​​​​​​​                 Telephone 520 792-2450        Facsimile 520 882-4408     2720 E Broadway Blvd. Tucson, AZ 85716       John@JStandifer.com

John J. Standifer Jr.   Attorney at Law

Common sense, results-driven legal counsel

Legal Trusts


A trust is the legal relationship that occurs when one entity holds property for the benefit of another. A trust may spell out ownership, management or distribution of property.


If you are considering setting up a trust, contact the law offices of John Standifer for guidance.



Common Types of Trusts

Common types of trusts Arizona residents ask us about include

  • Asset protection trust
  • Estate planning trust
  • Irrevocable trusts
  • Revocable trusts
  • Family trusts
  • Special Needs trusts
  • Living trusts



Creating a Trust

In Arizona trusts are frequently formed for a variety of reasons.  We can help you with creating a trust when you need to:

  • avoid probate (a frequently overstated benefit) 
  • provide for administration of a person’s affairs when they no longer can handle their own affairs
  • improve estate tax planning
  • provide for the administration of a complicated asset or as asset protection trust
  • set up administration of a benefit to a beneficiary who is young, impaired or otherwise in need of protection.


If you are creating a trust, please consider consulting a trusted and experienced trust attorney.


Wills and Trusts Lawyer John Standifer suggests

Legal guidance if you are considering setting up a trust.


Setting up a trust may not be the best way to handle your estate. Whatever your particular need, we explain your options in creating a trust and work with you to determine if setting up a trust is the best course of action for you.  Give us a call today.

    


Living Trust or Testamentary Trust

A legal trust established during a person’s lifetime is known as a “living trust” or “inter vivos” trust.  A trust established at a person’s death is called a “testamentary” trust. Testamentary trusts can be formed as part of the probate process.
 


Revocable Trust or Living Trust

A revocable trust or "living trust" allows you to put your assets in trust for your benefit while you are alive and then spells out how those assets are handled when you die.  


A revocable trust can change - or be revoked - at any time.  You are the trustee and you can also name a successor trustee who will handle the items in trust for you at your death or if you should become incapacitated due to significant illness.  Items often placed into a revocable trust include homes or other real estate, vehicles, bank accounts, investment accounts and very valuable personal property.


Family Trusts

A family trust is often called a revocable living trust or joint tenancy living trust protection trust.  The family trust is often set up between husband and wife to lay out the way assets will be dispersed when both spouses die.  Families may turn to a family trust if they are concerned about avoiding probate or legal challenges to the disposition of assets.  A family trust may limit exposure to estate taxes and is usually an inexpensive approach to asset planning.  However, a family trust is not right for every situation - we will work with you to select the right estate planning trust for your particular situation.


Irrevocable Trust

An irrevocable trust is a trust in which the assets are permanently assigned to the trust and cannot be taken back.  Irrevocable trusts are often used to minimize estate taxes, protect specific assets or to provide for the care of minors or individuals with special needs.


In some cases, the creator of an irrevocable trust is allowed to take out a specified percentage of the trust assets plus interest earned. Once established, the terms of an irrevocable trust cannot be modified or ended unless the beneficiary decides to do so.  


Asset Protection Trust

An asset protection trust can be part of your asset protection plan to protect assets from creditors, bankruptcies or even divorce.  


An asset protection trust is often used by business owners to create a legal barrier to your own personal liability.  Asset protection trusts can range from simple to very complex.  Domestic asset protection trusts like living trusts can protect your home from business creditors.  Complex offshore Spendthrift trusts can be effective for large estates but are very expensive to set up. 


The most important thing to remember about an asset protection trust is that it requires advance planning. Contact the Law Offices of John Standifer to learn more about how to protect your assets if you are a business owner.


Testamentary Trust

A testamentary trust is a trust that only takes effect when the person who created the trust dies. A testamentary trust usually is part of a will, often used to create a trust for minor children.


Thinking About Setting Up a Trust?

Setting up a trust is a legal action which can have important tax consequences.  Your first step in setting up a trust should be a consultation with a qualified will and trust lawyer who can help with creating a trust that will meet your particular needs.  John Standifer is a qualified will and trust attorney and Arizona tax attorney with an extensive background in estate law and taxes.  


FAQ about trusts:


When should assets be placed into a trust?

In order for a living trust to function correctly, the assets ordinarily should be placed in the trust during the grantor’s lifetime. If the assets are not placed in the trust during the grantor’s lifetime, then, in order for the trust to fulfill its purpose, the assets would need to be placed in the trust at the death of the grantor.


What is the best type of trust for my estate planning?


When you are looking for help with estate planning trust John Standifer

The law offices of Arizona tax attorney John Standifer, attorney at law, will help you with estate trust planning, inheritance trusts, family trusts, a revocable trust, living trust, irrevocable trust, testamentary trust and special needs trusts. 


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Contact John Standifer today to discuss any legal issues for which you may need counsel.  

We want to help.

Telephone 520 792-2450        Facsimile 520 882-4408     2720 E Broadway Blvd. Tucson, AZ 85716       John@JStandifer.com




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Trusts can be a key part of estate planning.

Learn about legal trusts and how wills and trusts lawyer John Standifer can provide guidance in creating a trust to benefit your estate.