A Trust Attorney Phoenix Offers Can Help You Build a Legacy

Trust attorney phoenix az

You have worked hard to build what you have in life, and will likely gain more. Now, you wish to leave that legacy to your children and your grandchildren. To protect as much of what you earned as possible, you should consult with a trust attorney Phoenix has to offer, and see what they can do for you.

A trust attorney Phoenix can offer can be great for your estate planning needs. In legalese, a trust is when one party transfers control of property to another party for the benefit of a third party. Pension plans, managed portfolios and some corporations are managed as trusts. The same goes for all wills, which an estate attorney phoenix has can write. A will, which list the last wishes of the deceased, needs an executor to come to fruition. Thus, anyone with assets or property of any kind can use a trust.

A trust attorney Phoenix can set up more elaborate trust structures. Take dynasty trusts. Also known as grandfather trusts or generation skipping trusts, dynasty trusts transfer assets from you, the settlor, to your grandchildren or subsequent generations. This allows you to avoid paying real estate taxes, and therefore shielding your assets from government intrusion.

A trust attorney Phoenix offers can also help you set up other trusts to mitigate tax consequences. While dynasty trusts are the best for tax consequences, most trusts set up while you are still living have a much lower tax rate. The IRS allows trusts to be taxed as corporations, and thus have a far lower effective tax rate than inheritance tax. As such, many high net worth individuals use trusts to pass assets along to the next generation.

Using a trust attorney Phoenix offers, or any estate planning attorney phoenix offers, is a great way to plan ahead. By helping you shield assets from negative tax consequences, a trust attorney Phoenix offers can ensure you leave a legacy to your future generations. In that since, a trust attorney phoenix offers may be one of the most important investments you make.