Franklin Irrevocable Trust Lawyer

Franklin Irrevocable Trust Attorney

Depending on your needs and objectives for your assets, an irrevocable trust may be the right addition to your estate plan. Irrevocable trusts offer additional asset protections and tax advantages. This can make them a logical choice for holding your assets, depending on your situation. A Franklin irrevocable trust lawyer can help you make the right decision.

Shanone Emmack has years of experience in providing legal assistance for all aspects of estate planning, including trust formation and administration. Our team at Emmack Probate and Estate Law Group can craft an estate plan that meets your goals. Our work can provide you with the security you deserve throughout the remainder of your life and after.

What Is a Trust?

A trust is a popular estate planning tool that allows a person (the grantor) to hold their assets throughout their life and determine what happens to them upon their death. About 1,573 people died per year on average in Williamson County between 2018 and 2022.

One of the top four leading causes of death throughout the state is accidents, which shows that death can happen to anyone at any time. That is why it’s more important than ever to understand your options for your assets.

There are two main types of trusts you can use for your assets: revocable trusts and irrevocable trusts. Revocable trusts offer more flexibility because they can be updated or revoked as long as the person creating the trust (the grantor) is alive. Irrevocable trusts cannot be changed or revoked, but offer their own unique benefits to make up for it.

Irrevocable trusts are used for a variety of purposes. Most commonly, trusts are an important part of an estate plan to transfer wealth from generation to generation. Irrevocable trusts can also aid with Medicaid planning because their assets typically aren’t eligible for Medicaid. This can enable you to qualify for certain government benefits.

Most types of assets can be put into an irrevocable trust, but not everything. Retirement accounts and life insurance policies, for example, already have their own tax advantages and come with their own beneficiaries. Therefore, they may not be eligible to be placed into a trust. Assets that can be placed in your irrevocable trust include:

• Bonds
• Business interests
• Cash
• Real estate
• Stocks

Benefits of Working With a Franklin Irrevocable Trust Lawyer

Williamson County has a population of approximately 248,897, with a median age of 40 years. Franklin alone is home to about 88,558 people. Each person deserves to have an estate plan in place that gives them reassurance that the wealth they’ve accumulated over the course of their life can go where they want it to.

Establishing a trust can vary in complexity. Typically, irrevocable trusts are the more complex of the two options, which makes it all the more important to consult a legal professional. A Franklin irrevocable trust lawyer can evaluate your situation and come up with a plan that protects your assets. They can ensure the financial security of both the grantor and any future beneficiaries.

Trust attorneys can handle all sorts of tasks, including:

• Creating and administering trusts
• Planning for taxes
• Representing you in cases of trust litigation
• Resolving disputes
• Upholding beneficiaries’ rights

Whether you are actively having an issue with your trust or simply want guidance on how to maintain it over time, a Franklin irrevocable trust lawyer can support you.

FAQs

Q: What Type of Lawyer Is Ideal for Handling Irrevocable Trusts in Franklin?

A: If you are seeking legal help for a trust in Franklin, it’s wise to work with an estate planning attorney, also commonly known as a trusts and estates attorney. Trusts are not overly complicated, but they can be challenging to set up and maintain without professional assistance. For the most comprehensive care, make sure you’re working with a lawyer who has experience in irrevocable trusts.

Q: Do I Need a Lawyer to Dissolve an Irrevocable Trust in Franklin?

A: It’s possible to dissolve a trust on your own in some cases, but it’s highly recommended that you leave the process to an estate planning attorney, especially for irrevocable trusts. Irrevocable trusts are typically more complex, and dissolving them often requires the involvement of the Franklin County Chancery Court and more interactions between beneficiaries. A Franklin irrevocable trust lawyer can manage this process correctly.

Q: How Much Does a Franklin Irrevocable Trust Lawyer Typically Cost?

A: The cost of working with a Franklin irrevocable trust lawyer can vary, depending on the complexity of your trust and the experience level of your chosen attorney. Typically, the type of trust and the cost of asset retitling can impact your attorney’s fees. It’s also important to consider if you want trust administration assistance as well, which involves ongoing costs and asset management.

Q: Why Choose an Irrevocable Trust Over a Revocable Trust in Franklin?

A: When you decide to open a trust, you have two options on how to set it up. The two main types of trusts are revocable trusts and irrevocable trusts. Revocable trusts offer more flexibility because they can be revised or revoked while the grantor is still alive. That said, irrevocable trusts offer many unique benefits, including the ability to avoid estate taxes, increased asset protection, greater control over asset distribution, and protection from creditors.

Learn About Your Options From a Franklin Irrevocable Trust Lawyer

It’s never too early to start thinking about what happens after you pass away, especially if you’ve accumulated a decent amount of wealth over the span of your life. Trusts are important estate planning tools that can help you protect your assets and maintain control over them.

At Emmack Probate and Estate Law Group, our goal is to lay out all your options so you understand how your trust works for you. We offer professional legal guidance and support, no matter what’s going on. If you’re ready to discuss your case in more detail, contact our office to set up an appointment with a Franklin irrevocable trust lawyer today.