Protect Your Assets With The Support Of A Waukesha Irrevocable Trust Lawyer
Trusts can be a powerful tool for people hoping to protect their assets from lawsuits, estate taxes, probate and other interventions. However, choosing the right type of trust can be challenging.
At Lillesand Leonhard Law LLC, attorney Ashley E. Lillesand-Leonhard provides guidance to Waukesha residents about how irrevocable trusts can shield their assets. She can help you understand your options and build an estate plan that protects the wealth you have built today and preserves it for the next generation.
What Makes Revocable Trusts And Irrevocable Trusts Different?
Revocable trusts and irrevocable trusts are two types of legal arrangements that allow individuals to manage and protect their assets. Under Wisconsin law, these trusts serve distinct purposes and offer different levels of flexibility and control over the assets contained within them.
A revocable trust, as the name suggests, can be altered or terminated by the grantor during their lifetime. This flexibility allows the grantor to make changes to the trust’s terms, beneficiaries and assets as their circumstances evolve. In Wisconsin, revocable trusts are often used for estate planning to bypass probate, facilitate smooth asset management and maintain privacy.
On the other hand, an irrevocable trust is typically used for asset protection. By transferring assets into an irrevocable trust, the grantor removes those assets from their available assets for Medicaid purposes and requires adhering to the five-year look back rule.
In summary, the primary difference between revocable and irrevocable trusts under Wisconsin law lies in the level of protection they offer. Revocable trusts provide the grantor with the ability to modify the trust during their lifetime, while irrevocable trusts offer asset protection. Understanding these distinctions is crucial for effective estate planning and asset management.
How Can A Trust Protect Your Assets?
Trusts are a vital tool in protecting your assets both during your life and after you pass away. When you put your assets in an irrevocable trust, you do not own them anymore. Since they are not part of your estate, creditors cannot take them to pay off your debts. This protects them from seizure during your lifetime and preserves them for your loved ones after your death.
A trust also helps you avoid probate in Waukesha County. Probate can be both time-consuming and costly, and it can expose both the contents of your estate plan and your estate to the public. By using a trust, your assets go straight to the people you choose without going through probate. This keeps things private, speeds up the process and reduces expenses.
What Are The Requirements For A Valid Trust In Wisconsin?
In Wisconsin, you need to follow some important steps to set up a valid trust. First, the settlor must be at least 18 years old and able to understand what they are doing by creating a trust.
The trust itself should explain why the trust is being made, what assets are going into the trust, the rules for the management of those assets and who will benefit from it.
Creating a trust is a detailed process, and you may need guidance to ensure that the document does what you want it to. An experienced attorney can help you meet legal requirements and craft a trust that achieves your unique goals.
Take The First Step Toward Building An Irrevocable Trust Today
Protecting your assets with an irrevocable trust can begin with a phone call to Lillesand Leonhard Law LLC. Reach out to attorney Ashley E. Lillesand-Leonhard online or call 414-488-6511 to schedule a free consultation with an experienced attorney.