Irrevocable Trust Attorney in Rock Hill, South Carolina
We specialize in comprehensive estate planning services in Rock Hill, South Carolina. As an experienced estate planning attorney, I often recommend the use of irrevocable trusts to achieve our clients’ financial and legacy planning goals.
An irrevocable trust is a strategic legal arrangement where the grantor transfers ownership of assets into the trust, relinquishing control over those assets permanently. This type of trust offers substantial benefits, including asset protection, potential tax advantages, and streamlined estate distribution outside of probate.
At Ligon Business & Estate Law, we are dedicated to crafting customized irrevocable trusts tailored to meet each client’s specific needs and objectives. Whether it’s setting up a life insurance trust (ILIT), a charitable trust (CRT or CLT), or a Medicaid asset protection trust, we provide personalized guidance and legal expertise to ensure our clients’ assets are protected and their legacy is preserved.
If you’re considering incorporating an irrevocable trust into your estate plan or exploring other estate planning options, we invite you to schedule a consultation with Ligon Business & Estate Law. Let us help you secure your future and protect your hard-earned assets with strategic estate planning solutions designed to meet your unique circumstances. Contact us today to start planning for peace of mind and financial security.
Types of Irrevocable Trusts
At Ligon Business & Estate Law, we do all different types of irrevocable trusts to help our clients with their estate planning goals. Here are some key trusts we work with:
- Irrevocable Life Insurance Trust (ILIT): This trust holds life insurance policies outside of your taxable estate, which can be a great way to provide liquidity for estate taxes without adding to your taxable assets.
- Charitable Remainder Trust (CRT): With a CRT, you can donate assets to a trust while still receiving income from it during your lifetime. After that, the remaining assets go to the charities you choose.
- Charitable Lead Trust (CLT): If you want to support charities now, a CLT provides income to charities for a set period. Later, the remaining assets can benefit your family or other non-charitable beneficiaries.
- Generation-Skipping Trust (GST): This trust is handy for passing assets to grandchildren or beneficiaries at least two generations younger, potentially reducing estate taxes in the process.
- Medicaid Asset Protection Trust: If you’re planning ahead for Medicaid eligibility, this trust shields assets from being counted, but it needs to be set up and funded at least five years before applying for benefits.
- Grantor Retained Annuity Trust (GRAT): With a GRAT, you can transfer assets to beneficiaries while still receiving annuity payments for a set period, which may offer gift tax benefits.
- Qualified Personal Residence Trust (QPRT): Want to pass down a home? A QPRT allows you to transfer it to beneficiaries at a reduced gift tax value, while you can continue living in it for a specified time.
- Special Needs Trust (SNT): This trust is designed to support the financial needs of a disabled loved one without impacting their eligibility for government benefits like Medicaid.
Each of these trusts has unique benefits and considerations, and the right choice depends on your specific goals and circumstances. If you’re interested in exploring how an irrevocable trust could fit into your estate plan, let’s chat! Contact us at Ligon Business & Estate Law for personalized guidance tailored to your needs.
Whether we are updating your entire estate plan, growing it, or editing only a few provisions of documents you already have in place, I’ll work with you to make sure everything works together.
I have helped auctioneers in Georgia and South Carolina deal with a wide range of issues, from contract and term sheet reviews to assessing the risk of a threatened lawsuit succeeding.
Owning a business is not an easy venture to accomplish. While you can be successful in your endeavors, protecting your business may prove to be more challenging without an experienced business attorney in Rock Hill SC.
After years of hard work, planning, and success, it is time to retire from your position as the owner of your company. There are a lot of decisions that will have to be made when you decide to create a business succession plan.
A comprehensive and fully integrated estate plan minimizes the burden on family and friends by proactively addressing the areas of potential confusion or conflict.
Whether we are updating your entire estate plan, growing it, or editing only a few provisions of documents you already have in place, I’ll work with you to make sure everything works together through proper family farm planning.
