Oxford Trusts Lawyer

Oxford Trusts Attorney

An Oxford, CT, trusts lawyer at Burns Thomas, LLC, is a fantastic resource if you are considering end-of-life planning. While this topic is uncomfortable for many, the reality is that the effort you put into estate planning now can pay off tremendously for your family in the future. One of the most effective legal mechanisms you can use is a trust, and it is vital to hire a trusts lawyer to help you configure this element of your estate plan.

Experienced Trust Planning in Oxford, CT

The attorneys at Burns Thomas, LLC, provide compassionate and responsive legal counsel for all aspects of estate planning in Oxford and the surrounding communities of Connecticut.

The Oxford area is a beautiful suburban community situated between several parks and forests, including Naugatuck State Forest and Southford Falls State Park, and Waterbury-Oxford Airport is very close. Many residents in the area have complex questions about estate planning that we can answer.

If you have worked hard for years, it is natural to want to preserve as much of your wealth as possible to pass on to your family after your death. Estate planning, however, is an often-overlooked issue in the United States.

As of 2024, only about 32% of Americans had an estate plan in place. Many individuals without estate plans believe they do not have enough assets to require one. The reality is that a trust can be beneficial to you and your family regardless of net worth.

The team at Burns Thomas, LLC, can explain your options for customizing your estate plan and explain the potential benefits of crafting a trust. An experienced Oxford, CT, trusts lawyer can help you gather the documentation you need to build your estate plan. Our firm provides client-focused legal support through the estate planning process, so whether you are building one from scratch or adjusting an existing plan, you can count on our firm to assist you.

Potential Benefits of a Trust

Creating a comprehensive estate plan requires several important elements. Most people are aware of what a last will and testament is, but you can add other elements to an estate plan that can provide estate tax benefits to your family and reduce their chances of facing a difficult probate process. Probate can sometimes cost as much as 10% of the total value of the estate, so your family will appreciate you doing what you can to help them avoid the stress and expense.

When you create a trust, this is a private agreement that only requires you to interact with your Oxford, CT, trusts lawyer and your chosen trustee, the person who will control the trust for you. It’s also possible to dictate in your will that you wish to have a trust created for your estate upon your death.

There are two main types of trusts you can create. Revocable trusts can be modified in the future. This provides flexibility and allows you to modify the contents and terms of the trust, but it may not provide the tax benefits that many seek with trust creation. Irrevocable trusts cannot be modified once created, but they generally provide greater tax benefits to your family. It may be necessary to account for gift taxes when creating it, but it should be shielded from the estate tax.

When you create a trust, you can include specific terms that the trustee must follow for handling the contents of the trust. For example, you can set age requirements for certain beneficiaries to receive the assets you have designated for them in the trust. You could stipulate how much a grandchild receives at age 18, or that they will receive a set amount per year. Your attorney can help you configure your trust to suit your preferences.

Ultimately, trusts are powerful documents that can provide financial security, tax relief, and peace of mind to you and your family. The team at Burns Thomas, LLC, can help you determine whether a trust is right for you. If so, you can rely on our firm to guide you through the creation process. Reach out to our team today and learn more about the legal services we offer for trust creation in Oxford.

Whether the best option for you is a comprehensive will, the establishment of trusts or other estate planning solutions, we will find a solution that fits your needs.

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FAQs

The team at Burns Thomas, LLC, can provide compassionate and comprehensive legal support for the creation of your trust in Oxford. It’s never too early to start thinking about estate planning, so you should hire a trusts lawyer with proven experience at your first opportunity. Contact us today and schedule a consultation with our team to learn how an experienced Oxford, CT, trusts lawyer can assist you.