Trusts
Protect Your Assets and Provide for Your Loved Ones
At Phillips Law Group, we know the importance of protecting your legacy and ensuring your loved ones are provided for. Establishing a trust is a powerful way to maintain control and flexibility over your estate. Our skilled trusts lawyers, working with our sister firm at Dayes Law Firm, are committed to offering tailored, comprehensive trust-creation services that align with your specific and unique needs and goals. Fill out the form below for your Free Consultation now!
Why Do I Need a Trust?
A trust isn’t just a legal arrangement; it’s a strategic approach to managing and safeguarding your assets. Here are some of the key advantages of setting up a trust:
- Asset Protection: Protect your wealth from creditors, lawsuits, and other possible threats.
- Avoiding Probate: Transfer assets directly to beneficiaries, avoiding the delays and expenses of probate court.
- Tax Efficiency: Reduce estate and gift taxes, allowing more of your wealth to be preserved for your beneficiaries.
- Privacy: Ensure your financial affairs are kept private because trusts are not subject to public record like wills.
- Control and Flexibility: Specify the timing and manner of asset distribution, ensuring your exact wishes are fulfilled.
- Caring for Minor Children or Special Needs Beneficiaries: Offer structured financial support crafted for their specific needs.
Working with a skilled attorney helps ensure your trust meets all legal requirements and clearly sets out your wishes.
Our Trust Creation Services
Creating trusts requires thoughtful planning and expert guidance. Here’s what you can expect from our sister firm, Dayes Law Firm:
- Personalized Consultation: We start with a detailed consultation to understand your financial goals and family dynamics.
- Customized Trust Plans: The attorneys we work with at Dayes Law Firm tailor trusts to fit your specific needs, whether it’s a revocable, irrevocable, or special needs trust or other types of trusts.
- Expert Advice: Leverage our experience in this area of the law to make informed estate planning decisions.
- Seamless Process: We manage all the details, from drafting documents to ensuring legal compliance and more.
- Ongoing Support: We provide continued assistance to keep your trust aligned with your evolving needs.
Why Choose Phillips Law Group and Dayes Law Firm?
We work with Dayes Law Firm, our sister firm, to provide trust establishment services.
- Experienced Attorneys: Our combined team of skilled, experienced attorneys has a proven record of success in creating and managing trusts for clients.
- Client-Centered Approach: We prioritize your needs and concerns, providing understanding and detailed service throughout the trust-creation process.
- Transparent Pricing: We offer clear, upfront pricing with no hidden fees from the very beginning of your relationship with us as a client.
- Dedication to Excellence: We are committed to delivering the highest quality legal services, ensuring your trust is comprehensive and legally sound from start to finish.
Schedule Your Consultation With a Trust Attorney Today
Ensure your legacy is protected. Contact Dayes Law Firm/Phillips Law Group today to schedule your consultation with a trusts lawyer and start the process of crafting a trust that safeguards your assets and cares for your loved ones. The reliable teams at Phillips Law Group and Dayes Law Firm are ready to offer the guidance and support you need to secure your future.
Questions? Dayes Law Firm and Phillips Law Group Have The Answers
What is a trust? How does it work?
A trust is a legal arrangement where one person (the grantor) transfers assets to a trustee, who holds and manages them for the benefit of a third party (the beneficiary). The trustee manages the assets according to instructions outlined in the trust document to ensure the beneficiaries receive the intended benefits from the grantor.
Are there different types of trusts? What are they?
There are several kinds of trusts, including:
- Revocable Trusts: These can be altered or revoked by the grantor while they are alive.
- Irrevocable Trusts: These can’t be changed or revoked once documented.
- Living Trusts (Inter Vivos Trusts): This kind of trust is drafted during the grantor’s lifetime.
- Testamentary Trusts: These trusts are created through a will and take effect when the grater passes away.
- Special Needs Trusts: These are designed to benefit individuals with disabilities without impacting their eligibility for government benefits.
- Charitable Trusts: These trusts are crafted to benefit a charitable organization or purpose.
What are the benefits of setting up a trust?
Trusts offer many advantages, including:
- Probate Avoidance: Assets held in a trust generally bypass probate, enabling faster distribution to beneficiaries.
- Privacy: Unlike wills, which become public after death, trusts remain private.
- Asset Protection: Certain styles of trusts can shield assets from creditors and legal claims..
- Tax Advantages: Trusts can be structured to reduce estate and gift taxes.
- Control: Trusts allow the grantor to determine how and when assets are distributed, which can be especially helpful for minors or beneficiaries who may need financial oversight.
How do revocable trusts and irrevocable trusts differ?
A revocable trust can be changed or canceled by the grantor at any time, allowing flexibility and control. An irrevocable trust, on the other hand, cannot be altered or revoked once it is established, providing greater asset protection and potential tax benefits, as the assets are excluded from the grantor’s estate for tax purposes.
If I have a trust, do I still need a will?
It is generally advisable to have a will even if you have a trust. A will can cover assets not included in the trust and can designate guardians for minor children. Plus, a will can include a “pour-over” provision to transfer any assets not placed in the trust during the grantor’s lifetime into the trust upon their death, ensuring all assets are distributed according to the grantor’s wishes.
To get in touch with our team and Dayes Law Firm to get started on establishing a trust, contact us today at 602-222-2222.
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