Irrevocable Trust Attorney – Brookfield, WI.

In the right circumstances, an irrevocable trust can be an integral part of a comprehensive estate plan.  An irrevocable trust attorney in Wisconsin is a legal professional that has the knowledge and skill to evaluate the client’s needs and goals, takes the time to advise the client about the pros and cons of an irrevocable trust and, when appropriate, draft and assist in the administration of an irrevocable trust.

A Wisconsin irrevocable trust is a legally created fiduciary entity that cannot be changed, amended or revoked after it is created, barring a few limited exceptions. The Grantor, the person creating the trust, transfers assets or property to the irrevocable trust to be controlled and managed by the trustee on behalf of the beneficiary.  When creating a Wisconsin irrevocable trust instrument, the Grantor is giving up their ownership of the assets transferred to the trust.

At Carroll Estate Planning, our estate planning attorney in Wisconsin, will listen to you, thoroughly review your needs, goals and options and expertly advise you about the best options to secure your legacy and provide for those you love.

Benefits of an Irrevocable Trust in Wisconsin

• Asset Protection: Irrevocable trusts can be a powerful tool for protecting assets from creditors, lawsuits, judgments, taxing authorities and divorce. Once a Grantor transfers assets to an irrevocable trust, they have relinquished all rights to control the asset.  Generally, this means that those assets cannot be used to satisfy obligations of the Grantor.  However, an Irrevocable trust can also provide asset protection to the beneficiaries as well.
• Tax Planning:  Irrevocable trusts can minimize estate tax liability for larger estates because assets transferred to an irrevocable trust are not considered part of the Grantor’s taxable estate at death.

• Medicaid Planning: Irrevocable trusts are sometimes used as part of Medicaid planning to protect assets from being counted for eligibility purposes.

Concerns to Carefully Consider Before Establishing An Irrevocable Trust

• Loss of Control: When you transfer assets to an irrevocable trust, you no longer own those assets.  The trustee of the irrevocable trust controls the assets.
• Difficult to Change or Revoke:  In Wisconsin, an irrevocable trust, once created is extraordinarily difficult to amend or revoke.  An irrevocable trust may only be modified, amended or revoked under very limited circumstances and usually requires the consent of the Grantor, trustee and all the beneficiaries.

Types of Irrevocable Trusts

• Irrevocable Life Insurance Trust:  Irrevocable life insurance trusts (ILITs) hold whole life insurance policies on the grantor’s life.  Typically, the grantor transfers a life insurance policy to the irrevocable trust and makes yearly gifts to the trust to pay the policy premiums.  Upon the grantor’s death, the proceeds of the policy are paid to the trust and distributed to the beneficiaries free of estate tax and outside of probate.
• Grantor-Retained Annuity Trust:  Grantor-retained annuity trusts (GRATs) are irrevocable trusts that exist for a specified period of time in which the grantor transfers assets to the trust (typically assets that will appreciate in value) and receives annuity payments back from the trust over its term.  When the GRAT terminates and the assets are passed to beneficiaries free of estate tax and outside of probate
• Medicaid Planning Trusts:  Medicaid planning trusts are irrevocable trusts designed to help the grantor qualify for Medicaid benefits while retaining the trust assets for the grantor’s heirs.

Considering a Special Irrevocable Trust?  Secure Your Family’s Future with Superior Estate Planning

At Carroll Estate Planning LLC, we understand the importance of protecting your loved ones and ensuring your wishes are honored.  We are experienced in drafting comprehensive estate plans tailored to your unique needs, including specialized solutions like irrevocable trusts.  Attorney Douglas J. Carroll, Jr., will personally meet with you to get all of the relevant information, explain your options and ensure that your special needs trust accomplishes your goals, complies with all relevant laws and regulations and protects the financial future of the beneficiary.

Take the first step towards peace of mind. Schedule your free consultation today and let us help you secure your family's future. Call us now at (262) 432-7301 or fill out our online contact form to book your appointment.

Why Choose Us?

• Personalized estate planning solutions
• Experienced in Special Needs Trusts
• Compassionate and knowledgeable attorneys
• Convenient location in Brookfield, WI