Kenosha County Lawyer For Establishing a Trust

Attorney Assisting With Living Trusts and Estate Planning in Racine and Bristol, Wisconsin

Regardless of your age, it is important to plan for the future, since you never know what to expect on life's journey. During the estate planning process, you will not only want to decide what should happen after your death, but you should also take steps to ensure the effective management of your assets during life. A trust is one such powerful tool that can accomplish these goals.

At Frozena Law LLC, we can provide you with knowledgeable and compassionate guidance when creating a comprehensive estate plan that will meet your needs. We can help you understand the issues that may arise, work with you to protect your legacy, and ensure that your wishes are accurately reflected. We are dedicated to protecting your interests and well-being as you plan for your and your family's future.

What Is a Trust?

When a person creates a trust, they place certain assets in the control of a trustee who will manage and distribute the trust assets according to the terms specified by the grantor (also known as the settlor or trustor). Trusts can offer a great deal of flexibility, allowing for tailored management and distribution of income and assets either before or after the grantor's death. In addition, a living trust may help protect a family's privacy and ease administration since, unlike wills and testamentary trusts, living trusts do not need to be administered through probate court.

Types of Trusts

Trusts can be either revocable, meaning that the grantor can change the trust's terms or revoke it at any time, or irrevocable, meaning that the grantor has not retained the right to revoke or change the trust. Further, trusts used for estate planning will be either a living trust, or inter vivos trust, meaning that it was created while the grantor was still living, or a testamentary trust, meaning it was created after the grantor's death through their will. Living trusts can be revocable or irrevocable, while testamentary trusts by their nature are irrevocable.

A few common types of trusts include:

• Revocable living trusts - This type of trust often serves as the foundation of an estate plan. The grantor typically serves as trustee during life and manages the trust property similarly to how they would without the trust. At incapacity or death, a successor trustee takes over, allowing for a clean transition that can help avoid guardianship of the estate and probate. The trust becomes irrevocable on the death of the grantor.
• Charitable trusts - This type of trust can be used to provide for a charitable organization. In some charitable trust arrangements, known as charitable remainder trusts, the donor can receive a tax deduction at the time the trust is funded while retaining an interest that will provide income for life or a period of years to themselves or others.
• Special needs trusts - A grantor may wish to provide financial assistance to a loved one with a disability, and this type of trust allows them to do so without affecting the beneficiary's eligibility for public aid. In some cases, such as a personal injury award, a self-settled special needs trusts may be used to provide for the disabled settlor's needs while ensuring that they can still receive public benefits such as Medicaid.

Contact a Lake Geneva Estate Planning Attorney

Trusts are often an important component in a comprehensive estate plan, and they offer a wide variety of benefits for the person making the trust and their family. We can help you understand if a trust is appropriate for you, determine what types of trusts will meet your needs, and assist in creating and funding these trusts. Contact us today by calling 262-237-8668. We assist with estate planning in Kenosha, Racine, Union Grove, Pleasant Prairie, Sturtevant, Bristol, Burlington, and Lake Geneva.