Burlington living trust attorneys provide the type of comprehensive advice and assistance that you need to use trusts effectively to protect your family and assets. Trusts are a versatile, powerful legal tool but there are different kinds of trusts and making the wrong type of trust could end up being a big problem. Because trusts often provide very important protections – and because trusts are created for a reason – you cannot afford to make mistakes with any aspect of trust creation.
Unsworth LaPlante, PLLC will make sure that you don’t make errors that could cost you during the process of creating a trust. Our legal team knows the ins-and-outs of trust laws and we will make the law work for you. You should give us a call as soon as you begin thinking about creating a trust so we can help you to select the right kind of trust and make a trust document that is legally valid and enforceable. Our Burlington living trust attorneys are here to help you so you don’t make a mistake that could cost you.
What if You Make the Wrong Kind of Trust?
When you work with Unsworth LaPlante, PLLC, the first thing our attorneys will do when you express an interest in creating a trust is to find out what your goals are for trust creation. There are different reasons people create trusts – all of which are important – and our firm wants to make sure we help you create the right kind of trust to accomplish the specific goals you have for your family and assets.
If you don’t get help from an experienced attorney and you make the wrong kind of trust, consequences could be serious. Some of the big downsides of creating the wrong kind of trust include:
- Not getting expected protections from estate tax: Estate tax could be substantial on a large estate. A living trust provides no protection from estate tax, even if many people believe that it does because a living trust allows assets to transfer outside of the probate process. If you expect that your trust will provide estate tax protection after your death and it doesn’t, your estate could be on the hook for potentially thousands or even millions of dollars in taxes depending upon the value of your assets you’re passing on. You cannot afford to lose all of this money just because of a simple mistake.
- Not getting expected protection from other sources of loss: People often create trusts to protect their assets in case they want to qualify for Medicaid to pay for a nursing home or they create trusts because they are worried about creditors coming after them and their heirs. If you think you’ve created a trust to protect yourself from these losses but you’ve made the wrong kind of trust, you could miss out on the asset protection that your trust was actually supposed to provide to you.
- Not being able to proactively protect your wealth: You likely created the trust for a reason. For example, people create a living trust because they want to make sure their assets won’t be lost in case of incapacity. When you make a living trust and transfer assets into it, you get incapacity protection because you can name a backup or successor trustee who takes over the management of your assets if you’re incapacitated. If you’ve made the wrong kind of trust or your trust isn’t valid, you won’t get this protection.
- Not having the expected flexibility: If you create an irrevocable trust instead of a revocable trust, you could end up giving up the flexibility that you need and that a living trust provides to you.
These are just some of the many dire consequences that could result from making the wrong kind of trust. Not only will you spend money on a trust that doesn’t provide the desired help to you, but you’ll also miss out on the chance to make a trust that does accomplish your goals.
Getting Help from Burlington Living Trust Attorneys
Unsworth LaPlante, PLLC can help to ensure you make the right type of trust and follow appropriate trust protocols and formalities so your trust is valid and enforceable. To learn more about trusts and the ways in which our legal team can assist with the trust creation process, join us for a free seminar. You can also give us a call at (802) 879-7133 or contact us online to talk with Burlington living trust attorneys who can assist you with all aspects of the trust creation process.