Experienced Colorado Law Firm Creates Flexible, Customized Trusts
Huzjak Law helps clients in the metro-Denver area to provide trusts for themselves and their loved ones
At Huzjak Law Office, we utilize our experience to advise clients on the best means to meet their financial and estate objectives, including the efficient distribution of assets and estate tax minimization strategies. Trusts are legal entities created to hold and transfer assets. These instruments provide benefits such as shielding your financial assets from losses due to liability and taxation, so your heirs can keep more of what you pass down to them. Distributing assets via a trust can also keep the details of your estate confidential, unlike the public probate process that is used for wills.
Knowledgeable Law Firm designs trusts tailored to your estate goals
There are several types of trusts, with each offering situation-dependent pros and cons. We can help you select the type of trust agreement that addresses your financial goals and legacy concerns. At Huzjak Law, we handle:
- Revocable trusts — As the grantor of a revocable trust, you can retain control of your assets during your lifetime and may revoke or revise the trust at any time. Living trusts are a popular form of revocable trust.
- Irrevocable trusts — Once you establish this kind of trust, its assets no longer belong to you, and you cannot amend the trust without your beneficiary's consent. However, any appreciated assets in the trust are not subject to estate taxes.
- Marital and Family trusts — These trusts are designed to allow a married couple with children to maximize their available exemptions from federal estate tax, in many cases avoiding the “death tax” altogether, while providing support for a surviving spouse and the couple’s children.
- Generation-skipping trusts — Also called a dynasty trust, a generation-skipping trust enables a grantor to transfer a substantial amount of tax-free money to beneficiaries at least two generations below them. It can be an excellent way to provide a legacy for your grandchildren.
- Qualified Personal Residence trusts — A QPRT prevents the value of a grantor’s primary residence or vacation home from being added to their estate. Establishing a QPRT may help avoid triggering the estate tax later on.
- Irrevocable Life Insurance trusts — This type of trust removes a grantor’s life insurance from the taxable estate. It can help to leave a tax-free legacy to loved ones.
- Qualified Terminable Interest Property trusts — A QTIP trust helps grantors in second marriages provide for the lifetime needs of a second spouse while preserving a legacy for children from the first marriage.
- Special Needs trusts — If someone in your family has a disability or special needs, this type of trust can be used to help meet future financial needs.
In 2021, Congress is attempting to substantially change the tax laws pertaining to trusts and related trust matters, so it is important to discuss with your attorney how these changes, if enacted into law, could affect your estate plan.
Trusts are very flexible instruments. Huzjak Law Office can help you create one that addresses your unique estate planning needs.
Contact a skilled Colorado trust and estate planning lawyer
Huzjak Law Office serves clients throughout Colorado who wish to protect their assets with a trust. Call us at 303-741-4647 or contact us online to schedule a consultation.