Find Out What a Trust Attorney Anchorage AK Can Do For You & Your Loved Ones

Looking for a reputable trust attorney Anchorage, AK? Look no further than Wyatt & Butterfield, Alaska’s top-rated estate planning law firm.

 

Reputable Trust Attorney in Anchorage AK

 

Trust Attorney Anchorage AK sectionThe distribution of your assets after your death is probably one of the last things you’re thinking about at your current stage of life. However, if the unexpected ever happens to you, it’s crucial to have a plan in place outlining how your properties and assets will be given to your loved ones. This is where a trust attorney comes in.

A trust attorney is essentially an estate planning attorney, as they will help you plan your trust on your behalf as one part of your overall estate plan. When you turn to the law office of Wyatt & Butterfield, our Anchorage estate planning attorneys will help you create and file the necessary paperwork for your living trust.

A trust is different from a will. The family members won’t have to go through the probate process after you pass away. Moreover, trusts are kept private and far away from the public record.

When opting for trusts, you should know that they include provisions to lower estate taxes, so your loved one might receive more of what you intended to leave them. The owners of large estates commonly use trusts, but they can serve as valuable documents for individuals of all wealth and income levels.

 

Trusts: What Can They Do for You?

 

Trusts can prevent your property from being seized by creditors while you’re alive or after you pass away. A Medicaid Asset Protection Trust, for example, can help protect your home and any assets you have from being sold off or seized should you need long-term care in the future.

However, you need to allow five years for the trust to be valid without penalties because Medicaid looks back during that time to make sure you didn’t transfer control to avoid losing your assets.

As estate planning attorneys, we understand how to legally leverage the Medicaid rules of asset and transfer guidelines to protect your assets if you require long-term care.

Gift and loan strategies, annuities, and other tools are available to protect you despite the five-year look-back period. This is invaluable since you may not have time to prepare in the eventuality of needing long-term care.

A trust is a good idea if you want your property or asset to be used in a certain way. For example, you may stipulate that a specific portion of your estate is used for medical care or even a college education.

You may not have complete confidence in particular beneficiaries to manage their inheritance, so you may designate only a specific portion to be released at certain intervals.

If you plan to leave something to younger generations in the family, such as grandchildren, you may leave instructions that they must wait until they attain a certain age to receive their inheritance.

Setting up a trust is more complicated than drawing up a will. Any trust you have drawn up must be precise and allow for tax consequences. Again, because trusts are tedious matters, it’s best to consult a knowledgeable trust attorney in Anchorage, AK, who’s fully versed in estate planning matters.

 

Best Estate Planning Attorneys in Anchorage

 

Best Estate Planning Attorneys Anchorage

In simple terms, a trust allows you to grant someone else ownership and control of your property or assets. The person you transfer ownership to is called a trustee, and the trustee agrees to the conditions outlined in the agreement. Those conditions are set between you and the trustee, and it can be a revocable trust or an irrevocable trust.

Above all, you should trust the person you are considering as a trustee. They should be adept in financial matters and care about respecting your wishes as well as fairness for your beneficiaries. The trustee can be a member of your family, a professional advisor, or a friend. Someone who knows the beneficiaries of your estate will be better able to serve your goals.

It’s also a good idea to choose a backup if your original trustee can no longer fulfill the role.

Our probate law firm is a full-service estate planning firm located in Anchorage, Alaska. Our trust attorneys have been practicing law for many years and understand how business law works and intersects with probate law and estate planning.

They will help you write your living trusts but will also help you understand how you can divide your estates, who should receive them, or in what timeframe they are to be distributed.

If you have children with special needs or young children, you can establish separate trust terms to protect and provide them with all they need. Discussions can further reveal how to protect your legacy from beneficiaries and creditors who could misuse their inheritance.

 

How Do Revocable and Irrevocable Trusts Differ?

 

How Do Revocable and Irevocable Trusts DifferThe advantage of a revocable trust is that your estate doesn’t have to go through a lengthy probate and estate administration process. But, your appointed trustee can be careless with your assets and lose them altogether.

An irrevocable trust is a safer way to preserve your assets for your beneficiaries. However, it can’t be changed once you embark on an irrevocable trust.

There are various types of trusts that can be beneficial in many different ways. For instance, one type of trust can help to reduce income taxes and eliminate or reduce estate taxes. This can save potentially tens of thousands of dollars or more and keep more money in your estate.

 

Living Trusts

Grantors create a living trust’s lengthy policy’s beneficiary during the grantor’s lifetime. It is usually made through a transfer of property to a trustee, with the grantor having the power to change or revoke the trust while alive. When the grantor dies, the living trusts become irrevocable. Therefore, they can not be changed.

The advantages of living trusts are:

  • Protection against incapacity of grantors or other beneficiaries
  • A more straightforward succession of trustees
  • Elimination of possible reduction of probate expenses or delays
  • Immediate access to the assets
  • Healthcare or end-of-life provisions established by the grantor
  • Privacy during the whole process of living trusts

 

Testamentary Trusts

You should consider a more standard definition when thinking of testamentary trusts, namely a ‘trust under will.’ A will creates a testamentary trust after the grantor dies. The advantages of these trusts are:

  • Protecting a spouse’s financial future by offering a lifetime income
  • Beneficiaries with special needs will be taken care of
  • Keeping assets for children from previous marriages
  • Donating to charity

 

Irrevocable Life Insurance Trust

In most cases, an irrevocable life insurance trust (lLIT) is used in wealthy family estate planning. The irrevocable life insurance trust must be funded with a life insurance policy. With this, the trust becomes the owner and the policy’s beneficiary, while the heirs will remain the beneficiaries of the trust itself.

For ILIT to be valid, the grantor must live three years after signing the policy transfer. Contrarily, the policy proceeds will be excluded from the grantor’s business succession planning.

 

Special Needs Trusts

special needs trust is a legal arrangement that provides physically/mentally ill or otherwise disabled persons access to funding without losing the benefits from public assistance programs.

 

Charitable Remainder Trusts

Charitable remainder trusts (CRT) are estate planning tools available for stocks or real estate. Once funding these trusts with appreciated assets, the donors can sell these assets without paying the capital gains tax. Moreover, the charitable remainder trusts are irrevocable.

 

Testamentary Trusts

You should consider a more standard definition when thinking of testamentary trusts, namely a ‘trust under will.’ A will creates a testamentary trust after the grantor dies. The advantages of these trusts are:

  • Protecting a spouse’s financial future by offering a lifetime income;
  • Beneficiaries with special needs will be taken care of;
  • Keeping assets for children from previous marriages;
  • Donating to charity.

 

Irrevocable Life Insurance Trust

In most cases, an irrevocable life insurance trust (lLIT) is used in wealthy family estate planning. The irrevocable life insurance trust must be funded with a life insurance policy. With this, the trust becomes the owner and the policy’s beneficiary, while the heirs will remain the beneficiaries of the trust itself. For ILIT to be valid, the grantor must live three years after signing the policy transfer. Contrarily, the policy proceeds will be excluded from the grantor’s business succession planning.

 

Special Needs Trusts

A special needs trust is a legal arrangement that provides physically/mentally ill or otherwise disabled persons access to funding without losing the benefits from public assistance programs.

 

Charitable Remainder Trusts

Charitable remainder trusts (CRT) are estate planning tools available for stocks or real estate. Once funding these trusts with appreciated assets, the donors can sell these assets without paying the capital gains tax. Moreover, the charitable remainder trusts are irrevocable.

 

Why You Might Need the Help of Our Anchorage Estate Planning Attorneys

 

Why You Need Anchorage Estate Planning Attorneys

When deciding to create a living trust, you might consider taking legal advice from an Alaska trust attorney.

In most cases, a trust attorney will deal with your problems in the areas of estate planning and probate, wills, trusts, estate administration, corporate law, business succession planning, or Medicaid planning. Our top-rated trust attorneys will help you understand the many types of trusts and determine which best suits you.

Hiring trust attorneys is like hiring a personal guide to help you with full-service estate planning. Their job is to make you understand the laws in Anchorage, assess your goals, and establish a complete trust that will fit your personal needs.

 

Benefits of an Estate Attorney in Anchorage

 

There are a few benefits to hiring a trust attorney. These include:

 

Peace of Mind

When you hire an attorney to help you with your estate planning, you can have peace of mind that the job is being completed right. In addition, you can be sure that the documents will be drafted according to your wishes.

 

Help with Legal Issues

The law can be very confusing when it comes to trust and estate planning. In addition, when these legal matters are combined with your wishes and financial goals, it will get even more complicated. The attorneys at Anchorage Alaska Legal Services can help you understand the law and your options to make it easy for you to get the results you want.

 

You Can Avoid Costly Mistakes

One mistake that a non-trust attorney might make is to give your money away before your death. In addition, the details you have given about your estate might not be recorded properly. This can create costly problems for you and your loved ones later on.

Things to Consider When Establishing a Trust

 

Things to Consider When Establishing a Trust

There are a few considerations to keep in mind when establishing trust. You’ll want to discuss the benefits and downfalls with your estate planning lawyer.

  • Who will you name as beneficiaries of your trust, and what amounts do you want them to receive?
  • Do you want to create a separate trust for all beneficiaries or a single trust?
  • Do you want to allow the trustee to have complete control, or do you want them to follow your wishes exactly as you wish?
  • How will you plan for income and estate taxes?
  • Do you have a plan to protect your property from your beneficiaries’ creditors?

There are likely more considerations that our attorney can help with. Once we are familiar with your particular situation, we can offer more personalized advice.

 

How to Get the Best Trust Attorney in Anchorage AK

 

How to Get the Best Trust Attorney Anchorage AKWhen you first meet with a legal professional at the law office of Wyatt & Butterfield, your trust attorney will address all of your problems and will make sure to protect you, your family, and your rights. Our law firm will pay attention to your concerns with compassion and care and will listen to your wishes before starting to create a long-term care plan that will perfectly suit your needs.

We will ensure a smooth transition and trusted management for your estate planning, helping you pick the perfect trust, avoid probate, and successfully avoid or plan for the estate administration process.

We understand that thinking about your last will or what will happen after you are gone can be stressful. It is not comfortable to think at a time when you will no longer be around to care for your estate, but the thought of taking care of your loved ones might be comforting.

If you or a loved one is past retirement and wishes to address the issues related to end-of-life planning, our law firm will be there for you. No matter what stage of life you are in, our attorneys will offer undivided attention and help you establish provision on various types of trust in your interest.

Reach Out to Our Probate Law Firm for Individualized Guidance on Your Future

 

Going through the process of establishing an essential legal document, such as a trust, can be overwhelming on your own.

At the law office of Wyatt & Butterfield, LLC, we know life’s uncertainties and challenges can lead to stressful times, so we diligently take the pressure off you. We’ll carefully listen to your needs, ensuring that your estate will be managed according to your desires.

We offer guidance for Alaska probate, family law, estate planning, wills, and more. Our wide range of practice areas has taught us to prioritize your best interests even after you’re gone by preserving your legacy according to your wishes.

If you are looking for an experienced trust attorney, contact us at 907-277-0300 to find out how we can help you.