Irrevocable Trust Attorneys in Bend, Oregon
Knowledgeable and Compassionate Estate Planning Attorneys Providing Valuable Legal Guidance to Our Clients and Their Loved Ones
Just as there are many different types of estate planning measures worthy of consideration, there are also several types of trusts. Depending on your unique estate planning goals, you may require different types of trusts to suit your unique circumstances. For example, some trusts provide more asset protection, tax planning, and other advantages, whereas other trust documents may provide more control and flexibility.
Suppose you want to protect your property, avoid the probate process, and seek certain tax benefits. In that case, it is strongly recommended that you seek the legal counsel of estate planning lawyers who are well-versed in the practice areas related to establishing trusts. Our legal team has extensive experience helping clients protect their legacy and the future of their family members by creating and administering various types of trusts. We commonly recommend irrevocable trusts, which provide an extra level of security to your trust assets, tax planning, and can address your final wishes upon your death.
Our law firm proudly serves clients in Jefferson, Jackson, Crook, and Deschutes counties. We are proud of our reputation within the legal community and among our clients, many of whom have provided glowing reviews as thanks for our services. To learn more about the benefits of retaining our legal representation in matters of establishing an irrevocable trust in your estate plan, please get in touch with our Central Oregon law office to schedule your initial consultation today.
How Do Irrevocable Trusts Differ from Wills or Revocable Trusts?
Two of the primary types of trusts available to Oregon residents are irrevocable and revocable living trusts. While these legal documents share some similarities, there are also many differences. Ultimately, what type of trust most benefits you and your heirs depends on your circumstances.
When an irrevocable trust is created, the person who makes the trust is responsible for transferring funds and other trust property into the trust, and those assets will then be distributed to named beneficiaries throughout the grantor’s lifetime according to the language of the legal document. Unlike revocable trusts, which can be easily terminated or modified by the trust’s creator, irrevocable trusts are not as flexible. Once the irrevocable trust is created and the designated trustee accepts their role, it is incredibly difficult for the trust creator to revoke or revise the trust document unless they have the express permission of all named beneficiaries.
Revocable trusts, on the other hand, can be easily modified or terminated at any time and for any reason. However, there are advantages and disadvantages to both types of trusts. For example, because the assets put into an irrevocable trust are no longer considered to be the trust creator’s property, they are not subject to claims from creditors, estate taxes, and other potential vulnerabilities. Assets put into revocable trusts are still considered to be under the ownership of the trust creator, meaning that the grantor can still access them, and as a trade-off, those trust assets may be vulnerable to claims and lawsuits.
What Are Some of the Benefits of Irrevocable Trusts?
There are many reasons to create irrevocable trusts, such as tax planning, asset protection measures, long-term care planning, qualifying for essential government benefits, and more. Before proceeding with the creation of an irrevocable trust, it is critical that you speak with experienced estate planning lawyers to ensure that you make informed decisions about what types of documents to add to your estate plan.
Among the many benefits of irrevocable trusts are the following:
Asset Protection
Once property and assets are placed into irrevocable trusts, they are no longer considered to be the personal property of the trust creator. Trust assets will be under the ownership of the trust itself, which creates unique security measures, essentially shielding trust property from creditor claims, legal judgments, and other potential costly vulnerabilities. To learn about asset protection strategies, please contact our law office to schedule your case review.
Estate Taxes
Oregon imposes its own estate taxes, which typically apply to larger estates. When you transfer assets into irrevocable trusts, you can potentially reduce your estate’s taxable value and protect specific property from Oregon estate taxes. As a result of these estate tax advantages, you can potentially increase the inheritance you leave behind to your beneficiaries and heirs.
Privacy
Unlike a will, which must go to probate court, a trust avoids the probate process. This can be beneficial for several reasons, including privacy and confidentiality, as probate is a public matter. Consider creating a trust to increase privacy and limit public access to your affairs.
What is a Special Needs Trust?
Some irrevocable trusts are uniquely tailored to provide for a loved one’s special needs while maintaining eligibility for essential government benefit programs. If you are concerned about your family members with special needs and their quality of life after you are gone, you want to ensure that they qualify for Medicaid, Supplemental Security Income, and other benefits. A special needs trust can help achieve these aims.
What Are Charitable Trusts?
Our law firm assists many clients by creating irrevocable trusts geared toward philanthropic charitable giving strategies. Charitable giving has several benefits, including tax deductions and gift giving.
What is a Testamentary Trust?
Testamentary trusts are legal documents created to protect the inheritance of designated beneficiaries. They are usually created within the last will and testament or another type of trust. Testamentary trusts are irrevocable and cannot be easily modified by beneficiaries. They do not go into effect until the death of their creator.
What Are Other Types of Oregon Irrevocable Trusts?
Other types of irrevocable trusts that may be worthy of consideration include the following:
- Spendthrift trusts
- Qualified person residence trust
- Irrevocable life insurance trusts
- Charitable remainder trusts
- Bypass trusts, also sometimes referred to as family trusts
- Grantor retained annuity trust
- Irrevocable Medicaid trusts
- Retirement plan trusts
Contact Our Central Oregon Law Firm to Discuss Your Estate Planning Goals with Our Irrevocable Trust Lawyers Today
Most comprehensive estate plans include a will, advance directives for healthcare decisions, a durable power of attorney for financial matters, and a revocable or irrevocable trust.
Our highly qualified legal team is here to provide valuable assistance in creating and administering an irrevocable trust, naming a trustee or successor trustee, and all other matters related to estate planning services. To learn more about how we can assist you in these and other legal issues, please contact our law firm to schedule your no-obligation case evaluation today.
You can contact us at (541) 546-1713.