Centennial Trusts Attorneys
Serving Clients Throughout the Denver Area
When you obtain wealth through hard work, you create an opportunity for everyone in your life. The stress of planning for the protection of your loved ones can be overwhelming, but our team at Skipton Law can make the process easier.
If you have an estate, large or small, you will want to make every effort to ensure it will be safely passed to your chosen heirs. Our Centennial trusts lawyers can help you leverage instruments designed to preserve your wealth and maximize opportunities for the next generation. We have over a decade of legal experience and take a collaborative approach to estate planning, treating each case with the empathy, integrity, and highly personal level of service our clients deserve. Our firm will use trusts and other estate planning tools to create a blueprint for your future based on the specific needs of you and your family.
Ready to learn more about what a trust can do for you? Contact us online or call (720) 770-3880 to schedule an initial consultation.
What Is a Trust and How Does It Work?
A trust is a unique legal arrangement that involves three distinct parties: The trustor (the person who created the trust), the trustee (the person assigned to oversee the trust), and the trust beneficiary or beneficiaries (the people who receive funds or assets from the trust). Trusts have many uses and can be customized to suit your specific concerns and objectives.
Many people use revocable living trusts to avoid probate. Assets placed in trusts are exempt from estate administration, so assets can generally be transferred to beneficiaries (in accordance with trust instructions) without court involvement. Revocable trusts are modifiable and can be changed throughout your lifetime. You can also choose to serve as your own trustee. A “successor trustee” will take over when you pass away, become incapacitated, or no longer wish to oversee the trust.
Others use irrevocable trusts to reduce the impact of federal estate taxes and protect assets. When assets are placed in certain types of trusts, they are not counted toward the value of someone’s taxable estate. They are also not technically owned or controlled by the trustor, meaning they cannot usually be seized in connection with a court judgment. The tradeoff is that irrevocable trusts cannot be changed once they are created, and trustors cannot directly access assets placed in them.
Trusts can also be used to pay for various needs you and your family have. For example, a family needs trust can be leveraged by a beneficiary to purchase a home or lease other property. A family needs trust can also be used to purchase adaptive or special needs equipment. A special needs trust is specifically designed to supplement the income and resources of a disabled person without jeopardizing their eligibility for public benefits. Our Centennial trusts attorneys can evaluate your needs and identify ways these arrangements can help.
Some other uses for a trust can involve:
- Home Care. Many elderly people and those with special needs require in-home care. You can continue these services and avoid disruption through a well-drafted trust.
- Healthcare. Future trips to the dentist, support services, physical therapy, and other medical services can be covered by an established trust. This is an important part of medical planning, as the trust can cover expenses not paid for by benefit programs.
- Household Expenses. Bills are one thing you can count on in the future. Telephone expenses, cable bills, and personal purchases – such as computer equipment – can be covered by your trust.
Do I Need a Lawyer to Create a Trust in Colorado?
Yes, you should consult a legal professional when looking to create any type of trust. Trusts are inherently complex instruments, and a simple mistake can have significant implications on how your assets are ultimately handled.
At Skipton Law, we assist with all aspects of trust creation and management. We can help you choose a capable trustee, offer guidance on making effective investments through trusts, and facilitate changes as your needs evolve. Our firm can also represent you if you ever have any issues with your trust. Trust litigation in Colorado can be complicated, but it does not have to be hard or overly strenuous. Our Centennial trust lawyers will work to simplify the process and pursue a favorable outcome.
If you have questions about what trusts can do for your family, do not hesitate to call (720) 770-3880 or contact us online.
ServiceA strong commitment to positively impacting ourselves, our clients, & our community.
CollaborationAcknowledging & contributing to the advancement of the common purpose.
IntegrityInternal motivation & accountability towards honestly achieving the highest standards.
AdaptabilityA willingness to be open and flexible to changing circumstances & to new or different ideas and methods.
EmpathyActing with consideration & compassion to understand & relate to the experiences & perspectives of others.