Denham Springs Trusts Lawyer

Trusts Attorney in Denham Springs, LA

Many people purchase property and settle down in Denham Springs due to the thriving community. Schools like Denham Springs High School and Southside Elementary School help families raise their children for the future. If you want to do more to protect them, consider creating a trust with the help of a Denham Springs trusts lawyer.

Your Experienced Trusts Attorney in Denham Springs, LA

At Field Law, we are used to working with people in unconventional families. We’ve created trusts and other estate planning documents for blended families, stepchildren, adopted children, and even those with special needs. It’s natural to be apprehensive about creating a trust, but our experience can help you feel comfortable with the process.

What Is a Trust?

A trust is based on a legal contract. In this contract, assets are transferred from the owner into the trust itself. The trust serves as an asset holder for the beneficiaries. These are the people who will receive these assets.

Many trusts have a trustee. This person acts on behalf of the trust. After the original owner of the assets dies or certain requirements are met, the assets are then distributed to the beneficiaries.

Both trusts and wills are commonly used in an estate plan. You do not have to pick one or the other. In fact, many people benefit from the use of both. Each document covers different aspects of an estate that are important to address.

Benefits of a Trust

Some people might be perfectly fine with just a will. However, most people would benefit from both a will and a trust. Here are a few benefits to having a trust that a will cannot provide:

• Lowering taxes. Trusts are a convenient way to move assets from one party to another without a substantial tax obligation. There might still be fees involved, especially when the beneficiary receives the money. However, they are usually substantially less than what they might have paid if the assets were transferred in another manner.
• Efficiency. Most assets placed into trusts can be directly transferred to the beneficiary when the original owner dies. These assets most likely do not have to go through probate. This means that the beneficiary usually receives these assets faster since probate takes a long time to resolve.
• Privacy. Since probate is a formal court proceeding, it is publicly available. If you would like to keep your personal affairs private, a trust can be a valuable tool. Trusts are usually private, so these transactions are more difficult for a random person to see.
• Pre-death issues. Wills tend to focus on what happens after the creator dies. However, many people become incapacitated before their death. If you do not have a trust and a trustee set up at this point, your family might need to establish a guardianship, which is more difficult than working with an already appointed trustee to manage finances for you.
• Protection of assets. Even if your assets are accounted for in a will, this does not necessarily mean they are protected. If you incur debt or go through legal challenges, any assets not in a trust are still subject to seizure. Some trusts can protect your assets from creditors to save them for your family.

93% of Denham Springs residents stay in the same house from year to year. This means many residents are likely settled in the area and would like to pass on their property to their local family. Trusts provide a way to do that in a quick and cost-effective manner.

Why Hire a Trusts Lawyer?

At Field Law, we aim to create trusts in the most convenient way possible. This means that most steps can be completed entirely online. Our services can save you from excessive paperwork or going to the local courthouse. Field Law takes on the tedious duties for you so that you can focus on your family.

FAQs

What Is the Two-Year Rule for Trusts?

The two-year rule for trusts exists to protect assets from rash decision-making. In some states, a trustee has limited abilities to act on a trust until two years after it was created by the grantor. This verifies that the trustee is acting in the interests of the beneficiaries, or the people who will receive the assets. However, the two-year rule does not exist in Louisiana.

Can I Put My Home in a Trust Without a Lawyer?

Per the state’s trust laws, you can put your home in a trust without a lawyer. It is not legally required to create a trust with an attorney. However, due to the significant value of assets that are usually in trusts, it is usually a good idea to review any potential large estate planning decisions with a Denham Springs trusts attorney. In certain trust cases, you cannot undo mistakes made in creating a trust, which can lead to financial issues in the future.

Does a Trust Have to Pay Taxes Every Year?

A trust must pay taxes every year, according to federal law. The amount varies based on the amount of taxable income placed in the trust. The tax rate can vary from 15% to 39.6%. The beneficiaries might also have to pay taxes on the assets they receive from a trust. For more information on tax obligations for a trust, speak with a certified accountant.

What Are Reasons to Not Have a Trust?

The reasons to not have a trust vary, based on the kind of assets and the kind of trust. To have a trust, the grantor needs a trustee to oversee the trust for the beneficiaries. If the grantor does not have a person they can trust to appoint as a trustee, it might not be effective to create a trust. Speak with an attorney for more information about whether you should create a trust.

Consult a Denham Springs Trusts Attorney

45% of adults in Denham Springs are married. If you want to pass your assets along to your spouse in a more convenient way than traditional probate, a trust might be for you. Schedule a consultation with Field Law for more information on how to create and manage a trust.

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