Top Smithfield, VA Irrevocable Trust Lawyers Near You
5712 Cleveland Street, Suite 130, Virginia Beach, VA 23462
117 Market Street, Suffolk, VA 23434
780 Lynnhaven Pkwy, Suite 400, Virginia Beach, VA 23452
780 Lynnhaven Parkway, Suite 400, Virginia Beach, VA 23452
575 Lynnhaven Pkwy, Suite 310, Virginia Beach, VA 23452
999 Waterside Drive, Suite 2525, Norfolk, VA 23510
295 Bendix Road, Suite 170, Virginia Beach, VA 23452-1294
4266 Casey Boulevard, Williamsburg, VA 23188
688 J. Clyde Morris Blvd., Newport News, VA 23601
426 East Freemason Street, Suite 200, Norfolk, VA 23510
500 Viking Drive, Suite 103, Virginia Beach, VA 23452
Crown Center Building, Suite 600, 580 East Main Street, Norfolk, VA 23510
999 Waterside Drive, Suite 410, Norfolk, VA 23510-3344
200 High Street, Suite 302, Portsmouth, VA 23704
332 West Constance Road, PO Box 1458, Suffolk, VA 23439
1177 Jamestown Road, PO Box 379, Williamsburg, VA 23187
101 W Main Street, Suite 705, Norfolk, VA 23510
840 Greenbrier Circle, Suite 202, Chesapeake, VA 23320
11836 Canon Boulevard, Suite 100, Newport News, VA 23606
109 E Main Street, Suite 200, Norfolk, VA 23510
Wynngate Business Park at Greenbrier, 516 Baylor Court, Chesapeake, VA 23320
One Commercial Place, Norfolk, VA 23510
501 Independence Parkway, Suite 201, Chesapeake, VA 23320
5425 Discovery Park Blvd, Suite 200, Williamsburg, VA 23188
460 McLaws Cir, Suite 120, Williamsburg, VA 23185
Smithfield Irrevocable Trust Information
Lead Counsel Verified Attorneys in Smithfield
Lead Counsel independently verifies Irrevocable Trust attorneys in Smithfield and checks their standing with Virginia bar associations.
Our Verification Process and Criteria
Ample Experience
Attorneys must meet stringent qualifications and prove they practice in the area of law they’re verified in.
Good Standing
Be in good standing with their bar associations and maintain a clean disciplinary record.
Annual Review
Submit to an annual review to retain their Lead Counsel Verified status.
Client Commitment
Pledge to follow the highest quality client service and ethical standards.
What Is an Irrevocable Trust?
An irrevocable trust is generally permanent. After the grantor sets up an irrevocable trust, they cannot make changes to the trust later. There are tax benefits for irrevocable trusts that protect assets from estate or income taxes. Putting assets in an irrevocable trust can also make the grantor eligible for some government programs, such as Medicaid.
What Are Some Examples of Situations Where I Might Need a Trust and Estates Lawyer?
Most people think of a trust as something they only need to consider when they pass away. However, a trust can be something you can benefit from during your life and provide for your family after death. Trust planning can help manage property and assets, gain tax advantages, and avoid probate. You should consider a trust when you:
- Have significant financial assets or property
- Have family members with special needs
- Want to distribute assets to charitable groups or religious organizations
- Want to protect your privacy
- Need to preserve assets for minor children
- Have major life changes
How Can a Trust Lawyer Help Me?
An experienced lawyer can give you the backing you need to navigate the legal system and find the best possible results for your case. Because laws are different from state to state, speaking with a lawyer in Virginia is critical in understanding all the elements of your situation and making the best decisions when it comes to your estate planning. A trust lawyer can help with:
- Trust creation
- Asset management and protection
- Estate planning
- Trust administration
- Modification or termination of your trust
- Trust disputes and litigation
What Could Happen if I Don’t Hire a Trust Lawyer?
If you don’t hire a trust lawyer, your assets will pass under Virginia probate laws. Probate can tie up your assets for months or years. If your beneficiaries are fighting over the assets, it can take longer and cost your estate money. With a trust, the property can pass outside of probate. You can also have more control over what happens to your estate after death. If you don’t have a trust, your loved ones may have to deal with:
- Estate taxes
- Delays in probate
- Fighting legal challenges over assets and property
- Property passing through intestacy
What Are the Top Questions When Choosing a Trust Lawyer in Smithfield?
These questions can help you decide if you feel confident that a lawyer has the qualifications, experience, and ability to manage your trust case. Many trust and estate lawyers offer consultations that allow you to understand your options and get specific legal advice before hiring them. The top questions to ask include:
- What type of trust is most suitable for my situation?
- What are the benefits and drawbacks of creating a trust?
- How can a trust be used to address my specific concerns or goals?
- What is the process for creating and funding a trust?
- How will the trust be administered?
- What are the potential tax implications associated with a trust?
- How much will all of this cost?
Tips for Hiring a Trusts Lawyer
Taking the time to find a lawyer who is right for you and will represent your best interests is an important first step in protecting your finances. Find a lawyer who understands your case, knows your needs and goals, and has the experience to get the best outcome. Things to do:
- Ask for recommendations
- Research lawyers online
- Schedule consultations
- Review experience and expertise
- Talk about billing and fees
- Trust your instincts