Trusts in Denver
Trusts are used for the purpose of leaving property to beneficiaries in a manner that protects them while ensuring their underlying needs are met. Trusts can be created for beneficiaries such as:
- Minor children or grandchildren
- Special needs beneficiaries
- Beneficiaries with spendthrift tendencies or other issues
Benefits of Trusts
Trusts can be used to achieve specific tax planning objectives and can be created and activated during your lifetime or at death. Trusts do not go through probate, are not subject to estate taxes and they remain private after your death. Instead, you appoint a specific person to distribute your estate according to your wishes.
- Revocable living trusts can be altered at any time. You still have access to and control of your property while you are alive and of sound mind. You still pay taxes on the income that you earn because you are the still the owner of the assets.
- Irrevocable living trusts cannot be altered or revoked. You appoint a specific person to manage your assets (no longer part of your estate) on your behalf.
Our Denver lawyers will recommend the appropriate options for your unique situation. To learn more about creating a trust in Denver or anywhere in Colorado, contact us today.