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Advanced Estate Planning

Advanced Estate Planning

Living Trusts

A living trust is a useful estate planning tool with benefits beyond those of a basic will. Like a will, a living trust allows you to designate who you want to receive your property and who will be in charge of managing your property after you die. Unlike a will, a living trust avoids the need for your loved ones to go through probate* to get control of your property after you die. A living trust also gives you the option of incorporating a pattern of distributions for beneficiaries who may have liability issues or concerns about managing their finances due to age, maturity, bad habits, addictions, etc.

It’s true that there are other less expensive means to avoid probate than using a living trust (e.g., joint ownership, beneficiary designations), but these alternatives can create a variety of problems with loss of control, liability, and taxes. These alternatives lack other beneficial features of a living trust as well. For instance, a well-drafted living trust will reduce the possibility of your beneficiaries losing their inheritance to claims of third parties if they are experiencing a lawsuit, divorce, or problems with the IRS when you die. In addition, if one of your beneficiaries is receiving government benefits, a trust can be set up to give them limited access to their share without impacting their eligibility for government benefits. 

If the possibility of the legacy you have built over a lifetime becoming subject to third party claims or putting your loved ones through the probate process makes your stomach turn, schedule an appointment with an estate planning professional to discuss whether a living trust is right for you.

 

Irrevocable Trusts and Asset Protection

The asset protection features of a living trust are great for your beneficiaries, but they don’t protect your assets during your lifetime. In our litigious society, even cautious, honest people can become subject to a lawsuit putting their assets at risk. Perhaps more likely is the possibility of dumping your life savings into treatments if you need long-term medical care or experience serious health problems. A timely and well-drafted irrevocable trust can protect your assets from being attached to litigation or spent down for your health care and increase eligibility for certain government benefits.

Additionally, if you have children from a previous relationship, an irrevocable trust can be an important element of planning to protect your children from being disinherited in the event they are not close to your spouse.

Business entities can be useful asset protection devices as well. For instance, if you own a rental property and someone sues you after they are seriously injured on that property, your personal assets may become subject to the lawsuit. The amounts sought in personal injury and wrongful death lawsuits can far exceed the amount of liability insurance in a standard property insurance policy. A properly established and managed LLC can narrow the scope of your liability to only to the property owned by the LLC.

If you are uncomfortable with the thought of losing your hard-earned money to lawsuits, health care, or any other number of scenarios during your lifetime, schedule an appointment with an estate planning professional to discuss the benefits of an irrevocable trust and other estate planning tools.

*A trust must be properly funded in order to avoid the necessity of probate.

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Review:
" My husband and I went in to meet Matt after being recommended by another attorney. We went in not knowing much about estate planning. He taught us so much, he’s..." read more
- Bailie
 
Review:
"Professional in every way!..." read more
- Marc Payne
 
Review:
"I worked with Matt in 2015 to help me understand and administer my father’s trust. I needed reliable and honest expertise in Arizona since I reside in a neighboring state...." read more
- Tamora
 
Review:
"Creating a Living Trust is a difficult task and can be very challenging. I had the pleasure of working with Matt who not only took the time to explain everything,..." read more
- Tanya
 
Hadfield Law Firm, PLLC 5 out of 5 based on 4 ratings.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars My husband and I went in to meet Matt after being recommended by another attorney. We went in not knowing much about estate planning. He taught us so much, he’s very patient and caring and willing to answer endless questions and to explain things we knew nothing about. Our experience with Matt made us feel prepared and reassured that he will continue to be there for us when we need help. We also felt our purchase was a great deal and he offered different payment options. And again he could have tried to upsell us and get us to spend more money for “important” reasons and never tried that once. I would absolutely hire Matt again and I’m so grateful we met him and got to achieve our goals with an honest and helpful person.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars Professional in every way!
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars I worked with Matt in 2015 to help me understand and administer my father’s trust. I needed reliable and honest expertise in Arizona since I reside in a neighboring state. Matt’s experience and guidance was instrumental in helping me understand and execute the trust. He assisted me every step of the way, explaining and re-explaining (when necessary), administering paperwork, and providing references to contractors and service providers so that I could complete tasks quickly. I am grateful for his counsel during my time of need. I would fully recommend Matt and his team for anyone needing estate or trust assistance.
Hadfield Law Firm | Preserving your legacy - Building your trust | Lehi, UT
5 out of 5 stars Creating a Living Trust is a difficult task and can be very challenging. I had the pleasure of working with Matt who not only took the time to explain everything, but also explained various options in an effort to accomplish what I needed. He is a great communicator, explains things well, and listens to your needs. He's very professional with a warm personality, maintains his commitments and is very knowledgeable in his field. His honesty and desire to assist provided me comfort and made me feel very satisfied with the overall outcome. I highly recommend Matt for any estate planning you might be considering. His qualifications and performance are truly excellent.