Creating a trust is one of the most effective ways to manage and protect your assets while providing for your loved ones are provided for. It’s a thoughtful step that reflects your care and dedication to securing their future. Whether you’re thinking about safeguarding your family’s financial stability, planning for the unexpected, or leaving a lasting legacy, setting up a trust can provide peace of mind. It’s a way to take control of your hard-earned assets and make sure they’re used according to your wishes, bringing comfort and clarity during what can often feel like an overwhelming process.

At Howard O. Bernstein, P.C., we aim to create a customized trust tailored to your unique needs and objectives. Whether you're seeking to preserve wealth for future generations or maintain control over how and when your assets are distributed, we are here to provide you with clear guidance at every step. Our attorneys have the resources and knowledge to help you get on the right path. Schedule a consultation today to learn more.

Trusts

A trust is a legal arrangement in which a person, the grantor, transfers assets to a trustee, who holds and manages them for the benefit of one or more beneficiaries. Trusts offer flexibility and security, providing privacy while minimizing potential drawbacks such as the need for probate.

At Howard O. Bernstein, P.C., we understand that every client’s goals are different. To address diverse needs, we offer guidance on establishing various types of trusts in Boulder, Colorado.

Revocable Trusts

A revocable trust, often called a living trust, is a highly flexible estate planning tool that allows the grantor to maintain complete control over their assets during their lifetime. As the name suggests, the grantor can modify, amend, restate or even dissolve the trust at any time, providing adaptability as personal circumstances or financial situations change.

This type of trust is particularly beneficial for those who want a straightforward way to manage their estate while retaining authority over their financial affairs.

Key benefits include:

Avoiding probate: Assets held in a revocable trust pass directly to the beneficiaries upon the grantor's death, bypassing the often lengthy and costly probate court process.

Ensuring privacy: Unlike a will, which becomes a public record during probate, a revocable trust keeps your estate details private and confidential.

Incapacity planning: A revocable trust provides a clear plan for managing your assets if you become incapacitated, ensuring a designated successor trustee can step in without requiring court intervention.

By establishing a revocable trust, you create a seamless and private mechanism for asset transfer, offering peace of mind for both you and your beneficiaries. Our attorneys can help you draft a trust that aligns perfectly with your immediate needs and long-term goals.

Trust Funding

Once you have established a Revocable Trust, our office can help to put your assets in your Revocable Trust. This is called "Trust Funding". This key component is essential to making sure that your Revocable Trust is used for its created purpose, to safeguard you assets to give to your beneficiaries and to avoid the need for probate upon your death.

Special Needs or Supplemental Needs Trusts

A special needs trust, also known as a supplemental needs trust, is a specialized legal tool designed to provide for a loved one with a disability. Its primary purpose is to supplement, not replace, the essential government benefits the individual receives, such as Supplemental Security Income (SSI) and Medicaid.

By placing funds in this trust, you can enhance the beneficiary's quality of life by covering expenses such as medical treatment, personal care, education, and recreation without jeopardizing their eligibility for critical public assistance programs. This trust ensures that your loved one receives ongoing financial support while maintaining access to the aid they depend on.

Charitable Trusts

For clients with philanthropic goals, a charitable trust offers a structured way to support causes you are passionate about while also realizing significant financial benefits. This type of trust allows you to direct assets to one or more charitable organizations, creating a lasting legacy that reflects your values.

Depending on its structure, a charitable trust can provide you or your beneficiaries with an income stream for a set period, after which the remaining assets are transferred to the designated charity. This dual-benefit approach allows you to achieve your philanthropic intentions while also securing tax advantages, such as an immediate charitable deduction and potential avoidance of capital gains taxes.

Testamentary Trusts

A testamentary trust is created within the terms of a will and only comes into effect after the grantor's death. Unlike a living trust, it does not avoid probate, as the court must first validate the will. However, it is an effective tool for controlling how and when your assets are distributed to your beneficiaries.

A testamentary trust is beneficial for providing for minor children, managing assets for a young adult who may not be ready to handle a large inheritance, or ensuring long-term financial support for a specific beneficiary. This allows you to protect your legacy and ensure your intentions are carried out precisely as you envisioned, even after you are gone.

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How Trusts Work

A trust is a powerful legal tool that allows you to manage and distribute your assets according to your wishes, both during your lifetime and after you pass away. Drafting a trust requires meticulous planning and precise documentation to ensure everything is legally sound and aligns with your intentions. The process involves defining key roles and responsibilities, which include:

Grantor – Also known as the trust maker or settlor, the grantor is the individual who creates the trust and transfers assets into it. They establish the terms of the trust, including how and when the assets will be distributed to beneficiaries. The grantor often retains control over a revocable trust during their lifetime, allowing flexibility and adjustments as needed.

Trustee – The trustee is the person or institution responsible for managing and administering the trust assets in accordance with the terms of the trust. Trustees have a fiduciary duty to act in the best interests of the beneficiaries, which includes managing investments, distributing funds, and ensuring compliance with legal obligations. A trustee can be a family member, a trusted advisor, or even a professional organization specializing in trust management.

Beneficiaries – These are the individuals or entities who benefit from the trust’s assets. Beneficiaries can include family members, friends, charitable organizations, or any other party the grantor designates. The trust terms dictate when and how the beneficiaries receive their distributions, whether it’s a lump sum, periodic payments, or based on specific conditions such as reaching a certain age or achieving milestones.

A trust is a powerful tool to protect your assets, reduce taxes, and provide for your loved ones according to your wishes. However, managing the legal and financial considerations of setting one up can feel overwhelming.

By working with our experienced attorneys, you can rest assured that every intricate detail is carefully addressed. We assist with drafting clear trust terms, selecting the right type of trust (revocable, irrevocable, special needs, etc.), and ensuring compliance with Colorado’s trust and estate laws. Our goal is to guide you through the process with ease, ensuring that your trust is tailored to your unique needs and desires.

Whether you’re looking to protect assets for future generations, provide for a loved one with special needs, or support a charitable cause, we are here to simplify the process. With our team by your side, you’ll feel secure and well-informed every step of the way, knowing that your legacy is in trusted hands.

Work with an Estate Planning Law Firm in Boulder, Colorado

With deep experience in estate planning and trusts, our firm provides personalized service that prioritizes your goals. We will guide you in selecting the trust type that best supports your financial and personal objectives while offering holistic solutions for asset protection, family care, and charitable giving.

Reach out to us to learn how to create the financial future you envision. At Howard O. Bernstein, P.C., in Boulder, Colorado, and the surrounding areas, we can create a plan that supports your legacy and provides peace of mind for you and your family.