Trusts in Madison: Your Trusted Lawyers for Estate Planning

Comprehensive Trust Services for Dane County & Wisconsin Residents

Estate planning is a crucial element of securing your family's future, and creating trust is a key component of this process. Trusts offer a variety of benefits, which include asset protection, tax advantages, and the ability to manage and distribute your estate according to your wishes. Our Madison trust lawyers at Estate Law Partners, LLC are dedicated to helping you navigate the complexities of trust formation and management, ensuring your assets are defended and your wishes are honored.

Call Estate Law Partners, LLC today at (608) 292-5185 or contact us online to schedule a consultation with our trust attorney in Madison.

Understanding Trusts: What You Need to Know

A trust is considered a legal arrangement where one party, known as the trustee, maintains and manages assets for the benefit of another party, known as the beneficiary. The person who creates the trust is called the grantor or settlor. Trusts are considered versatile estate planning tools that can be tailored to satisfy various goals, including asset protection, tax planning, and ensuring the financial security of loved ones.

Key Benefits of Establishing Trusts

Trusts offer numerous benefits that can make them a crucial component of your estate plan.  Advantages of creating a trust include:

• Allows your beneficiaries to skip the probate process
• Helpful in disability planning or in the event that you become disabled or incapacitated
• Trust executions are private and cannot be made public

Additionally, some key advantages may include:

• Asset Protection: Trusts can safeguard your assets from creditors, lawsuits, and other claims.
• Tax Benefits: Certain types of trusts can deliver substantial tax advantages, helping to reduce the overall tax burden on your estate and beneficiaries.
• Control Over Distribution: Trusts allow you to determine how and when your assets will be distributed to your beneficiaries. This can be particularly useful for protecting minors, young adults, or beneficiaries who may not be adept at managing large sums of money.
• Continuity in Management: In the event of incapacitation, a trust ensures that your assets will be managed according to your wishes without the need for court intervention.

Explore the Types of Trusts We Can Help You Establish

At Estate Law Partners, LLC, we know that every person has a unique situation and goals when it comes to dealing with their assets and finances. When you come to our trust lawyers in Madison for your estate plan, you can be sure that we work with you closely to determine which type of trust is best suits your lifestyles and objectives.

The most common types of trusts we help clients set up include:

• Revocable Trusts/Living Trust: A trust that can be modified or even revoked entirely. Assets that were transferred to a trust before your passing cannot be subject to probate.
• Irrevocable Trust: Once an irrevocable trust is created, no one, not even the grantor, can make changes or take the property out of the trust.
• Asset Protection Trust: A type of trust that is designed to protect the grantor’s assets from future creditors.
• Charitable Trust: This type of trust benefits a particular charity, organization, or the public in general and can help lower or even avoid estate and gift tax.
• Special Needs Trust: This type of trust is especially helpful for parents or individuals with dependents who have special needs. It allows the beneficiary to continue receiving government benefits even after the grantor has passed.
• Pet Trusts: A pet trust in Wisconsin allows individuals to set aside funds and provide detailed instructions for the care of their beloved pets in the event of their disability or death. These trusts ensure that pets are well-cared for by a designated caregiver and provide financial support for their needs, including food, medical care, and living arrangements. 
• Dynasty Trusts: In Wisconsin, dynasty trusts are estate planning tools for multi-generational wealth. They reduce estate taxes and provide lasting financial security, uniquely designed to benefit beneficiaries across generations.

How Our Trust Attorneys Can Assist You

Navigating the complexities of trust creation and management requires the expertise of experienced trust lawyers. At Estate Law Partners, LLC, we are dedicated to providing personalized and comprehensive trust services tailored to your unique needs.

We can assist you by:

• Trust Formation and Drafting: We assist in establishing the right type of trust for your situation, ensuring all legal documents are accurately prepared and comply with state laws.
• Trust Administration: We can guide trustees through the administration process, ensuring they fulfill their fiduciary duties and manage the trust in accordance with the grantor's wishes.
• Asset Transfer and Funding: Properly funding a trust is crucial for its effectiveness. We help you transfer assets into the trust and ensure all necessary steps are completed to avoid potential legal challenges.
• Tax Planning and Compliance: Trusts can have significant tax implications. We provide strategic tax planning to maximize benefits and ensure compliance with federal and state tax laws.
• Dispute Resolution: In the circumstance of disputes or challenges related to trust, our attorneys are skilled in mediation, negotiation, and litigation to protect your interests and achieve a favorable resolution.

Get in Touch with Our Madison Trust Attorneys Today

Estate Law Partners, LLC is prepared to utilize our decades of experience in trust creation and estate planning on your behalf. We are well-versed in the current state and federal laws that can affect your assets in the future. Let us help you determine if creating a trust is the most beneficial estate planning approach for you.

Call us today at (608) 292-5185 or contact us online to schedule a consultation with our Madison trusts lawyers.

Further Reading on Trusts and Estate Planning:

• Understanding The Basics Of Estate Planning PDF
• Can a Trust Own My Business after I Die?
• Use a Revocable Living Trust to Disinherit or Avoid Distant Relatives in Your Estate Plan
• Do your trustee a favor and do this!
• Three Players in Every Trust
• 4 Frequently Asked Questions About Trusts