Rogers, Minnesota, Revocable Trust Lawyers

Trusts are powerful and sometimes flexible estate planning tools. They can provide many advantages, including allowing your heirs to avoid probate, maximizing asset protection and providing assistance with managing your assets during your lifetime. There are two different types of living trusts, which are trusts that you create while you are living: revocable and irrevocable trusts. The best way to explore if establishing trust or perhaps several trusts is right for you is to speak with the Rogers, Minnesota, revocable and irrevocable trust attorneys at our law firm.

An attorney from Martin & Wager, P.A., can talk to you about your specific situation and your estate planning goals. We will discuss if a trust is right for you. You may even find that establishing several different types of trust — each with their own purpose — would suit your needs.

What Are the Differences Between Revocable and Irrevocable Trusts?

Our skilled and experienced estate planning attorneys can guide you through your options when establishing a trust or trusts. There are many types of trusts, each falling into one of two categories:

• Revocable trusts can be changed. When the trust is established and money is placed into it, you can remove the money or even terminate the trust. If your circumstances change in any way, you will be able to modify the trust to reflect or adjust to those changes.
• Irrevocable trusts, with very limited exceptions, cannot be changed. Once you establish the trust and place money into it, the money belongs to the trust. Our high net worth clients often turn to irrevocable trusts, specifically Grantor Retained Income Trusts (GRITs), Grantor Retained Annuity Trusts (GRATs) and Grantor Retained Unitrusts (GRUTs).

The first step in exploring if a revocable, irrevocable or perhaps both types of trusts are advisable is to consult with an attorney at Martin & Wagner, P.A. We can inform you of the advantages of each type of trust and explain to you the different trusts that are in each category.

Advantages of Establishing a Trust

The following are a few advantages to consider when exploring the possibility of establishing a trust. Not every trust will achieve all of these objectives. Depending on the type of trust you choose, you can:

• Avoid probate
• Maintain privacy — the terms of a trust are not made public
• Manage assets
• Provide for special needs family members
• Help your children or grandchildren pay for college
• Maximize asset protection
• Minimize estate taxes
• Plan for retirement

Contact Our St. Michael Area Irrevocable Trusts Attorneys

Contact Martin & Wagner, P.A., by e-mail or call 763-515-8619 to schedule a free ½ hour consultation with an experienced Rogers, Minnesota, trusts lawyer.

From our office in Rogers, we provide legal representation to clients throughout the Greater Metropolitan area, including Maple Grove, Albertville, Buffalo, St. Michael and other communities North and West of Minneapolis.