Establishing, Updating And Administrating Trusts

A trust is an estate planning tool. Think of the trust simply as a container. It can hold whatever you want it to. It can help you pass any property to the next generation or to any person, charity, foundation or entity you may choose.

This container is incredibly flexible. It can provide protection of the assets contained in the container. The trust can prevent unwanted people from getting at the contents of the container. Most trusts are private agreements and for the most part are not supervised by courts or judges or juries. Trusts are very flexible tools. Trusts can be very simple or very complex. Some people should have trusts, others don't need trusts. It is all a matter of understanding what options are available in making informed decisions. Focusing primarily on estate planning, I take a lot of pride in educating my clients on the options available to my clients in creating their estate plans.

Located in Sioux Falls, Thesenvitz & Mickelson, LLP, serves the entire surrounding areas in estate planning. Doug Thesenvitz has more than 25 years of legal experience and has ample knowledge of the types of trusts that can benefit you and your family.

Thesenvitz & Mickelson, LLP · Sioux Falls, South Dakota
605-610-4524 · Toll Free: 888-883-0761 · Email

Trusts can be created in many ways. For purposes of estate planning some simple terminology may be helpful:

  • Testamentary trusts, most commonly created in a will and therefore only come in the effect after you die.
  • Revocable trusts are trusts that can be changed. Most often these are "living" trusts.
  • Living trusts are revocable trusts created while you are alive.
  • An irrevocable trust is one that for the most part cannot be changed without certain legal work.

Commonly used trusts within those categories include the following:

  • A/B trusts (if your plan was made prior to 2013 and contains this sort of planning you need to have your estate plan reviewed: AS SOON AS POSSIBLE.)
  • Asset protection trusts: In South Dakota you can create a trust called a self-settled asset protection trust and protect your assets from most creditors.
  • Credit shelter trusts (if your plan was made prior to 2013 and contains this sort of planning you need to have your estate plan reviewed: AS SOON AS POSSIBLE.)
  • Charitable remainder trusts
  • Grantor retained annuity trusts (GRATs)
  • Life insurance trusts
  • Special needs trusts

Benefits Of Trusts

Our attorneys can inform you of the benefits to establishing a trust. For example, a trust can aid in avoiding estate tax, avoiding probate, protecting your estate and property, providing for your children and grandchildren and giving to your favorite charity or institution.

Contact A Lawyer At Thesenvitz & Mickelson, LLP, For More Information

Our law firm is located directly across from the courthouse in The 300 Building. Contact us at your convenience either online or by calling 605-610-4524 or toll free at 888-883-0761 to speak directly with a lawyer.