Let a Springfield Irrevocable Trust Attorney Help You Plan Your Estate
Establishing a trust is one of the most common and effective ways of protecting assets. And when even higher levels of asset protection are necessary, an irrevocable trust may be the best option. But an irrevocable trust needs to be considered carefully and drafted so it is legally airtight. This is where legal assistance is not only highly recommended — it is vital. An experienced attorney can guide the way, provide sound advice, and take all necessary steps to establish your Missouri irrevocable trust. At LifeGen Law Group, our elder law and estate planning attorneys have the knowledge and experience to advise you about a potential irrevocable trust.
Revocable Trusts v. Irrevocable Trusts
The two main categories of trusts are revocable trusts and irrevocable trusts. While every part of a revocable trust may be changed by the grantor(s) during life, certain parts of irrevocable trusts cannot be changed by the grantor(s) unilaterally. Both types of trusts, however, accomplish probate avoidance, which can be a lengthy, expensive process that will be a matter of public record. Moreover, both types of trusts provide a streamlined method of transferring assets to the beneficiaries in a private manner while those beneficiaries also enjoy potential tax advantages.
Advantages of Missouri Irrevocable Trusts
Although irrevocable trusts have limitations on flexibility as compared to revocable trusts, irrevocable trusts present some distinct advantages. Some of these advantages are as follows:
- Protection from Creditors: Assets placed in an irrevocable trust can be protected from creditors and judgments. Protection from Creditors: Assets place in an irrevocable trust can be protected from creditors and judgments.
- Estate Tax Benefits: If you have a large estate that is subject to the federal estate tax, funds in an irrevocable trust designed for this purpose may keep trust assets from being subject to estate taxation.
- Government Benefits Not Affected: High levels of personal assets can affect a person’s eligibility for certain government benefits such as Medicaid or SSI. However, assets properly placed in an irrevocable trust designed for this purpose could keep these assets from counting against you for purpose of qualifying for these and other needs-based government benefit programs.
A well-qualified lawyer can guide you through your specific circumstances and determine whether a Missouri irrevocable trust is right for you.
See How an Irrevocable Trust Attorney at LifeGen Law Group Can Help
If you believe you may want to establish a Missouri irrevocable trust, speak with a Springfield irrevocable trust lawyer at LifeGen Law Group by calling (417) 233-4723. Irrevocable trusts can be effective options for asset protection, but only under certain circumstances and when the trust is properly established and funded. To gain the benefit of our legal guidance, contact us to schedule a free attorney consultation or request a consultation here.