The Hartung Law Firm is an experienced Trusts and Wills Firm that advises and establishes tailored trusts and wills that protect your assets and your beneficiaries. We can discuss with you the advisability of establishing specific trusts and wills. We work with our clients to determine which trust instrument is best for them based on their financial goals. Examples of trusts and wills we handle for our clients include:
Revocable trust – a trust in which the settlor or grantor will have the power to amend or “revoke” the trust during their life. Upon their death, all assets held in the revocable trust are distributed according to the terms of the trust. Read more.
Irrevocable trust – this trust cannot be amended or “revoked” once created. Irrevocable trusts offer tax advantages that revocable trusts do not. Irrevocable trusts are often used to own life insurance policies to keep the life insurance proceeds out of an insured’s estate for estate tax purposes. Read more.
Special Needs trust – a trust created to provide for a disabled persons’ extra and supplemental needs. These extra supplemental needs do not include basic food, shelter and health care expenses that may already be covered by public assistance benefits that the beneficiary may be entitled to receive under various programs such as Supplemental Security Income and Medicaid. Read more.
Credit shelter trust – The credit shelter trust, also known as a bypass or an A/B trust, is a popular technique used by married couples to protect clients’ assets from estate tax when their combined assets exceed $675,000.
Life insurance trust – This is an irrevocable trust established for purposes of owning a life insurance policy. It is commonly used when the combined assets of a client, including life insurance, retirement benefits, real estate, and other assets exceed current estate tax exemptions.
Generation skipping trust – Also called a dynasty trust, is a generation skipping trust that ensures assets are passed on in further trust for future generations without being taxed in the children’s estates.
Charitable remainder trust – A Charitable Remainder Trust (“CRT”) is a Trust created for charitable and estate planning purposes funded by a taxpayer with charitable and tax reduction intentions.
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