Think of Trusts and Estate Planning like building a house. The first thing you put into place is the foundation. Without a solid foundation, you could end up with a house that cracks and falls apart. The foundation for an estate plan is the revocable living trust.
If you have $100,000 or more in personal or family assets, including real estate , a trust is probably the right strategy to protect your family from the effects of probate. Probate is a court process that leaves your family’s financial affairs and assets exposed to the public. Estate planning with a living revocable trust keeps your family’s financial affairs private and keeps the probate court from having control over what happens to your estate.
What Is a Revocable Living Trust?
Through the years, the attorneys of Morris Hall, PLLC have championed the importance of establishing a revocable living trust and funding it appropriately with assets that might otherwise be lost to income, business or estate taxes.
A revocable living trust is a plan that allows you to control the disposition of your financial assets while you are alive. At Morris Hall, our trusts go a step further, protecting your beneficiaries from creditors, ex-spouses, long-term care expenses and devastating tax consequences after your death.
When you talk to our attorneys, we will clearly explain the potential benefits of a revocable living trust and thoroughly analyze your financial situation. Working with professionals from Morris Hall Accounting and Morris Hall Financial, we will set up and administer a trust that will offer every legal, tax and asset protection advantage for you now and for your family upon your death.
We Work With All Levels of Income and Assets
The attorneys at Morris Hall have the experience and knowledge to handle estates of all sizes, from a modest suburban home to estates of tens of millions of dollars. We realize that no one plan is right for everyone, and have clients of all income and asset levels.
We are especially sensitive to the concerns of clients with special-needs children, blended families, privately held assets, noncitizen family members, nontraditional families and other circumstances. We apply our experience in accommodating a wide variety of situations. We also strive to minimize controversy, which can arise when a family member feels left out of the distribution or control of a trust.
The estate planning process always begins with an evaluation of your goals, your family’s economic situation and relationships. We will advise you about all of your options for revocable living trusts, including:
- Qualified trusts for IRAs and retirement accounts
- Special-needs trusts
- Funding assets to trusts
- Asset protection
If you already have a living trust written before 2009, it may need to be amended to include provisions to conform with changes in the law, including IRA/401(k) distributions, asset protection and divorce protection for your children, and protection against spend-down for long-term care.
To learn more about ways a living trust can be the answer to your estate planning needs, contact us to arrange a consultation with an experienced lawyer today. Our offices are located in Phoenix, Tucson, Albuquerque and communities throughout Arizona and New Mexico.
