Reliable Trust Attorney in Mesa, AZ Helps You Protect Your Assets

Proven strategies for securing wealth for retirement and succession

As part of a comprehensive estate plan, one or more trusts can help you secure wealth for your enjoyment and pass it on to your heirs while avoiding probate. For more than 20 years, the Law Firm of Joseph M. Udall, PLC has provided personalized estate planning services for people throughout Arizona. By working closely with you to identify where you need asset protection and the most cost-effective means of transferring your wealth, we can suggest a variety of proven strategies to accomplish those goals.

Mesa, AZ estate planning attorney explains how trusts work

With a living trust you can transfer assets without a will during your lifetime. Legal title passes to a trustee, who manages the assets for the benefit of your beneficiaries. During your lifetime, you are the trustee and the beneficiary of the trust, so you control the assets for your benefit. Upon your death, the successor trustee transfers the assets to the beneficiaries in the manner specified in the trust. There are two types of living trusts:

  • Revocable — You retain control of all assets and may change the terms of the trust at any time.
  • Irrevocable — You cannot control the assets or make changes to the terms of the trust without the beneficiaries’ consent.

Trusts can be helpful in minimizing the tax consequences of asset transfer.

A variety of trust instruments are available to fit your specific needs

In addition to a living trust, your circumstances might call for a:

  • Family trust — To avoid estate tax, you may use a will to bequeath a certain amount to a trust. The remainder passes to your spouse without incurring estate tax.
  • Dynasty trust — This allows you to pass substantial sums to your grandchildren without incurring estate tax.
  • Qualified personal residence trust — You can avoid estate tax by placing your home in a trust so its value is not added when calculating your estate.
  • Life insurance trust — By placing your life insurance in an irrevocable trust, you allow the assets to pass to your beneficiaries without incurring tax. You cannot borrow against the value of your policy for the remainder of your lifetime.
  • Qualified terminal interest property trust — If you’ve divorced and remarried, a QTIP trust allows you to direct assets to persons you choose, such as children from your first marriage, rather than having them pass to your current spouse.

As with your will, you may revoke most trusts if your circumstances or desires change. However, unlike a will, a trust allows assets to avoid probate, and a trust provides a plan for the management of the assets if you become incapacitated.

Contact a knowledgeable trust attorney for personalized service in Mesa, Arizona

The key to a successful estate plan is matching the legal instruments to your needs. The Law Firm of Joseph M. Udall, PLC works closely with you to identify your concerns and suggest strategies to address them. Call 480-500-1866 or contact us online. We provide free telephone consultations, and Saturday and evening appointments are available. We speak Spanish fluently.