Bellevue Irrevocable Trust Lawyers

Trusts Designed to Protect Your Assets

An irrevocable trust is a trust that cannot be revoked or changed once it is established. Because of this, an irrevocable trust is an excellent option for people who may need to protect their assets from someone else in the future, such as an incapacitated child or grandchild. It is also an excellent option for people who want to make sure their assets are not subject to probate after their death.

An irrevocable trust is created by a grantor, who then places assets into the trust. The grantor then becomes the trustee of the trust and has full control over the assets within the trust. However, the trust itself is considered a separate entity from the grantor, and the grantor no longer has any control over the assets within the trust.

Because an irrevocable trust is considered a separate entity from the grantor, the assets within the trust are not subject to probate after the grantor's death. This means the assets will not be subject to probate fees or taxes, and the assets will not be available to creditors or other people who may make claims against the estate.

To learn more about irrevocable trusts in Bellevue, WA, please contact Kirschner Rychlick PLLC at (206) 203-8802 today.

What Are The Benefits Of Setting Up An Irrevocable Trust?

Setting up an irrevocable trust in Washington offers several significant benefits, making it a valuable estate planning tool. As experienced Bellevue irrevocable trust attorneys, we often highlight the following advantages to our clients:

• Asset Protection: This is one of the main advantages of an irreversible trust. Assets are no longer regarded as belonging to your personal estate after they are transferred into the trust. This gives you peace of mind that your assets are secure because they are shielded from creditors and court orders.
• Tax Benefits: There are a number of tax benefits that irrevocable trusts can provide. You may be able to lower estate taxes by taking assets out of your taxable estate. Furthermore, the trust's rate—rather than your personal income tax rate—is applied to the income produced by the assets housed within the trust. You can optimize these tax advantages by speaking with irrevocable trust attorneys.
• Medicaid Planning: An irrevocable trust might be quite important when it comes to Medicaid planning for people who are worried about the cost of long-term care. You can assist yourself qualify for Medicaid benefits without running the risk of losing your estate by transferring assets into an irrevocable trust, where they may be excluded from consideration when determining eligibility.
• Control Over Asset Distribution: You can designate the manner and timing of the distribution of your assets to beneficiaries through irrevocable trusts. This can be especially helpful in safeguarding young or careless heirs, making sure that assets are handled carefully over time.
• Charitable Giving: An irrevocable trust can help you achieve your charitable objectives while offering tax advantages. For example, you can make a gift of assets and still receive a charity deduction and some income benefits by creating a charitable remainder trust.

Careful preparation and legal knowledge are necessary when establishing an irreversible trust. Our team of irrevocable trust lawyers in Bellevue is available to help you with the procedure and make sure your trust is set up to achieve your objectives. Get in touch with Kirschner Rychlick PLLC to find out more about how we can support your asset protection and future planning efforts.

To learn more about revocable trusts in Bellevue, WA, please contact Kirschner Rychlick PLLC at (206) 203-8802.