Milwaukee's Premier Irrevocable Trust Lawyers
Estate Planning    Irrevocable Trusts

Trusted Irrevocable Trust Attorneys in Milwaukee#1 Irrevocable Trust Lawyers

Irrevocable trusts provide powerful protections and benefits for your assets and estate, but they come with strict limitations. Niebler Pyzyk’s expert Milwaukee attorneys have extensive experience setting up customized irrevocable trusts to meet our client’s specific estate planning goals. We guide you through safeguarding your wealth, providing your beneficiary's assets with minimal tax liability and shielding your assets from legal disputes or lawsuits.

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What is an Irrevocable Trust?

An irrevocable trust is a type of trust in which, once created, cannot be changed or canceled by the person who set it up. This means the assets placed in the trust are permanently transferred out of the person's control. The person who made the trust can no longer modify the terms or take back the assets. It's often used to protect assets from taxes or creditors and to make sure the assets are distributed according to specific instructions.

 

Setting Up An Irrevocable Trust

There are specific legal requirements to properly create an irrevocable trust and obtain its benefits in Wisconsin. The general steps to create a trust are: 

  1. Finding an attorney: A reputable estate planning attorney, such as Niebler Pyzyk’s attorneys, can help you set up the trust. 

  2. Choosing a trustee: The trustee is a third-party member who manages the trust and distributes assets to the beneficiaries. 

  3. Identifying beneficiaries: Beneficiaries can be anyone you choose, including yourself, your spouse, children or grandchildren. 

  4. Transferring assets: This can include changing titles, switching deeds or moving funds. Once transferred, assets usually can't be removed from the trust. 

  5. Creating the trust document: This legal agreement outlines the terms of the trust, including the trustee's responsibilities and the beneficiaries' rights. 

  6. Finalizing the trust: Once the trust is established, it's very difficult to change or dissolve. The grantor loses ownership and authority over the trust, and can only make changes with the beneficiary's permission or a court order. 

It is crucial to follow complex federal and state guidelines when setting up an irrevocable trust, and the skilled Milwaukee irrevocable trust attorneys at Niebler Pyzyk have the knowledge and expertise to guarantee the process goes smoothly. Contact us today to gain the tax creditor protections provided by an irrevocable trust properly and legally.

Terminating An Irrevocable Trust

Ending an irrevocable trust involves a formal and potentially complex process, which depends on the trust's terms and the beneficiaries involved. Typically, all beneficiaries must consent to the termination. Court approval may be necessary based on the trust's type, jurisdiction and the presence of minor beneficiaries.

View Wisconsin Statute § 701.0411 for more information on terminating an irrevocable trust.

 

Why Should I Choose an Irrevocable Trust?

There are several key reasons individuals choose irrevocable trusts as part of their estate planning. A major reason is the minimization of estate taxes. Wealthy grantors can use trusts like irrevocable life insurance trusts and charitable remainder unitrusts to minimize or entirely avoid estate taxes when they die. Specialized trusts allow grantors to gift assets tax-free.

Irrevocable trusts also help beneficiaries with disabilities qualify for government aid by sheltering assets so income and asset limits don’t prevent them from receiving the government aid they deserve. An irrevocable trust protects assets from lawsuits and creditors by guaranteeing the trustee and beneficiary are unrelated parties. For professionals who may face lawsuits like surgeons, architects or attorneys, an irrevocable trust can offer significant protection.

Contact Niebler Pyzyk today to learn more about how you and your loved ones can benefit from an irrevocable trust.

 

Pros and Cons of Irrevocable Trusts

While an irrevocable trust can offer significant protections for a trustee and beneficiaries, they also come with many restrictions you should be aware of before transferring your assets.

Pros Cons
  • Tax Liability Benefits: Utilizing an irrevocable trust allows you to reduce your tax liability and allows beneficiaries to receive assets tax-free after the grantor dies.
  • Asset Protection: Transferring your assets to an irrevocable trust protects your estate and your assets from being seized by creditors or due to a lawsuit.
  • Beneficiary Protection: Utilizing an irrevocable trust in your estate plan provides significant protection for beneficiaries. The irrevocable trust establishes conditions for how the trust will be distributed and can allow a beneficiary to maintain eligibility for disability relief without the irrevocable trust income disqualifying them.
  • Unchangeable: An irrevocable trust is not able to be changed without the permission of the trustee and all beneficiaries. 
  • Lack of control: As the grantor of an irrevocable trust, you are not able to act as your own trustee. The trustee will ultimately have control over any necessary changes to the terms of the trust.
  • Difficult Termination Process: All parties, including the grantor, must agree to the termination of an irrevocable trust. Otherwise, you may have to take it to court for a judge to find the purpose of the trust has been sufficiently fulfilled, violates Wisconsin State Law or is defeated by lack of compliance.

Contact the expert trust attorneys at Niebler Pyzyk to discuss your irrevocable trust rights.

We serve the greater Milwaukee area including Milwaukee, Waukesha, Brookfield, Glendale, Mequon, Germantown, Grafton, Cedarburg, Oak Creek, Wauwatosa, Hartland, Pewaukee, Sussex, New Berlin, West Allis, West Bend, Port Washington and the surrounding communities.



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