Centennial Trusts Attorneys 

Safeguarding Your Assets for Future Generations in Colorado

When you obtain wealth through hard work, you create an opportunity for everyone in your life. The stress of planning for the protection of your loved ones can be overwhelming, but our team at Skipton Law can make the process easier. 

If you have an estate, large or small, you will want to make every effort to ensure it will be safely passed to your chosen heirs. Our Centennial trusts lawyers can help you leverage instruments designed to preserve your wealth and maximize opportunities for the next generation. We have over a decade of legal experience and take a collaborative approach to estate planning, treating each case with the empathy, integrity, and highly personal level of service our clients deserve. Our firm will use trusts and other estate planning tools to create a blueprint for your future based on the specific needs of you and your family. 

Ready to learn more about what a trust can do for you? Contact us online or call (720) 770-3880 to schedule an initial consultation with our trusts attorney in Centennial.

Understanding Trusts and Their Role in Estate Management

A trust is a unique legal arrangement that involves three distinct parties: The trustor (the person who created the trust), the trustee (the person assigned to oversee the trust), and the trust beneficiary or beneficiaries (the people who receive funds or assets from the trust). Trusts have many uses and can be customized to suit your specific concerns and objectives.

Revocable vs. Irrevocable Trusts

Many people use revocable living trusts to avoid probate. Assets placed in trusts are exempt from estate administration, so assets can generally be transferred to beneficiaries (in accordance with trust instructions) without court involvement. Revocable trusts are modifiable and can be changed throughout your lifetime. You can also choose to serve as your own trustee. A “successor trustee” will take over when you pass away, become incapacitated, or no longer wish to oversee the trust.

Others use irrevocable trusts to reduce the impact of federal estate taxes and protect assets. When assets are placed in certain types of trusts, they are not counted toward the value of someone’s taxable estate. They are also not technically owned or controlled by the trustor, meaning they cannot usually be seized in connection with a court judgment. The tradeoff is that irrevocable trusts cannot be changed once they are created, and trustors cannot directly access assets placed in them. 

Specialized Trusts for Family and Healthcare Needs

Trusts can also be used to pay for various needs you and your family have. For example, a family needs trust can be leveraged by a beneficiary to purchase a home or lease other property. A family needs trust can also be used to purchase adaptive or special needs equipment. A special needs trust is specifically designed to supplement the income and resources of a disabled person without jeopardizing their eligibility for public benefits. Our Centennial trusts attorneys can evaluate your needs and identify ways these arrangements can help. 

Some other uses for a trust can involve:

• Ensuring Continuity of Home Care. Many elderly people and those with special needs require in-home care. You can continue these services and avoid disruption through a well-drafted trust.
• Healthcare Planning with Trusts. Future trips to the dentist, support services, physical therapy, and other medical services can be covered by an established trust. This is an important part of medical planning, as the trust can cover expenses not paid for by benefit programs.
• Managing Household Expenses Through Trusts. Bills are one thing you can count on in the future. Telephone expenses, cable bills, and personal purchases – such as computer equipment – can be covered by your trust.

What are the Benefits of a Trust?

Benefits of a trust may include:

• Avoiding Probate: One of the most substantial advantages of a trust is that it allows your estate to bypass the probate process. Probate can be time-consuming, expensive, and stressful for your loved ones. Placing your assets in a trust ensures a smooth and private property transition without court involvement.
• Protecting Beneficiaries: Trusts protect your beneficiaries, especially if they are minors, have special needs, or are not financially savvy. With a trust, you can set specific terms for how and when your assets are distributed, ensuring that your loved ones are supported in a manner that aligns with your intentions.
• Reducing Estate Taxes: Certain types of trusts can help minimize estate taxes, preserving more wealth for your heirs. By strategically structuring your trust, you can take advantage of tax exemptions and reduce the overall tax burden on your estate.
• Ensuring Privacy: Unlike wills, which become public records after probate, trusts remain confidential. This means that the details of your assets and how they are distributed will not be available to the public, providing an additional layer of security for your family.
• Managing Incapacity: A trust can also be a critical tool in the event of your incapacity. If you cannot manage your affairs because of illness or injury, a successor trustee you have appointed can step in to handle your finances according to the terms of the trust. This ensures that your assets are managed smoothly without needing a court-appointed guardian.
• Flexibility: Trusts present a high degree of flexibility. Depending on your exact needs and goals, you can choose from different types of trusts—such as revocable, irrevocable, or special needs.

How Our Trust Attorney Can Help You

We can assist you by:

• Personalized Trust Creation: Every individual’s situation is unique, and we believe your trust should reflect that. We take the time to understand your financial situation, family dynamics, and long-term goals. Whether you need a simple revocable living trust or a more complex irrevocable trust, we tailor our services to meet your needs.
• Comprehensive Estate Planning: Trusts are just one component of a well-rounded estate plan. We help you integrate your trust with other essential estate planning tools, such as wills, powers of attorney, and healthcare directives.
• Asset Protection: We assist in structuring your trust to safeguard your assets from possible creditors, lawsuits, or other financial risks. By carefully planning how your assets are placed into a trust, we can help shield your wealth and ensure it is preserved for future generations.
• Trust Administration Guidance: If you are a trustee, administering a trust can be a very daunting task. We provide guidance and support throughout the trust administration process, helping you fulfill your fiduciary duties and ensure the trust is managed according to the grantor’s wishes. Our expertise in this area helps prevent costly mistakes and legal complications.
• Special Needs Trusts: If you have a loved one with special needs, we can create a special needs trust that allows them to receive the benefits they need without jeopardizing their eligibility for government assistance. This type of trust is a crucial tool in ensuring that your loved one is cared for throughout their life.
• Trust Modification and Termination: Life circumstances can change, and your trust may need to be modified or terminated. We assist with amending or dissolving trusts when necessary, ensuring that your estate plan remains relevant and effective over time.

Frequently Asked Questions About Trusts

Choosing to establish a trust can raise many questions. At Skipton Law, LLC, we believe that informed clients make the best decisions for their future. Below are some common inquiries we receive about trusts and their management:

• What is the difference between a trust and a will?
  A trust allows for the management and distribution of your assets while you are alive and after your death, whereas a will only takes effect after your passing.
• Can I change or revoke my trust?
  Yes, if you establish a revocable trust, you can modify or dissolve it at any time as long as you are alive and competent.
• How does a trust help avoid probate?
  Assets placed in a trust do not go through probate, allowing for a quicker and more private transfer to your beneficiaries.
• Are there tax benefits to setting up a trust?
  Depending on the type of trust, there may be tax advantages, such as reducing estate taxes or deferring income taxes.
• What happens if I move to another state?
  Trusts are generally recognized across state lines, but it’s essential to review your trust with an attorney to ensure compliance with the laws of your new state.

If you have more questions or need personalized advice, our experienced attorneys are here to guide you through the complexities of trusts. Schedule a consultation today to discuss your specific needs and concerns!

Contact Our Trusts Attorney in Centennial Today

Yes, you should consult a legal professional when looking to create any type of trust. Trusts are inherently complex instruments, and a simple mistake can have significant implications on how your assets are ultimately handled. 

At Skipton Law, we assist with all aspects of trust creation and management. We can help you choose a capable trustee, offer guidance on making effective investments through trusts, and facilitate changes as your needs evolve. Our firm can also represent you if you ever have any issues with your trust. Trust litigation in Colorado can be complicated, but it does not have to be hard or overly strenuous. Our Centennial trust lawyers will work to simplify the process and pursue a favorable outcome. 

If you have questions about what trusts can do for your family, do not hesitate to call (720) 770-3880 or contact us online to get started with our Centennial trusts lawyer.