Call Us Now
Email Us Now
Bloomington Trusts Lawyer
When it comes to legacies and how assets are distributed following death, everyone’s situation is unique. Establishing a trust can be a great way to accommodate various needs of beneficiaries, while also providing valuable benefits to clients during their lifetime.
At Sandahl & Damhof, we have Bloomington trusts lawyers with the knowledge and experience to advise whether trusts are suitable for a client’s circumstances, and how they should be set up. Our services area extends beyond Bloomington and throughout the Twin Cities including Minneapolis, Edina, and Richfield.
Call the office at (612) 421-0991 or reach out here online today to set up a free consultation.
Different Types of Trusts
A trust can either be revocable or irrevocable, and the differences between them are important. A revocable trust allows for changes to be made by the grantor (the person who sets up and funds the trust). This includes being able to alter the beneficiaries, as well as adjusting the terms and conditions of the trust. On the other hand, an irrevocable trust has fixed terms, preventing modifications from occurring. Reasons for living with the inflexibility of an irrevocable trust can vary, with favorable tax treatment often being a significant factor.
Age is another notable consideration when it comes to deciding between a revocable and irrevocable trust. Furthermore, an initial decision to set up a trust as revocable can be changed at a later date. The timing of moving from revocable to irrevocable should not be taken lightly–this decision can have financial implications that affect not only the grantor, but also their beneficiaries. It’s essential to consult with an experienced Bloomington trusts attorney who will remain in continual contact with clients, and update the terms of their trust, if appropriate.
The difference between a living trust and testamentary trust is significant. In a living trust, the grantor places assets into the trust when they are alive. Conversely, a testamentary trust is established in a will. Then, upon death of the grantor, the assets are transferred directly to the trust.
Placing assets into a living trust can be difficult to access in the event that they are required, which presents a disadvantage. However, it also provides security from potential plaintiffs and creditors, as the trust becomes its own legal entity.
This means that even if someone attempts to file a lawsuit against the grantor or their family/heirs, the assets in the trust are protected. It also means that if an heir goes through a divorce, the ex-spouse cannot access the trust as part of the settlement—because the assets are owned by the trust, which is not party to a debt, lawsuit, or divorce. Clients with far-reaching financial portfolios may appreciate the liability protection offered in a living trust.
Helping Clients Understand All Their Trust Options
Trusts offer many more advantages, from helping parents plan for children with special needs, to managing an inheritance over time, rather than distributing it in one lump sum.
Our Bloomington trusts lawyers take the time to really listen to clients—to understand their financial situation, and their hopes for how their financial legacy will be used. Then we go to work at crafting a plan that will meet their particular needs.
Call Sandahl & Damhof today at (612) 421-0991 or contact us online to arrange for a free consultation.
Why Our Clients Choose Us
Our mission is to become an essential, trusted partner in our clients’ lives. We achieve this by leveraging our experience, expertise, and tireless work ethic.
- Collaborative Approach We aim to be your trusted partner. We work together with our clients to find the best solution for them and their families.
- Individualized Guidance Our attorneys get to know you and your family to understand what options are right for you.
- Lasting Relationships Estate planning needs change throughout every stage of your life and our team will be with you every step of the way.
Hear what it’s like working with our firm from our clients themselves!