Irrevocable Trust Lawyer

Many people do not realize the different ways an irrevocable trust could be used to protect their family. Every situation is unique, and an irrevocable trust is not the right tool for every situation, but estate planners are using trusts to achieve more goals than ever before.

At the Huizenga Law Firm, we work closely with clients to understand their current situation and plans for the future. If we think an irrevocable trust could serve your needs, we would ensure that you understand all the details and future ramifications before helping you determine whether to create the trust. Then we custom-design a trust with your specific objectives in mind.

Understanding Trusts

Estate planning attorneys create irrevocable trusts for clients to hold property in a way that protects it from depletion through various means. A trust is an entity that takes over ownership of property. The trust holds the property for the use and benefit of one or more beneficiaries. Property in the trust is managed by a trustee who has a fiduciary duty to act in the best interests of the beneficiary rather than in their own interests. While the trustee may act as if they own the property, it is not theirs to enjoy.

Uses of Irrevocable Trusts

While there are many different types of irrevocable trusts set up for a wide variety of purposes, some of the most common include:

  • Special needs trusts established for an individual with special needs who receives government benefits such as Medicaid and SSI. The beneficiary can use trust funds to buy things, take vacations, or enjoy other opportunities. However, the funds in the trust do not belong to them, so they don’t count against the income and asset limits for eligibility. Their ability to receive government benefits is preserved.
  • Asset protection trusts to shield property from predatory creditors or hold property for individuals who are not yet ready to handle their own money.
  • Medicaid trusts to preserve assets while establishing eligibility for Medicaid long term care benefits
  • Pet trusts to provide for the care of beloved animals
  • Charitable trusts to reduce tax liabilities while providing for favorite causes
  • Education trusts to provide for education of a younger family member
  • Life insurance trusts or other types of trusts designed to reduce potential estate taxes

To ensure that these trusts are able to accomplish your goals, it is crucial that the terms be set up according to all legal requirements and that the trust be managed in compliance with those requirements as well.

Huizenga Can Help You Establish or Maintain an Irrevocable Trust

Managing an irrevocable trust can be a complicated undertaking. If you have been named a trustee and need assistance, we would be happy to help. If you are considering establishing an irrevocable trust, we would also welcome the chance to explain how a trust could work in your situation and whether there are alternatives to consider.

Our goal is always to help you find the best methods to protect your family and your future. Contact us today to get started.