Trust and Estate Planning Attorney in Connecticut
To pass IRS scrutiny every trust must meet certain requirements specific to that trust and contain specific language. That is why it is so important to seek the help of an experienced Westport trusts attorney.
To determine the type of trust that is right for you, contact the law office of John M. Gasidlo, Esq. to set up an appointment with a skilled estate planning lawyer.
The Benefits of Trusts
Trusts serve an important role in any comprehensive estate plan. From our Westport location, we help create simple or complex trusts to meet the needs of people throughout Connecticut.
Trusts are beneficial in that they:
- Reduce Estate Taxes
- Pass Maximum Assets to your Family
- Provide Comprehensive Control
- Maintain Your Privacy
- Reduce Probate Court Involvement, Control, Costs, and Attorney's Fees
- Negate the need to file an Accounting with the Probate Court
- Transfer property to your heirs without Probate Court Approval
- Provide your heirs immediate use of assets without waiting for the Probate Process
- Prevent unwanted payments to creditors of your heirs
- Avoid the need to set up joint, Executor, or Conservator bank accounts.
Types of Trusts
Some examples are:
- Revocable Living Trust: Effective during your lifetime. You keep all your property and only you can change it. All property is passed to your heirs immediately without any Probate Court involvement.
- Credit Shelter Trust (Revocable): Passes property directly to your children while providing income to your surviving spouse (with no tax consequences).
- Irrevocable Educational Trust: Provides money for a grandchild's or child's college education, but keeps control of payment in the trustee, not the child. Reduces estate for tax purposes.
- Irrevocable Life insurance Trust: Reduces Estate Taxes by keeping life insurance proceeds out of the estate. This can be a huge tax saver.
- Revocable and Irrevocable Special Needs Trusts: Safeguards money for a disabled child or disabled adult under 65 to use and ensures that they will still qualify for government benefits. Self-settled Special Needs Trusts require approval by the Department of Social Services and payback. Ones funded by you do not require approval.
- Irrevocable "Crummey" Trust: Qualifies for the $12,000 yearly tax exclusion. These are used to create hybrid trusts such as Educational Trusts.
- Irrevocable Generation Skipping Trust: Designed to allow a generation the use and enjoyment of a trust without tax consequences.
Trusts help you avoid the necessity and expense of setting up executor and conservator bank accounts and the payment of unnecessary estate taxes. From living trusts that can help you avoid probate, to trusts that address special needs or charitable giving, our firm can help you protect your hard-earned assets and property.
Professional, Attentive, Confidential: Call 203-454-0101 for a Norwalk Living Revocable Trusts Lawyer
To learn more about the significance of trusts and trust administration, contact us at the law office of John M. Gasidlo, Esq. We represent clients throughout Connecticut, including people in New Canaan, Norwalk, and Fairfield.
