Hot Springs Trust Administration and Litigation Lawyers
Reliable asset protection and oversight
A trust is a legal entity created to hold, manage and convey assets. Trusts are used for a variety of reasons, which include limiting liability, safeguarding wealth from creditors and avoiding certain taxes. Trusts are important tools for planning your retirement and making bequests to your heirs. The Hot Springs trusts lawyers at Wood, Schnipper & Britton can assist you in establishing the right trusts for your circumstances, administering your trust and representing your trust in any court challenges. The most popular trust instruments we manage are:
- Living trusts
- Irrevocable trusts
- Special Needs Trust
- Life Insurance Trusts
- Gun Trusts
- Family Trusts
Protecting your assets while you enjoy them
Asset protection applies principles of business to personal holdings. For instance, when our attorneys help clients in business formation, we typically incorporate their business to create a wall of separation between personal and business assets, so that a creditor of the company’s commercial real estate would not be able to put a lien on the owner’s residential real estate. Likewise, when we create a trust to hold a husband’s separate property, his wife’s creditors can only go after marital assets and her separate property; they cannot attach the property held in the trust. Both spouses can enjoy the assets, knowing they are safe from any legal action.
Assets left to heirs in a will must pass through probate and can be subject to estate taxes and income taxes. So, if a family home passes from one generation to the next, it could be taxed so heavily that the heir might not be able to keep it. By establishing a family trust for the home, our trusts lawyers in Hot Springs bypass the issue of succession. When one generation passes away, the home does not change hands. It remains with the trust, so there are no inheritance taxes to be paid.
Contact our knowledgeable trust lawyers in Hot Springs, AR
To schedule an appointment to discuss your estate plan, including the benefits of establishing trusts to protect your assets, call Wood, Schnipper & Britton at 501-762-0887 or contact our office online.