We know our clients have a reason and a purpose for their business and financial activities. Those reasons and purposes can be protected, and turned into a legacy, with proper planning and well drafted legal documents. Gallinger Law assists business owners and other clients with estate planning and the creation of wills and trusts.
Most people who own real estate or significant assets will want to create a Living Trust to avoid probate expenses and delay. Probate is the court-supervised process of the distribution of state, it can take up to 6 months or longer, can cost 4% of the total value of the estate, and records can become public. Execution of a revocable/living trust can avoid all this and they can be changed or cancelled at any time by the creators.
Revocable trusts, however, generally don’t give asset or tax protection. Different types of irrevocable trusts are needed to protect assets from lawsuits and creditors and also to structure property to avoid the estate, gift and other taxes. The permanent nature of irrevocable trusts means careful consideration and wise guidance is advisable before creating one.
If you have questions about creating wills or trusts, or would like your existing documents reviewed, contact Gallinger Law for a free consultation today.