Benefits of Having a Trust
Work With An Experienced Fremont Trusts Attorney
At Anthoor Law Group, APC, we have successfully guided countless families
through the estate planning process and have helped them protect the future
of their loved ones and assets through the creation of
living trusts, and
irrevocable trusts. In addition, our Fremont estate planning attorneys are proud to also
help our clients enact various kinds of trusts that are specific to their
needs, such as:
Discuss your future needs with our trust lawyers at your
free consultation! Call us at (510) 244-2760 today.
Special Needs Trusts
If you are the parent of a child with special needs, you can make sure
that they have everything they need in the event of your passing with
a special needs trusts.
A special needs trust allocates money to your child in order to provide
for the following:
- Medical check-ups
- Rehabilitative care
- Personal care attendant
Irrevocable Life Insurance Trusts (ILIT)
If you are a life insurance policy holder, your life insurance proceeds
may be included in your estate at the time of your death. This means that
your life insurance proceeds can be taxed by the state and IRS. This can
be avoided by creating an irrevocable life insurance trust, which will
transfer all the insurance policy proceeds to a designated trustee. The
designated trustee can be a child or spouse.
Qualified Domestic Trusts (QDOT)
This specific type of trust is used to allow non-U.S. citizens who are
married to a U.S. citizen to qualify for unlimited marital deduction.
Individuals who qualify for a QDOT can help keep their estate from being
subject to excessive federal taxes upon the death of the spouse.
In order to qualify for the QDOT, you must meet the following qualifications:
- At least one trustee must be a US citizen or domestic corporation
- The trust must not allow a distribution of principle unless the US citizen
has the right to withhold estate tax on the marital distribution
- The trustee must keep a sufficient amount of the trust assets inside the U.S.
- The trustee must ensure the payment of federal estate taxes
- The executor of the estate must elect to have the marital deduction applied
to the trust
Qualified Terminable Interest Property (QTIP) Trust
The QTIP is a specific type of trust that enables an individual to provide
for a surviving spouse. The QTIP can also be used to maintain a certain
degree of control over how the trust's assets are distributed once
the surviving spouse has passed away. Income that has been generated from
the trust will be given to the surviving spouse to make certain that all
beneficiaries are taken care of.
Get started today! Call our Fremont estate planning lawyer now.
To find out what kind of trust is suitable for you and your family, please
contact Anthoor Law Group, APC
as soon as possible. We would be happy to meet with you during a
free initial consultation and discuss your many options.