may in some circumstances protect assets from the nursing home, reduce estate taxes and reduce future capital gain tax liability. We will help you determine if it is the right course of action.
Have peace of mind knowing that your affairs are in order and that your attorney acts in your best interest.
Manage Your Estate with Our Help
Loberg Law Office, LLP, as a successor to Kenneth L. Swensen Law Office and Swensen and Loberg, has been here since 1976. Our attorneys have drafted hundreds of revocable and irrevocable trusts for Wisconsin clients. We stay up-to-date on the ever-
evolving changes with rules and regulations related to trusts and other aspects of estate planning.
We will give you sound legal advice and create an estate plan based on your needs.
For other concerns regarding trusts, call or email us today.