A Trust agreement is an agreement between an asset holder and Trustee, to manage and distribute those assets, for the benefit of a beneficiary or beneficiaries. Trusts can be a powerful tool in estate planning as they provide a great deal of supervision and flexibility over direct distribution of assets.
A Revocable Trust is often referred to as a "Living Trust" and is drafted during a person's lifetime to determine the disbursement of assets in the event of that person’s death or mental incompetence. This type of trust can be modified and updated at any time during the grantor’s lifetime and specifically defines distribution at death.
In contrast, an Irrevocable Trust cannot be amended once signed and therefore should only used in cases involving permanent transfers of assets. Due to its irrevocability, great care must be taken in structuring the Trust.
Family or Bypass Trusts provide a great opportunity for protecting assets passed to love ones free of estate taxes. To achieve this, the Trust created by the deceased is divided into two sub-Trusts, a Marital Trust for the sole benefit of a surviving spouse, and a Family Trust, which can benefit a spouse, children or other beneficiaries. The Family Trust is not included in the surviving spouse’s estate for tax purposes.
Variations and benefits of Trusts are limitless. At Beth Sparks Hunt pllc, we are well versed in the process of evaluating your assets and advising you on the best Trust options available to accomplish your goals and objectives.
I was referred to Beth Sparks over 10 years ago by a colleague and because of my positive experience working with her I have referred her to numerous friends and colleagues ever since. Beth is extremely knowledgeable, highly competent and experienced in her field and always looks out for her clients best interest. She has a way of making a seemingly complicated subject very simple to comprehend. She is Ivy League without any intimidation. I highly recommend Beth to anyone who needs assistance in Estate planning."
I was referred to Beth Sparks as I knew her then many years ago. I had interviewed other estate planning attorneys and they could not even come close to Beth’s knowledge, intelligence, integrity and creativity with estate planning for my family which was complicated and required sophisticated knowledge of estate planning laws. She is hands down the best attorney in town, in fact in all of Colorado! I have had to update portions of my will, always finding her responsive and available. Since then I have also entrusted her to do marital planning and she was able to help me and my fiancé, impressing us with her objectivity and common sense. Despite her Harvard law degree she is very smart but not arrogant and you will become a trusted client and friend. I highly recommend her gifted knowledge and professionalism. She is the best! A gem!"
My estate is complex and my family large. Beth and I put together a great plan that I am comfortable with for now and in the future. She is very knowledgeable and competent."