Mesa Estate Lawyers Who Can Help You Create an Irrevocable Trust

Let our law firm protect your assets with an irrevocable trust

Since the assets that are put into an irrevocable trust are no longer part of the grantor's estate, an irrevocable trust can help reduce tax liability and protect assets from creditors. Advantages of creating an irrevocable trust include:

• Safeguard against lawsuits: Depending on your profession, you could be prone to claims against you. This holds especially true for doctors, lawyers, and certain business owners. Any court order or judgment against you can't touch the assets in your irrevocable trust, as once you place them in the trust, they no longer belong to you. If you're forced to pay out financial compensation as the result of a lawsuit, the assets in your irrevocable trust will be safe.
• Lower tax liability: While there is no estate tax in Arizona, if your estate is valued at a certain amount, the personal representative of your estate will be responsible for paying a federal estate tax. By funneling assets into an irrevocable trust, you can help shield your assets from tax liability since they are no longer considered a part of your estate.
• Qualify for government programs: In order to be eligible for some government benefits, such as Medicaid, you must fall within certain income and asset limits. By putting assets into an irrevocable trust, you can keep within these limits to qualify for different government programs.
• Assets distributed per your wishes: Whether you want the assets from your irrevocable trust distributed to beneficiaries when they reach a certain age or you want them to be distributed for certain uses, such as education, you can outline those provisions when drafting the trust, and those instructions essentially become set in stone.

Contact a Mesa estate attorney to create your irrevocable trust

Irrevocable trusts are just one way you can protect your assets and avoid the dreaded probate process. Your beneficiaries will be able to receive assets much quicker after your death, and unless the trust is being contested in court, your privacy will remain intact.

Having a strong estate plan in place is a great way to seize control of your legacy, and the Mesa estate lawyers from Brown & Jensen can help you come up with a custom plan that meets your needs and fulfills your wishes. Contact us today for a free consultation.