Top Elm Grove, WI Irrevocable Trust Lawyers Near You

The Purpose of an Irrevocable Trust

An irrevocable trust is a trust that cannot be modified or terminated without the beneficiary’s permission. This type of trust is generally used for tax purposes. In establishing an irrevocable trust the grantor, the person making the trust, transfers ownership of assets to the trust and can no longer be taxed on those assets.

Are You Planning on Creating an Irrevocable Trust?

Establishing an irrevocable trust is a significant undertaking and you will benefit from consulting an Elm Grove trust lawyer. The lawyer can assess your situation and advise you if an irrevocable trust is in your best interest. The lawyer can write the trust’s provisions and ensure the trust conforms to your state’s applicable law.

When to Hire a Lawyer

It is in your best interest to get legal help early on in addressing your situation. There are times when hiring a lawyer quickly is critical to your case, such as if you are charged with a crime. It may also be in your best interest to have a lawyer review the fine print before signing legal documents. A lawyer can also help you get the compensation you deserve if you’ve suffered a serious injury. For issues where money or property is at stake, having a lawyer guide you through the complexities of the legal system can save you time, hassle, and possibly a lot of grief in the long run.

Top Questions to Ask a Lawyer

• What is the usual process to resolve my case? How long will it take to resolve this?
• What are likely outcomes of a case like mine? What should I expect?

An experienced lawyer should be able to communicate a basic “road map” on how to proceed. The lawyer should be able to walk you through the anticipated process, key considerations, and potential pitfalls to avoid. Once you’ve laid out the facts of your situation to the lawyer, he/she should be able to frame expectations and likely scenarios to help you understand your legal issue.

How much does it cost to hire an attorney?

In general, how much an attorney costs will often depend on these four factors: billing method and pricing structure, type of legal work performed, law firm prestige, and attorney experience. Depending on the legal issue you are facing, an attorney may bill you by the hour, settle on a flat fee, or enter into a contingency fee agreement. The type of legal work you need help with will also play a role in cost incurred.

Common legal terms explained

Personal jurisdiction – Requirement that a particular court have authority over a person, in order to bind that person to the judgment of the court, based on minimum contacts. International Shoe Co v. Washington is a landmark Supreme Court case outlining the scope of a state court’s reach in personal jurisdiction.