A trust is a powerful tool that can be used to protect assets from creditors, to minimize estate taxes, to maintain control over inheritances, and to do so much more. A Virginia trusts lawyer can help you to determine if any of your assets should be transferred to trusts or if trusts should be a part of your financial and estate planning. For more on how a VA trusts and estates attorney can help, call and schedule a consultation today.
Can a Virginia Trusts Lawyer Help You?
There are many reasons to create a trust. A Virginia trusts lawyer can review your current financial situation, your expected future financial goals, and your plans for your estate after your death. Based on a careful review of your circumstances, a Virginia trusts lawyer can provide you with advice on whether a trust is right for you.
When you create a trust, there is not just one type of trust you could choose. You will need to decide if your trust should be revocable or irrevocable. You will also need to decide if you prefer to create a living trust that goes into effect when you sign, notarize, and transfer property into it or a testamentary trust that does not go into effect until your death.
There are substantial differences among these different trust types and a Virginia trusts lawyer will help you to understand all of the options available to you.
Virginia Laws on Trusts
Virginia is one of the 25 states in the United States that has adopted the Uniform Trust Code. The Uniform Trust Code, found in Virginia Code Title 55, is a model code created to help standardize laws applicable to trusts across the United States.
The Uniform Trust Code establishes the rules for trusts in Virginia, as well as the guidelines for how those trusts will be enforced and how they will function. Among the other details found in the Uniform Trust Code are the requirements for trust creation.
When a trust is created, you must transfer property or assets into it that the trust will take ownership of. Depending upon the type of trust established, those assets could be protected from creditors and could be exempt from being counted as property when determining if you qualify for nursing home coverage through Medicaid. Not all trusts provide the same level of asset protection, so be sure to talk with a Virginia trusts lawyer about your goals.
Getting Help from a Virginia Trusts Lawyer
Trusts can be used to do many different things, including allowing a disabled person to inherit without losing Social Security or other means-tested benefits and allowing a spendthrift child to inherit but not overspend. A Virginia trusts lawyer will provide you with assistance determining if you need a trust as well as what type of trust is best. Your attorney will also help with every step of trust creation. Call today to learn more.