Southbury Trusts Lawyer

Skilled Southbury Trusts Attorney

Many people find it difficult to think about death, but if you want to ensure your family can resolve estate administration after your death as easily as possible, it is crucial to consider your options and work with an experienced attorney to develop the plan that’s right for you. A Southbury trusts lawyer at Burns Thomas, LLC, can explain the benefits of creating a trust and guide you through this process.

Experienced Estate Planning Counsel for Trusts in Southbury, CT

The team at Burns Thomas, LLC, has years of experience helping clients in Southbury and surrounding areas of Connecticut with all types of estate planning, including the creation of trusts. Our Southbury estate planning lawyers help clients create fully tailored, comprehensive, and legally enforceable estate plans, and this often includes the creation of trusts.

Whenever we meet with a new client, we take time to listen to their goals and their concerns when it comes to end-of-life planning. Trusts can provide valuable benefits, but it is crucial to know what it takes to create a legally enforceable trust.

A recent Pew Research survey reports that only about 32% of Americans have a will, and only 20% report having made arrangements for their own funeral and burial services. The rate at which Americans report having made some estate planning arrangements increases with age, and about 66% of those surveyed in their 70s report having a will, and about 80% of those surveyed over the age of 80 report having done so as well.

More than 30% of Southbury’s population is over the age of 65, and this is usually the age bracket most concerned with end-of-life planning. However, it is never too early for anyone to start taking estate planning seriously, and trusts provide significant benefits that no one should overlook. Burns Thomas, LLC, takes time to learn as much as we can about our clients to create truly personalized and legally enforceable estate plans, and these often include trusts.

Understanding Trusts in Southbury Estate Planning

Whenever a person dies in Connecticut without an estate plan, their estate enters probate. This is a notoriously frustrating, time-consuming, and expensive process. The contents of the deceased’s estate will be distributed to their beneficiaries according to the state’s laws of intestate succession. Family members often feel as though this is disconnected from their family dynamics, and it is easy for conflicts to arise during this difficult process.

A properly configured and legally enforceable trust could enable your family to avoid probate entirely. When you create a trust, the assets placed within the trust are placed in the ownership of your chosen trustee. Their job will be to maintain control over the contents of the trust and, after your death, distribute the contents to your beneficiaries according to the instructions you set forth in your will.

Creating a trust is more complex than writing a will because more information is required upfront. Additionally, it is possible to create different types of trusts. For example, an irrevocable trust cannot be modified once created, but it can provide significant tax benefits to your family. By comparison, a revocable trust can be edited over time but does not provide the same level of tax protection.

Special Options for Creating Your Trust

While trusts are generally divided into “revocable” and “irrevocable” designations, there are further customization options that you should understand. Your Southbury trusts lawyer can help you make an informed decision as to whether a specific type of trust would suit your situation and provide the advantages you hope to secure for your beneficiaries. Some of the different types of trusts you might consider include:

• Special Needs Trust: This type of trust can protect a disabled beneficiary after your death, helping them maintain their eligibility to collect benefits like Supplemental Security Income or Medicaid, but the trust can still provide for their basic needs and quality of life. Attempting to pass assets to a disabled beneficiary through other methods could result in them being disqualified from receiving the benefits they need after your death.
• Medicaid Asset Protection Trust: This type of trust could be used to protect the contents of the trust from interfering with nursing home costs or Medicaid eligibility under Connecticut’s five-year lookback period. Your Southbury trusts attorney can potentially help you configure a trust in such a way that passing the contents to your beneficiaries will not interfere with their eligibility to claim certain government benefits.
• Testamentary Trust: This type of trust is written directly into your will, meaning it must go through probate, but it provides complete control over how the contents of the trust will be distributed to beneficiaries. A testamentary trust only becomes active upon the trust creator’s death.
• Life Insurance Trust: This type of irrevocable trust transfers the ownership of your life insurance policy to the trust. You would make cash gifts to this trust, which the trustee would then use to pay the premiums on the ongoing life insurance policy, and after your death, the death benefit of the policy would be paid directly into the trust. The death benefit would then not count as part of your taxable estate.
• Charitable Remainder Trust: This option is attractive to many high-net-worth individuals in the Southbury area who wish to make philanthropic donations with their estates while also taking advantage of tax deductions. Assets transferred into the trust are then sold by the trustee, who then reinvests the proceeds. Both you and your beneficiaries could then receive regular income from the trust until the trust term ends, and then the remainder is donated to charities you select.

Your Southbury trusts lawyer at Burns Thomas, LLC, can help you determine which type of trust suits your needs and expectations most closely. Trust us to gather all of the records and documentation you will need to create a fully enforceable trust. We can also explain the potential drawbacks of each type of trust and which type would be most suitable for the particular assets you control.

Assets placed in a trust may be shielded from creditors, preventing them from being seized for debt collection or taken through lawsuits. A trust can also protect assets from mismanagement by beneficiaries. If the estate owner has specific intentions for certain assets, their trustee can ensure that beneficiaries use these assets as intended.

Trusts can also ensure financial assets designated for minor children are protected and properly managed so they can use these assets as intended. When you meet with the Southbury estate planning lawyers at Burns Thomas, LLC, we can review the details of your situation, listen to your goals and expectations, and help you select the right type of trust. We will then guide you through every step of the creation process.

Whether the right 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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Elements of Your Estate Plan in Southbury

A will is a very important document that can provide clarity and confidence to you and your family when it comes to the administration of your estate after your death. A trust can provide tax benefits to your family and potentially allow them to avoid probate entirely. These are important components of a complete estate plan, and it is also possible to include additional documents that further protect your family:

• Your advanced medical care directive can explain your wishes when it comes to the medical treatment you want to receive in certain situations. If you become critically ill and/or incapacitated, this document will explain what level of treatment you would like to receive in specific situations. This allows your family to make medical decisions on your behalf with confidence.
• A durable power of attorney can enable your chosen personal representative to make important, legally binding decisions on your behalf if you become unable to do so. The personal representative you designate as your Power of Attorney can help your family handle difficult situations more efficiently and with the confidence of knowing the representative has a duty to respect your wishes.
• You can also provide clear instructions for protecting specific assets, planning for guardianship of minor children or adult children with disabilities, and making charitable donations with elements of your estate after your death. Carefully constructed trusts help to minimize the chance of certain beneficiaries taking advantage of others, and plan as far into the future as possible.

Trusts are valuable components of estate plans, and your Southbury trusts lawyer at Burns Thomas, LLC, can work closely with you to help you make informed decisions about the estate plans you make. Trusts can be more difficult to create than simple wills, but it is worth the effort, and you can be confident in the results when you have an experienced legal team assisting you.

Our team can also help you revise existing estate plans when you are eligible to do so. If you need to make changes to your will, modify a revocable trust, or amend any other element of your estate plan, you can trust our team to guide you through these processes so you can have peace of mind. Reach out to our firm as soon as possible to learn how a Southbury trusts lawyer can help.

FAQs

Will Creating a Trust Allow My Family to Avoid Probate in Connecticut?

Yes, creating a trust could allow your family to avoid probate in Connecticut. Your Southbury trusts attorney can help you determine which type of trust would provide the benefits and protections you hope to secure for your family. The assets you place into the trust become property of the trust in the care of your chosen trustee, so they would not need to go through probate.

How Much Does It Cost to Create a Trust in Connecticut?

The cost to create a trust in Connecticut varies, but do not assume that you can save money by using some type of self-service option or software. While you may want to investigate these tools to help you understand your options and develop the framework of the trust, it is crucial to work closely with an experienced attorney so you can create the correct type of trust with confidence.

How Do I Choose the Right Trustee?

Choosing the right trustee is ultimately an entirely personal decision. In most cases, trust creators choose their spouses, adult children, or trusted close friends to take on this responsibility. You need to evaluate the complexity of your estate and the breadth of responsibilities that the trustee must accept, and then choose the person you believe to be able to handle these responsibilities. You may also wish to designate second and third options.

Why Should I Hire a Trust Lawyer in Southbury?

You should hire a trust lawyer in Southbury so they can help you create a fully tailored and legally enforceable estate plan that accomplishes its intended goals. While you may develop the framework of your trust on your own, you should bring this to an experienced attorney you can trust to help you refine it into a legally enforceable estate plan. Do not assume that a trust you create on your own will provide the level of legal protection you want for your family.

What Does it Cost to Hire a Trust Lawyer in Southbury?

The cost to hire a trust lawyer in Southbury typically depends on how much time your attorney must spend working on your estate plan. Most Southbury estate planning lawyers charge an hourly rate, and some charge flat fees for specific services like document preparation. It’s a good idea to consult an experienced attorney to help you create your trust, and they will explain their billing policy during your initial consultation.

End-of-life planning may be a challenging topic, but it is never too early to start creating your estate plan and ensuring the greatest benefits to your family. Trusts are powerful legal tools that can help you pass as much of your wealth on to your family as possible while shielding them from the stress, expense, and uncertainty of probate, and our team can help you understand all of your options for creating the appropriate type of trust for your goals.

Contact A Southbury Trusts Lawyer Today

The team at Burns Thomas, LLC, is ready to assist you with your estate planning and can explain the potential advantages of creating a trust. Contact us today to schedule a consultation with an experienced Southbury trusts lawyer and learn how we can help.