A trust is a powerful legal instrument that can protect a person's assets. A trust can help you provide for your family. Certain types of trusts can help you minimize or avoid taxation. There are trust vehicles that can meet virtually any need.
The estate planning attorneys at Ball Morse Lowe, PLLC, have extensive experience in the creation and administration of trusts. We can assist you regarding these and other types of trusts:
Living trust — This can enable you to avoid the costs and delays of probate process.
Life insurance trust — This trust can help you avoid estate and income taxes on the proceeds of a life insurance policy.
Special needs trust — Commonly created for developmentally or physically disabled adult children. It can provide for the child's personal needs while still enabling the child to qualify for government benefits.
Oklahoma preservation trust — This type of revocable trust is unique to Oklahoma. It can exempt all trust assets from attachment by certain creditors. Recent legislation removed the $1 million asset cap on this type of trust. They are especially appropriate for people in high-risk professions, such as doctors and surgeons.
Knowledgeable Counsel Is Essential
Some trusts are termed irrevocable because assets placed in them cannot be removed. By contrast, assets can be removed from a revocable trust. Before deciding to create and fund a trust, you should seek legal advice.
There are special rules and caveats regarding these and other types of trusts. Though you can set up a trust yourself, there are risks in doing so. An experienced trust lawyer at Ball Morse Lowe, PLLC, can help you determine whether a trust is appropriate, given your circumstances, and create the trust that is right for you.
In addition to creating trusts, Ball Morse Lowe, PLLC, vigorously conducts trust litigation on behalf of beneficiaries and trustees. When you retain our law firm, we will work diligently to protect your rights and interests.
Contact Our Firm
To schedule a initial consultation about creating a revocable or irrevocable trust, call Ball Morse Lowe, PLLC, at 405-701-5355 or submit an inquiry form. We serve clients in the Oklahoma City area and throughout the state from our offices in Norman, Oklahoma City, and Purcell.