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Scottsdale Trusts Attorney

Trust Drafting & Administration in Arizona

One of the best ways you could care for the future of a loved one is to set up a trust agreement in their benefit. A trust allows you as the trustor to transfer ownership of assets and property to the trust (under the care of the trustee) as long as you are alive and/or until the trust goes into effect. There are several types of trusts, as well, so make sure you learn about each and decide on the most beneficial option with the assistance of a Scottsdale trusts lawyer.

Trust Options in the State of Arizona

First of all, there are living trusts and testamentary trusts. A living trust is set up to go into effect while the trustor is still alive, such as when the beneficiary turns 18 or on a specific date of a specific year. This kind of trust is also known as an "inter vivos" trust, which is Latin for "between the living." As for a testamentary trust, this type goes into effect upon the trustor's death.

Regarding each of these options, an individual can also choose between a revocable living trust and an irrevocable trust. If a trust is revocable, the terms of the trust can be altered at any time. This means that the trustor could even terminate the trust altogether if they so desired, or they could transfer the trust to a different beneficiary, add beneficiaries, change the trust administrator, etc. The terms of an irrevocable trust, however, cannot be altered at all. The moment the agreement is signed, all terms listed therein are set in stone and nothing can be changed.

Grant N. McKeehan, PLC could counsel and assist you with each of these types of trusts, as well as in these additional areas:

Charitable Remainder Trusts
By transferring certain taxable-income into a charitable remainder trust, you could reduce your taxable income during your lifetime and donate the remainder of the trust to a charitable organization.

Grantor Retained Annuity Trusts
By setting up a grantor retained annuity trust, a donor will receive annual payment until the end of the term, at which point the remainder of the trust is passed on to the beneficiary. This is often used as a means of making large financial gifts to loved ones tax-free.

Irrevocable Life Insurance Trusts
Though there are some disadvantages to such a trust, the trustor will benefit by saving on estate taxes on their life insurance.

Consult with a Trust Lawyer in Scottsdale Today

Looking for a lawyer to help you with your trust case in Scottsdale? If you are considering setting up a trust for a loved one, don't hesitate to contact Grant N. McKeehan, PLC today to schedule a consultation. By reviewing your situation and discussing your options with a skilled Scottsdale estate planning attorney from my firm, you could make an educated and beneficial decision regarding a trust agreement. I have extensive experience in estate law and could counsel you each step of the way.

Contact a Scottsdale trusts lawyer at the firm today and learn how I help you.

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Grant N. McKeehan, PLC - Scottsdale Estate Planning Attorney
Located at 4300 North Miller Road, Suite 220 Scottsdale, AZ 85251. View Map
Phone: (888) 913-8943 | Local Phone: (602) 791-6174.