Work With An Experienced Fremont Trusts Attorney
At Anthoor Law Group, APC, we have successfully guided countless families through the estate planning process and have helped them protect the future of their loved ones and assets through the creation of wills, living trusts, and irrevocable trusts. In addition, our Fremont estate planning attorneys are proud to also help our clients enact various kinds of trusts that are specific to their needs, such as:
- special needs trusts
- irrevocable life insurance trusts
- qualified domestic trusts
- qualified terminable interest trusts
Discuss your future needs with our trust lawyers at your free consultation ! Call us at (510) 794-2887 today.
Special Needs Trusts
If you are the parent of a child with special needs, you can make sure that they have everything they need in the event of your passing with a special needs trusts.
A special needs trust allocates money to your child in order to provide for the following:
- Medical check-ups
- Rehabilitative care
- Personal care attendant
Irrevocable Life Insurance Trusts (ILIT)
If you are a life insurance policy holder, your life insurance proceeds may be included in your estate at the time of your death. This means that your life insurance proceeds can be taxed by the state and IRS. This can be avoided by creating an irrevocable life insurance trust, which will transfer all the insurance policy proceeds to a designated trustee. The designated trustee can be a child or spouse.
Qualified Domestic Trusts (QDOT)
This specific type of trust is used to allow non-U.S. citizens who are married to a U.S. citizen to qualify for unlimited marital deduction. Individuals who qualify for a QDOT can help keep their estate from being subject to excessive federal taxes upon the death of the spouse.
In order to qualify for the QDOT, you must meet the following qualifications:
- At least one trustee must be a US citizen or domestic corporation
- The trust must not allow a distribution of principle unless the US citizen has the right to withhold estate tax on the marital distribution
- The trustee must keep a sufficient amount of the trust assets inside the U.S.
- The trustee must ensure the payment of federal estate taxes
- The executor of the estate must elect to have the marital deduction applied to the trust
Qualified Terminable Interest Property (QTIP) Trust
The QTIP is a specific type of trust that enables an individual to provide for a surviving spouse. The QTIP can also be used to maintain a certain degree of control over how the trust's assets are distributed once the surviving spouse has passed away. Income that has been generated from the trust will be given to the surviving spouse to make certain that all beneficiaries are taken care of.
Get started today! Call our Fremont estate planning lawyer now.
To find out what kind of trust is suitable for you and your family, please contact Anthoor Law Group, APC as soon as possible. We would be happy to meet with you during a free initial consultation and discuss your many options.