The Importance Of Trusts In Iowa Estate Planning
Estate planning is a complex process and flexibility is paramount, as tax considerations and miscellaneous circumstances with respect to property frequently change. With those factors in mind, individuals seek to develop an enforceable estate plan that can be amended to correspond with those changes in circumstance that clearly delineate how property will be distributed after death.
Why Put Your Assets In A Trust?
A will communicates your wishes upon your death. Trusts provide a “home” to assets that benefit a person or entity. Trusts can take many forms, with the following being two of the most common:
- Revocable living trusts
- Irrevocable trusts
How Flexible Are Trusts?
Revocable trusts permit the trustors to change the trust’s terms to benefit their heirs or protect specific interests. This can permit a trustor to modify and customize their assets for the succeeding generation. Specific powers include:
- Substituting trust assets for tax purposes
- Granting modification authority to trust protectors
- Contingency planning for fiduciaries who pass away or are unable or unwilling to serve in that capacity
- Including trustees in irrevocable trusts to have broad or limited powers (with certain limitations)
- Adding a protector who is empowered to change beneficiaries under circumstances that include new births or deaths, divorce, varying ages of distributions and amounts, beneficiaries dealing with addiction, or medical emergencies or disabilities.
Our experienced attorneys can share some of the most common considerations and apply them to your circumstances to assist you in making the best decisions for your family and loved ones.
Advantages of Trust Planning
The benefits of trusts are numerous. They can help a grantor avoid the court-supervised probate process, saving time and costly legal fees. In addition, trusts have the flexibility that wills do not enjoy, specifically customization that meets the specific needs of loved ones while avoiding tax issues and protecting them from creditors. Favorite charities can benefit as well.
While “do-it-yourself” products exist to supposedly speed up the process, the complexity of estate planning and trust establishments requires the help of an experienced estate planning lawyer. In addition to establishing these important financial mechanisms, he can also litigate family disputes.
Personalizing An Estate Plan To Protect Your Business
Estate planning provides you with multiple tools for protecting the future of your business. At Telpner Peterson Law Firm, LLP, our attorneys can help you with every step of the process, from writing a well-structured buy-sell agreement to putting measures in place in case of your incapacitation or disability.
There are a variety of estate planning tools we can utilize to protect your assets, including:
- Succession planning
- Trusts
- Buy-sell agreements
- Tax efficiency planning
- Planning for disability or incapacitation
Establishing a trust has many benefits beyond protecting and controlling your business assets. Trusts allow for more privacy and protect your assets from creditors. Some trusts also provide tax benefits by reducing or eliminating estate taxes. A business trust will enable you to operate your business directly from the trust and can help ensure the succession of your business if you die or become incapacitated.
Skilled Legal Advocacy For Creating Iowa Trusts
During times of significant change, countless Council Bluffs residents turn to Telpner Peterson Law Firm, LLP. Our attorneys help older adults make sound decisions to establish financial legacies for their family members. We remain at their side, facilitating critical financial decisions with dedication and compassion.
Accessibility is paramount for the attorneys at our firm. Call 712-309-3738 or use our online form to reach out to an estate planning attorney.