RI Irrevocable Trust Attorney Jay Bianco
Is an Irrevocable Trust Right for You?
To put it simply: when you set out an irrevocable trust, you’re “trusting” that this legal document – which, because it’s irrevocable, cannot be changed or altered – will be able to do all of the things you no longer can do either because of your death or incapacitation. However, while you may think, on the surface, that an irrevocable trust is a good idea, there are many factors that go into determining whether an irrevocable trust is right for you.
When is it time to get an irrevocable trust?
If any or all of these circumstances apply to you, it’s time to get an irrevocable trust put into place:
- Are you concerned about the potential tax liability you will incur as a result of having all of your assets? If the tax burden of your assets is too great to bear, this may be right for you.
- Are you concerned that your inheritors will misuse or otherwise misappropriate funds that are being passed down to them in the event of your demise? If your beneficiaries are minors or are otherwise irresponsible with money, an irrevocable trust may be right for you.
- Are you looking to have access to the income that’s produced by the trust, or otherwise need a creative solution to a complex estate situation? There are many legal and financial benefits to setting up an irrevocable trust. This is especially true if you’d like to get creative with your estate to avoid tax liability and other penalties (such as, in the event you have a life insurance policy that you’d like to shield from capital gains tax). These complexities and nuances are best discussed with an experienced trust attorney so that all of your options can be discussed and determined to your benefit.
Let us handle all of your Elder Law needs!
If you’re in the market for a top quality attorney in Rhode Island to handle your trust, look no further than the Law Offices of Jay Bianco. With over 15 years and hundreds of satisfied clients Jay will be pleased to handle all of your Elder Law needs. Contact us today to schedule your free, no obligation consultation at 401-206-0098.