Irrevocable trusts are estate planning tools that cannot be altered once they have been authorized (signed) and officially put into effect. These types of trusts are the counterparts to revocable living trusts, which may be altered at any point in the future by the trust maker or grantor. There can be a number of specific benefits to developing an irrevocable trust to protect your assets and your loved ones in the future, particularly when it comes to future tax considerations and asset protection.
At Phillips & Blow, PC, our Denver irrevocable trust attorneys are experienced at developing these types of trusts and helping to oversee their administration once they are in place. When you are ready to develop an irrevocable trust, do not hesitate to contact us. You can learn more about your different options. Also the best solutions for safeguarding your loved ones and assets well into the future. Contact us today at (303) 741-2400 or through our online form.
What Are the Benefits of Irrevocable Trusts?
Some of the specific benefits associated with irrevocable living trusts include tax benefits and asset protection benefits.
Tax benefits – When you create an irrevocable trust and transfer certain assets to it, those assets become the property of the trust. This effectively means that you and your beneficiaries do not directly own these assets. As a result, you will generally not be responsible for paying the taxes on these assets. Additionally, there may be federal or state tax exemptions that specifically apply to trusts, which can provide you and/or your beneficiaries with further financial savings. The tax benefits of irrevocable trusts can also come into play with charitable estate planning, as a trust maker or his beneficiaries may be able to benefit from charitable tax deductions in the future if the irrevocable trust contains terms for charitable donations.
Asset protection benefits – Assets transferred to irrevocable trusts are not considered to be owned by the trust maker or the beneficiaries. These assets can be protected from creditors in the near future. Assets are not be considered when it comes to the beneficiaries’ eligibility of government benefits. This is at any point in the future. Beneficiaries to irrevocable trusts can obtain financial support and benefits from the trust. They can rest assured that these assets will be outside of the reach of creditors. Considerations for government assistance if or when these issues arise at any point in the future.
Assets Protected by Irrevocable Trusts
Below are some assets that could be transferred into a irrevocable trust. An irrevocable trust can also hold and protect those assets. This includes (but not limited to):
Why Choose A Denver Irrevocable Trust Attorney at Phillips & Blow, PC?
When you are ready to develop an irrevocable trust or you need assistance administering any type of trust, you can rely on a Denver irrevocable trust attorney from Phillips & Blow, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law, and other legal needs. We take pride in helping each of our clients and their families find the best solutions for them.
Our Denver irrevocable trust lawyers use a variety of traditional and innovative approaches. They effectively develop solutions tailored to our clients’ needs and objectives. Our goal is to help our clients efficiently navigate the complexities of the law. They now can develop effective, prudent solutions that will protect them, their assets and their families in the future.
How Do I Contact the Firm?
You can learn more about irrevocable trusts during an initial consultation with a Denver estate planning attorney. To schedule a meeting with a Denver irrevocable trust attorney, call us at (303) 741-2400 or email us using our convenient online contact form.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.