A living trust can be an important component of your estate planning. It may allow you to avoid probate and provide better control of your assets. Call Colorado Estate Matters, Ltd. at (303) 713-9147 and speak with a Denver living trust attorney to get a free consultation. We can help you determine if creating a living trust is the right estate planning step for you.
A well-written living trust is a sophisticated legal instrument that works like a basket for your assets. The person making the trust (grantor) agrees to put his or her assets into the trust, stipulates how the trust will be managed, determines who will get the benefit of the property in the trust (beneficiaries), and appoints a trustee to manage the property according to trust stipulations. While you are alive and well, you can serve as the trustee of your own living trust.
We take a comprehensive approach in reviewing your entire situation to determine if you need a living trust. This estate planning tool may be appropriate for you if you:
When you set up a living trust, you transfer your assets from your name to the name of the trust, over which you maintain control. Once the trust is established and contains all your assets, you no longer own them because they belong to the trust. Consequently, there is nothing left for the courts to control when you die or become incapacitated.
You make the rules when you establish a living trust. As trustee of your own trust, you can do anything you could have done before when the assets were still in your name, including buying or selling assets. You file the same tax returns, only in the name of the trust instead of your own name. As the living trust is revocable, you have the option to change or cancel it if you desire.
At our Colorado estate planning law firm, Colorado Estate Matters, Ltd., have more than 20 years of experience handling all matters of estate law for our clients. Contact us today at (303) 713-9147 for sound legal guidance in establishing a living trust and all your estate planning needs.
From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village, Englewood, Centennial, Wheat Ridge, Golden and Arvada.
Colorado does not have a state-level estate tax, but federal estate tax may apply to larger estates. It’s important to consider federal tax implications when dealing with an estate.
Colorado does not have a state-level estate tax, but federal estate tax may apply to larger estates. It’s important to consider federal tax implications when dealing with an estate.
It’s essential to consult with an attorney or legal professional experienced in Colorado probate law to get accurate and up-to-date information and guidance on your probate matter.