Creating a Trust in Minnesota
We design trusts that provide lifetime asset protection for our clients and their families. Our goal is to personalize a trust that meets the unique needs of each of our clients, whether they want to help their families avoid the hassle of probate, better protect their children's inheritance, pass down a business to a family member, or simply eliminate costly estate taxes and probate fees.
What Is a Trust?
A trust is a legal document that transfers assets from your name into the name of a trustee for the benefit of asset protection and management during and after your lifetime. The trustee is appointed by you and charged with distributing assets to the beneficiaries. For most trusts, you and your spouse will be the trustees during your lifetimes. Unlike a will, a trust is a private document outside the purview of the probate court.
Why Have a Trust?
A complete trust plan allows you to make decisions regarding the transfer of assets, but also lets you decide who will make financial and medical decisions upon your incapacity or death. Most importantly, it gives you control over your assets and ensures your children will receive them at a specified time.
Another benefit of trusts is the avoidance of estate taxes. In Minnesota, an estate worth over a certain amount can and will be taxed. Through the use of trusts, estate taxes can be minimized and even avoided altogether.
What Types of Trusts Are Available?
There is no such thing as a one-size-fits-all trust. When establishing a trust, it is important to consider all of your financial and personal goals. A revocable living trust is the foundation of your estate plan. It allows you to transfer assets into a trust throughout your lifetime. Families with more advanced estate planning needs or those with high value estates, businesses or land, can build their trust selection from there. We can assist you in choosing and setting up trusts, such as:
- Irrevocable trusts
- Dynasty trusts
- Land trusts
- Charitable trusts
- Life insurance trusts
- Special needs trusts
- AB/Credit Shelter and Bypass trusts
- Disclaimer Trusts
- Discuss Your Trust Options in a Complimentary Consultation
If you would like to learn more about estate planning in Minnesota, visit our free video resources page by clicking here.