Trust Attorney in Connecticut
Why a Trust Attorney and Asset Protection is Important
We help clients protect the financial interests of their families and heirs through trusts.
Do you need a trust attorney? Everyone who accumulates wealth needs one. Financial management wisdom doesn’t come naturally, it is acquired. A trust attorney can help you protect your hard-earned financial assets. It’s not about what you earn; it’s about what you keep.
An asset protection plan should accomplish two main goals. It must protect you and your family from creditors, predators, and others looking to seize your assets while you are alive. It must also protect the funds you pass to others after you are gone. We design asset protection plans to achieve both goals.
If you wait until you are involved in a dispute that may turn into a collection action or lawsuit, it is too late to protect your assets. It is important that you take a proactive approach to this most important aspect of your financial plan.
Trusts are financial and legal mechanism to help you protect assets during and after your lifetime. There are many different types of trusts to suit various purposes and goals. Alyson Aleman, an experienced trusts attorney, can help you set up the best trust for your situation.
There are many types of trusts to suit most every need, but all trusts fall into one of the following categories:
- Revocable Trust — A revocable trust is sometimes called a living trust; it can be modified during your lifetime. A revocable trust is the most common type of trust for avoiding probate. A revocable trust will help you leave your assets to others in the manner you best see fit, in a private manner outside the probate process.
- Irrevocable Trust — Conversely, an irrevocable trust cannot be modified. An irrevocable trust can be used by a grantor with a taxable estate. Assets in an irrevocable trust are no longer the grantor’s property, an estate tax reduction strategy, although the grantor still has access to the funds in an irrevocable trust.
Family Trusts Protect Your Loved Ones
The word family is often with the word trust because it is a method of making certain that your family is cared for the way that you would do it if you were alive. When people hear the word trust, they think of an estate plan. Trusts are used in estate plans, but they can also be used independently to achieve someone’s financial goals.
In fact, a trust is created simply as a substitute for yourself. It is a device for accomplishing what you want to achieve when you can’t do it yourself. You can accomplish many different goals with a family trust, such as:
- To hold funds to pay for a child’s education,
- To care for your spouse while he or she is alive; then, at your spouse’s death, you can direct your remaining assets to others,
- To protect your child’s inheritance from creditors and other problems like divorce,
- To take care of your pets or to donate to a favorite charity,
- To help a family member with special needs to remain eligible for public benefits despite receiving funds, and
- To arrange for the care of aging parents or other loved ones.
Trust Planning - Deciding Which Trust is Right for Your Situation
When you wish to control the transfer of your assets upon death, privately, it’s time to consult with us. There are different types of trusts for achieving various goals. We can help you decide the best way to proceed. Trusts are tools for taking care of your financial affairs in the event you ever become disabled. We can help you set up and maintain your trusts throughout your life and assist with putting them into effect after you pass away.
Who's Who in the World of Trusts
A key concept throughout history to today is that a trustee owes a high duty of loyalty and care to the trust’s beneficiary. But, there are three parties involved in a trust:
- The creator of the trust is referred to the settlor, grantor, or trustor;
- The trustee who manages and controls the asset, and
- The beneficiary for whom the trustee manages the property.
The creator, trustee, and beneficiary may all be different people. The same person may be the creator and the trustee. The same person may be the trustee and the beneficiary. As is often the case with a revocable trust, the creator, trustee, and beneficiary are the same person.
Let Us Teach You How to Use a Trust Attorney to Achieve Your Goals
We can help you achieve your goals. Many clients tell us I didn’t know I could do that. Let us show you how trusts can be used to accomplish different objectives including the following:
- Protecting someone with poor money management skills while ensuring this person receives funds;
- Giving beneficiaries a chance to learn how to manage an inheritance;
- Providing a confidential, smooth transition of asset ownership at death;
- Protecting a minor child’s inheritance from court control;
- Protecting a child’s inheritance in the event of a parental divorce;
- Protecting children in a blended family or from a previous marriage;
- Keeping a vacation home, farm, or ranch in the family for generations; and
- Increasing the value of your beneficiary’s inheritance by reducing taxes.
Trust Administration is not for the Faint Hearted
Many people think that once they have funded a trust it will take effect automatically when needed. Not so. For a trust to carry out the wishes of its maker, the trust must be administered. Trust administration involves tax filings with the state and the IRS. The law also requires that trust beneficiaries and others are notified of the decedent’s passing. Additional duties can include opening bank accounts, settling creditor claims, obtaining a new tax ID number, arranging for the sale of assets, paying the final expenses of the decedent, and more. Proper accounting practices must be maintained.
A trustee’s duties are serious and failure to properly administer a trust can have serious financial and legal consequences. We can explain the tasks involved and the potential risks. We can guide you every step of the way. We can help you choose the ideal trustee. We can work with your advisors and representatives to ensure the directives of the trust are carried out properly.
Business Litigation to Protect and Defend You
We have experience resolving business disputes, such as, but not limited to, disputes between partners, breaches of contract claims, and much more. Whatever is required to resolve the dispute, be it skilled negotiation or aggressive litigation, we will protect both your business and personal interests.
Let's Get Started - Reach Out to Us
We practice law in all Connecticut counties including Windham, Tolland, Litchfield, Hartford, Middlesex, Fairfield, New London and New Haven; we also practice law in New York and Massachusetts. To learn more about the different types of trusts and how a trust attorney might help you, connect with us today by clicking here Contact Us to find the form on this website. Fill it out and send it in. Or just call us at 860.928.2429.