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Wills and Trusts: Trusts

A trust is a legal entity which transfers property or assets to a manager or “trustee”. The person who creates the trust, or “trustor”, determines how the trust’s proceeds should be distributed and the trustee manages the property for the beneficiary.

 

The major types of trust are:

  • Living Trusts. A trust established during the life of the trustor. It can provide significant tax benefits, and can allow the trustor to avoid estate taxes. A revocable living trust can be changed or ended by the trustor, while an irrevocable trust cannot be ended by the trustor without court action.
  • Testamentary Trusts. Testamentary trusts take effect upon the death of the trustor, who can make changes to its details at any time before death. A testamentary trust therefore allows the trustor to maintain close control over their property.
  • QTIP Trusts. A Qualified Terminal Interest Property, or “QTIP”, is a marital trust. It postpones any estate tax until both spouses have died. The delay may mean higher estate taxes, but it allows the surviving spouse to reap the maximum benefit of the assets before his or her death.
  • Generation Skipping Trust. A generation skipping trust gives a trustor’s assets to their grandchildren while providing income to the trustor’s children. These trusts are complicated to establish, and current law taxes these trusts above a certain monetary limit.

There are many other types of trusts, tailored to specific local laws and individual situations. A trust can be an important part of your estate planning, but the complex nature of these legal entities and the variation between them means that you should consult an experienced attorney before establishing a trust of any kind.


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If you would like to schedule a initial consultation contact an Iowa wills and trust attorney, representing clients in Clinton, Iowa at the Teitle Law Offices. Give us a call at (563) 345-4100 or email us at info@teitlelaw.com.
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  2550 Middle Road,
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  Bettendorf, IA 52722
  Phone: (563) 345-4100
  Fax: (563) 345-4111
   

Davenport, Iowa Attorneys offering a broad estate planning / probate, criminal law, family law, guardianships and adoption, juvenile law, medical malpractice, motor vehicle accidents, personal injury, real estate, for sale by owner, trucking accidents, and wrongful death. Lawyers at the Teitle Law Offices office are dedicated to represent clients in Eastern and Central Iowa, including the cities of Bettendorf, Davenport, Iowa City, Cedar Rapids, Muscatine, Clinton, Maquoketa, Tipton, Dubuque, Ottumwa, Wapello, Burlington, Waterloo and the communities that make up Scott, Johnson, Linn, Mucatine, Clinton, Jackson, Cedar, Dubuque, Wapello, Louisa, Des Moines and Blackhawk counties. We also represent clients in Central Illinois, including the cities of Rock Island, Aledo, Cambridge, Moline and Morrison and the communities that make up Rock Island, Mercer, Henry and Whiteside counties.

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