If you have the means to take care of your family, why not take advantage of it? You should think about the future and what will happen after you are gone. You don’t have to be a Kardashian or another celebrity to start a trust for your children and grandchildren. Today, people who are well off are able to start trust funds for their children or their grandchildren. Ores Law, located in Loveland, CO, focuses on many different law services. We have estate planning attorneys and a trusts lawyers to help you create a trust for your family.
What Is A Trust?
A trusts helps to provide benefits for the concerned party. A trust helps to protect assets for the beneficiary. The trust is managed by a trustee. The trustee is in charge of the property, which means that the benificiary is unable to spend all of the money that is the property. The entire point of a trust is to be protected for his or hers benefit. For instance, if you think your child isn’t ready to have his or her trust property at 18, then you can make it for 25, when he or she is more responsible. A trust also saves taxes for the person who has set it up. There are many advantage of having a trust, such as income, estate, and gift taxes that are able to be used.
Types Of Trusts
In Colorado, there are a few different kinds of trusts that are available. The most basic ones are living trusts and a testamentary trust. When you go to your trusts lawyer, you will need to decide what kind of trust you want. A living trust is also known as an ‘inter-vivos,’ and is set up during the person’s lifetime. A testamentary trust is set up in a will and goes into effect after the person who set it up has passed away.
If you are interested in creating a trust for your child, contact an estate planning attorney today.