On October 25, 2014

Concluding our blog series Setting up a Living Trust: 6 Facts to Know, below we will point out some final important facts to be aware of if you are considering setting up a living trust.

Setting Up a Living Trust: Some Final Facts to Consider…

Fact 5 – While there are a number of advantages associated with setting up a living trust, there are also some drawbacks people should be aware of.

The most important fact to know about setting up a living trust is that, when you are ready to do this, JR Phillips & Associates, PC is ready to provide you with superior legal service.

The most important fact to know about setting up a living trust is that, when you are ready to do this, JR Phillips & Associates, PC is ready to provide you with superior legal service.

Although setting up a living trust can offer people and their beneficiaries a number of advantages, there can be some downsides to these types of trusts. In fact, people need to know that the size of their estate, the nature of their assets and their plans for the future will also impact whether or not setting up a living trust is the right move for them.

Some of the specific downsides of setting up a living trust can include (but are not necessarily limited to):

  • The costs – There are some upfront costs associated with setting up a living trust. Although these costs can be greatly offset in the future in that your beneficiaries won’t have to deal with probate, you personally won’t realize the savings, and this may be a disadvantage for some people.
  • The tax issues – Depending on the state in which you live, as well as the other features of your estate plan, there may be some important tax issues that come into play, and you should understand these thoroughly before you move forward with setting up a living trust.

Keep in mind, however, that these may not be the only downsides to setting up a living trust – and they may also not come into play for some people/living trusts. To get a better idea of whether setting up a living trust is the right move for you, contact our Denver trusts and estate planning lawyers today.

Fact 6 – When you are ready to move forward setting up a living trust, you can turn to JR Phillips & Associates, PC.

Of all of the facts about living trusts that we’ve discussed thus far in this blog series, perhaps the most significant fact to remember is that, when you are ready for more info about setting up a living trust, the experienced Denver estate planning lawyers at JR Phillips & Associates, PC are here for you, ready to provide you will the highest quality legal services.

In addition to helping you set up the best trust(s) and other estate planning documents you may need, our lawyers can also assist you in revising and/or administering them at any point in the future.

Denver Estate Planning Attorneys at JR Phillips & Associates, PC

Are you ready to get started setting up a living trust? If so, you can turn to the estate planning lawyers at JR Phillips & Associates, PC. We provide a thoughtful, comprehensive approach to our clients’ estate planning, elder law and other legal needs, and we take pride in helping each of our clients and their families find the best solutions for them.

To learn more about your best options for estate planning, schedule an initial consultation with us today by calling us at (303) 741-2400 or by emailing us using the contact form at the top of this page.

From our offices in Denver, we serve clients throughout the southwest and southeast Metro Area, including (but not limited to) people in Highlands Ranch, Littleton, Castle Rock, Parker, Aurora, Greenwood Village and Englewood.

Categories: Estate Planning, Trust Administration, Trusts