Trusts
Minneapolis Trusts Attorney | St. Paul Trusts Lawyer
There is a misconception about trusts, such as it only being for multi-millionaires who want to leave large trust funds to their children or grandchildren. While multi-millionaires can do this, trusts aren’t just for the rich. Trusts are very valuable instruments that can be a part of a solid estate plan. With the help of an experienced Minneapolis trusts attorney, you can set up the appropriate trust or trusts as part of your estate plan.
Al Gross is a highly experienced estate planning lawyer with more than 35 years of experience helping people throughout Minneapolis, St. Paul, and the entire Twin Cities Metro plan for their futures and the futures of their families.
Helping You Protect What’s Yours
When you establish a trust, you establish an arrangement where one party essentially holds property on behalf of another. The trust is created by the person creating the estate plan, but they authorize another person (called a trustee) to manage the assets in the trust for the benefit of the trust’s beneficiaries.
There are many reasons why a person may want to establish a trust. Those reasons include:
- Reducing the amount of estate tax
- Ensuring underage beneficiaries are provided for in the event of your death
There are different types of estate plans that may be useful. They include:
- Revocable Trusts – A revocable living trust is a document that is separate from the will, although the two documents can work together to carry out the wishes of the decedent. A revocable living trust is used to avoid probate since probate can be very cumbersome. A revocable trust is also beneficial when real estate is owned in multiple states.
- Joint Revocable Trusts – Joint Revocable trusts have become a mechanism for married couples to combine their assets. There is a unique “double basis” when it comes to community property, especially since one spouse will pass before the other.
- Irrevocable Trusts – An irrevocable trust can be used to move a person’s life insurance processed outside of the estate for estate tax purposes.
- Special Needs Trusts – A Special Needs Trust allows a person to leave property to a person with special needs. Many special needs people receive benefits from the government. A sudden windfall could cause them to lose those benefits until the inheritance is completely spent. A Special Needs Trust allows a person to continue receiving their government benefits, while also having money for the extra things that they may need.
- Cabin Trusts – If there is a cabin in the family, joint ownership upon the death of the owner can be difficult for families. For some, the ownership of a cabin is sentimental and not monetary. A Cabin trust can be used to hold the cabin title and fund its ownership and maintenance, eliminating conflicts among family members.
Guidance You Can Trust
At the Gross Law Office, you will receive the guidance you need when determining which trusts are appropriate. Mr. Gross can then draft the proper documentation to ensure everything is enforceable. As circumstances change, it is also important to revisit the entire estate plan to ensure everything is up-to-date, which keeps it enforceable.
Contact A Minneapolis Trusts Attorney
Even if you don’t have a lot of assets, there is no better time than now to prepare for the future and have an estate plan with trusts drafted. The Gross Law Office can help you establish a good estate plan that will give you and your family the peace of mind you need. To learn more, call 612-203-3830today!