Reasons to Set Up a Trust

There are a ton of different trust types that you could set up. There are family trusts, insurance trusts, cottage trusts, Henson trusts, irrevocable life insurance trusts, qualified domestic trusts, spendthrift trusts, charitable remainder trusts, purpose trusts, etc. No matter the type of trust you need there are several benefits you will receive from one of these trusts. The attorneys at Robinson, Seiler & Anderson Law Firm in Provo, Utah can help you with setting up the trust that is perfect for your needs. The benefits you could receive are listed below.

 

Manages Assets

If you are worried that your beneficiaries don't have the capability or desire to manage the assets you'll be giving them after you pass, having trustees manage those assets can solve the problem. You may want to manage the assets while you're alive, but when you're gone, a trust can provide proper management if necessary.

 

Protects your Assets

If you want to protect assets from creditors, marriage breakdown or from those who might influence your beneficiaries, a trust can be an effective. Talking with one of the attorneys at Robinson, Seiler & Anderson can help you in creating a trust that covers all of your assets and gives them the protection they need.

 

Provides Privacy

After you pass it is common for all of your assets to be probated. Assets held in a trust fall outside of your estate and, therefore, do not require probate or the payment of probate fees. When being probated your will becomes a public document, along with the value of the assets that formed your estate. A trust agreement, however, is a private document and can keep information confidential. Some people replace their wills with a trust. 

 

Saves on Taxes

It's possible to use a trust to access the lifetime capital gains exemption (LCGE) or the principal residence exemption (PRE), even where it would otherwise be impractical to do so. It's also possible to split income with lower-income beneficiaries by allocating income of the trust to those beneficiaries to be taxed at their lower rates (though there are some exceptions). In addition, testamentary trusts, created in your will upon your death, have in the past allowed beneficiaries to save tax by taking advantage of the low graduated rates of tax available to those trusts.

 

To find out how and what trust will work best for you and your family you will want to meet with one of the attorneys at Robinson, Seiler & Anderson Law Firm in Provo, Utah.

 

View Our Testimonials Announcement

Norman H. Jackson, Utah Court of Appeals Judge, Retired, has joined the law firm of Robinson, Seiler & Anderson, LC, effective April 2017.  Judge Jackson was one of the seven founding Judges of the Utah Court of Appeals and served terms as Presiding and Associate Presiding Judge.
 
Judge Jackson was the senior attorney in a Richfield law firm for eighteen years.  The firm engaged in legal, business and tax cases, including practice before State and Federal Courts, U.S. Board of Land Appeals, Utah Public Service Commission and Arizona Corporation Commission.  Clients included counties, cities, banks department stores, communications and credit associations, irrigation companies, auto dealers, building supply stores, farmers, ranchers and small businesses. They took “every type of case that came through the door,” from criminal defense work to a patent royalty dispute for the inventor of the Frisbee. Judge Jackson has been a lifetime rancher doing business in Utah as Jackson Cattle Company and Arizona as EJ Cattle Ranches.
 
Judge Jackson’s professional service includes terms on the Utah State Bar Commission, Bar Foundation (President and Vice President), Air Travel Commission, and Utah Information Technology Commission.  He served on the Judiciary’s Alternate Dispute Resolution Committee for thirteen years and initiated and supervised the Appellate Court Mediation Office.  He developed and advanced a realistic and workable framework for both of Utah’s Appellate Courts to use in reviewing trial court and administrative agency decisions.  He published three editions of Utah Standards of Appellate Review while participating in more than 2,000 appellate court decisions.  
 
Judge Jackson’s experience will complement the other outstanding lawyers at Robinson, Seiler & Anderson, LC.  The firm will continue its representation of injured individuals, as well as clients in real estate, business, estate planning, tax, contract and education matters.
 

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