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Helping You Navigate Complex Legal Issues

Trusts Archives

Gregory A. Lang

Achieving asset protection through a spendthrift trust

As Hennepin residents begin to plan the process of transitioning their assets to their heirs or beneficiaries, concerns may arise over how those assets will be handled once they are distributed. The hope is that beneficiaries will have the skills necessary to manage their bequeathed assets wisely. However, that is not always the case. Fortunately, trust grantors can maintain some control over how a beneficiary’s interest in a trust is used through a spendthrift clause.

What are the privacy benefits of a trust?

Just how much do you value your privacy? If you are like most in Hennepin and throughout the rest of the U.S., then the answer to that question is very much so. In fact, a study conducted by the Pew Research Center whose results were shared by the Electronic Privacy Information Center showed that 74 percent of Americans believe that being able to control the access to their information is vitally important.

Explaining express and non-express trusts

Hennepin residents may often hear the world “trust” used in association with estate planning. While most likely have a general idea of what a trust is, they may lack an in-depth understanding of its purposes. This lack of knowledge is no doubt compounded by the many different types of trusts out there. Yet before one attempts to discern the differences between these trust subtypes, it is first important to comprehend that fact that all trusts can be broken down into two general categories: express and non-express.

Why would you choose a testamentary over a living trust?

If you are like most in Hennepin, you hear the word “trust” in association with estate planning and likely think of a living trust. However, another lesser known trust also offers a number of unique benefits when it comes to managing your affairs: a testamentary trust. If you are unfamiliar with this type of trust, then you probably also question when and where it might be beneficial to you. The answer depends largely on your level of participation in the estate planning process.

Who should you name as your trustee?

If you’re looking to avoid having your estate go to probate upon your death in Hennepin, then a revocable living trust may be the way to go. As long as you are alive, you are fine to leave yourself as the trustee. Yet given that one of the main purposes of the trust is to be able to have control over your assets after your death, you will inevitably need to name another trustee at some point.

Assisting those who are creating a trust

From a living trust (inter vivos trust) to an irrevocable trust, people have a wide variety of options when it comes to creating trusts. Furthermore, there are all sorts of issues to consider when putting together a trust or moving forward with any other type of estate plan. At the Lang Law Office, we can help you create an effective trust that not only helps ensure the correct distribution of assets, but provides peace of mind as well. In Hennepin, Minnesota, and across the entire country, estate-related issues can be complicated and it is essential for people who are dealing with them to take an intelligent approach.

What are some of the benefits of trusts?

Each day, people throughout the United States make smart decisions which help ensure smooth, successful estate transfers. In Hennepin, Minnesota, those who are preparing to pass down their assets to loved ones after their death have a number of options. For example, there are many types of trusts, such as a living trust (inter vivos trust), after-death trust, charitable trust, spendthrift trust and constructive trust. If you are in this position, it is essential to ensure asset protection by identifying the smartest path forward.

Lending a hand to those considering revocable trusts

Each day, people pass away and leave their loved ones with beautiful memories and, in some cases, different types of gifts. For many people, it is a good idea to prepare for the distribution of their property while they are still living and many choose to move forward with a revocable trust, which allows them to make changes to how their trust property will be handed over after their death. Also, in Hennepin, Minnesota, and throughout the nation, there are many other reasons why people decide that a revocable trust is the best way to ensure that their gifts are distributed properly.

Dean Smith's trust offers gift to former players

As some Minnesota residents may have heard, when Dean Smith, the late college basketball coach, left $200 to about 180 of the players he had coached during his career, the news spread because players posted pictures of the letters and checks on social media. However, if they had not done so, the press would never have known about the gifts because they were distributed through a special estate-planning tool called the revocable trust. In addition to ensuring privacy, revocable trusts provide a buffer against estate taxes, which makes them in states that tax estates upon transfer.

Understanding trusts and bankruptcy

Estate owners in Minnesota might be interested in learning more about how a trust can be affected by filing bankruptcy. The core issue in these scenarios is identifying who is in control of the assets. The trustee appointed to a bankruptcy case is responsible for finding all the assets that the debtor owns. Trustees are concerned with determining whether the debtor is in control of assets such as investment accounts, saving accounts, checking accounts or property.

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