Legacy Law Group: The Trust Attorney Denver Families Count On

As the top trust attorney in Denver, Legacy Law Group has the tools to protect your family’s future
and provide much-needed peace of mind.

Is a Lifetime Asset Protection Trust Right for Your Family?

If you are exploring your estate planning options, consider a lifetime asset protection trust. This type of trust can help protect your family’s assets from adverse creditor actions and other financial catastrophes.

The Basics of a Lifetime Asset Protection Trust

Lifetime Asset Protection TrustIt’s not uncommon for people to take actions to protect their health, home, or car against the unexpected. But why shouldn’t you protect your other assets? This is where a trust comes into play. 

Contrary to popular belief, trusts are not only for the elderly. With this type of trust, you can choose to protect the welfare of your family and later on decide who they are distributed to, according to your wishes. You’ll be able to protect your assets during your lifetime and ensure they are shared correctly after your passing. 

Simply put, a trust holds together all the assets and lays out exactly how they will be used to certain entities or people. With the proper assistance, it is quite a simple process. However, you should first be aware of the trust options available to you. One such trust is a lifetime asset protection trust.

What Is a Lifetime Asset Protection Trust and How Does it Work?

 

What is a Lifetime Asset Protection Trust and How Does it WorkA lifetime asset protection trust (LAPT) or a lifetime trust is a type of trust created specifically to protect your family and loved ones. Instead of going to your beneficiaries directly, a lifetime asset protection trust will set up a trust for your children to distribute specific assets. However, the assets will not be owned by the children but by a trustee of the trust.

If you have any questions or have already decided to protect your assets with a trust, do not hesitate to contact one of our best asset protection lawyers and receive proper guidance and clarifications.

 

The Benefits of a Lifetime Asset Protection Trust

If an heir has considerable debts, is going through a divorce, or struggles with managing money, a lifetime asset protection trust can be very helpful. Here are some of the benefits of LAPT, offering airtight asset protection.

 

#1. Protection if divorce occurs

An LAPT will separate the assets that constitute inheritance, so they can be mixed with the marital property and won’t be subject to division in divorce. Sometimes relationships end; however, that doesn’t mean you have to share your inheritances with each other.

 

#2. Protection from your creditors

An LAPT can sometimes include a ‘spendthrift provision,’ meaning the beneficiary will have limited access to the trust assets. Therefore, the assets within the trust will be protected from attachment by the creditors of the beneficiary.

 

#3. Protection in case of illness

It is essential to understand that an LAPT is not managed by the beneficiary but by the trustee. So, if the beneficiary is ill or incapacitated, the trust will continue to operate your lifetime trusts while you can rest and heal in the meantime.

 

#4. You can control the final distribution of your assets

Once you’ve decided to hire a personal family lawyer or an estate planning attorney, you must know that an LAPT lasts for your entire life. When you create your trust, you get to decide what will happen with your remaining assets and to whom they will be distributed.

The benefits will continue to apply no matter if you are a sole trustee or an independent trustee.

Examples of assets that a trust can protect:

  • Personal home;
  • Intellectual property;
  • Bitcoin or other currencies;
  • Real estate investments;
  • Antiques;
  • Securities or stocks;
  • Savings accounts;
  • Corporations and LLCs.

Best Trust for Asset Protection

A trust in Colorado is used for tax minimization and asset protection to avoid probate or reach a larger estate plan. This leads some people to wonder what is the best trust for asset protection.

 

What Is the Best Trust for Asset Protection?

With so many options out there, it is challenging to choose the best trust for asset protection. Whether we refer to revocable or irrevocable trusts, our skilled trust attorneys will guide you through every step to make sure it meets your goals and needs. Here is what revocable and irrevocable trusts mean briefly:

 

Revocable Trusts

Revocable trusts allow the beneficiary to have complete control of all assets within the trust. Once created, the revocable trust can be amended or revoked by its creator at any time. Known as a living trust, a revocable living trust lowers the costs and hassles of probate. However, it might not be the best option when it comes to real estate.

 

Irrevocable Trusts

Unlike revocable trusts, irrevocable trusts can’t be revoked, and once the beneficiary places the assets, they no longer belong to them. The advantage of using irrevocable trusts will let you minimize estate tax or protect assets from creditors. Irrevocable trusts can not be changed or modified in any way without the approval of the beneficiary.

How Much Is an Asset Protection Trust?

How Much is an Asset Protection TrustThe cost of establishing an asset protection trust varies based on numerous factors. While no estate planning lawyer can quote a specific amount without speaking with a client, some pricing structures are more cost-effective than others.

At Legacy Law Group, we can help you create wills, trusts, or other crucial estate planning documents and provide complimentary estate plan reviews for you and your family if circumstances change. We strive to create long-term relationships with our clients, and in upholding that mission, we offer complimentary lifetime memberships, which include three-year plan reviews.

Our law firm has a simple estate planning approach: we prepare for the future while looking at people, properties, and plans. If you work with us, we will help you protect what you value the most.

We see lifetime asset protection as the perfect estate planning vehicle, designed to protect your children’s inheritance from wrongful happenings, such as illness, divorce, and adverse creditor action. Contact us at (303) 218-6633 and receive a free consultation upon your situation, and get a brief overview on lifetime asset protection trusts concerning your specific situation.

 

Are Asset Protection Trusts Legal?

Are Asset Protection Trusts LegalAsset protection trusts are 100% legal. While the process is lawful and offers you the possibility to create asset protection for both during your life and through your will, at times, it might not have the effect you intend.

Seeking a top trust attorney in Colorado can help you protect your family’s financial future and will provide you the assurance needed, especially when it comes to inheritance or real estate. When bankruptcy, lawsuits, creditor claims, or other liabilities arise, our law firm will be there for you and can find legal ways to protect your assets.

Our services include family business planning, trusts, domestic asset protection, offshore asset protection, and succession planning. Schedule a free consultation at (303) 218-6633, or explore our website to gauge our complete services. From there, we can set up a family wealth planning session and help you and your loved ones gain the peace of mind you’re looking for.

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Our Client Success Stories

Derrick Swantz

“Anastasia Fainberg is extremely good at the legal work she performs. Her complete attention to every detail make her a pleasure to work with. She is the most qualified attorney that I have ever seen. I recommend her highly as she earns your trust from start to finish.”

Glen And Gracie

“My wife and I are very grateful for the careful explanation of the value of having our estate plan in place. Matt Meuli patiently answered all of our questions and made sure we had all the information we needed. We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”

Joel Perry

“Fantastic attorney has helped me on several matters and will continue to use her for our other legal matters. I would recommend Anastasia to anyone needing legal assistance.” We highly recommend Meuli Law Office for your estate planning needs. Now our beneficiaries will be in great hands and not have to struggle through so many unknowns.”

Lee & Linda

“Matthew Meuli, Attorney/Counselor has been a friend of mine and Linda’s for the past four years. Matt and I met through Business Network International. At BNI Matt presented himself as a very qualified counselor for planning a trust. I had been a beneficiary of my mother’s trust and learned the value of a will versus a trust. We were able to set up the L&L Trust in an easy and understandable way with Matt’s professional help. As we have seen in the last two months life can change in a moment and having a trust in place gives us tremendous security.”

Denetria Walker

“If you are looking for a Law group that is professional, attentive and covers every single detail of your estate planning then give Anastasia a call!”

Sandie and ed

“When my father passed unexpectedly, it was surprising how much was involved. We had no idea what to do, where to go, how to find info that wasn’t written on his 1 page handwritten will. We will be forever grateful that we had Matt Meuli by our side showing us how to navigate through my father’s poorly prepared will. We have since set up a trust for our little ones and have no worries for those left behind. Matt thoroughly explained each part of the process in an easy to understand way. We now have peace of mind. Thank you Matt!”