Trusts Attorneys in Portland, Oregon

Are you considering ways to protect your assets and ensure your loved ones are cared for? Trusts offer a powerful tool for managing your estate, providing peace of mind and financial security for you and those you care about. Whether you're new to the concept of trusts or looking to refine your estate plan, Mastanduno Law Group can help.  

The trusts attorneys in Portland, Oregon, have decades of combined experience helping people establish trusts that meet their specific goals and are tailored to their circumstances.

Mastanduno Law Group is not one of those law firms that simply uses a cookie-cutter approach to estate planning. The empathetic team is here to listen carefully to your concerns and provide you with the personalized attention you need.  

What Is a Trust?

A trust is a legal arrangement where one party, known as the grantor, transfers assets to a trustee, who manages them for the benefit of designated beneficiaries. Trusts are an essential element of estate planning, allowing individuals to control how their assets are distributed during their lifetime and after they pass away. 

Trusts can include various types of assets, including but not limited to:  

• Real estate 

• Stocks, bonds, and other investments 

• Tangible personal property 

• Financial accounts 

• Life insurance 

• Cryptocurrency 

By setting up a trust, you can ensure that your assets are handled according to your wishes, reducing the burden on your loved ones and providing tax advantages. Trusts can be customized to fit your unique needs, making them a versatile option for estate planning. 

The key “players” in a trust include the grantor, trustee, and beneficiaries. The grantor is the person who creates the trust and transfers assets into it. The trustee is responsible for managing the trust's assets and carrying out the grantor's instructions. Beneficiaries are the individuals or entities who will receive the benefits from the trust. 

In Oregon, a trust is considered valid and enforceable only when it meets all of the following requirements:  

• The grantor has capacity to establish the trust;  

• The grantor indicates their intention to create the legal arrangement;  

• The trust names a definite beneficiary(s); 

• The trustee must perform duties as part of the arrangement; and  

• The sole trustee and sole beneficiary is not the same person.  

These requirements are found in 130.155 Oregon Uniform Trust Code (UTC) 402.  

Revocable vs. Irrevocable Trust

When considering a trust, you need to understand the difference between revocable and irrevocable trusts as each type offers distinct benefits and considerations depending on your goals and circumstances. 

• Revocable trust: When the grantor sets up a revocable trust, they can retain control over the trust's assets and make changes or revoke the trust at any time. This flexibility makes revocable trusts an attractive option for those who want to maintain control over their assets while ensuring a smooth transition of management in case of incapacity or death. The downsides? Assets held in revocable trusts aren't protected from creditors or lawsuits. Additionally, because the grantor retains control, the assets held in a revocable trust will still be part of the grantor's estate for tax purposes. 

• Irrevocable trust: In contrast, an irrevocable trust cannot be easily altered or revoked once it is established (hence the name). The grantor relinquishes control over the assets, which are managed by the trustee according to the terms of the trust. This structure can offer considerable benefits, such as the ability to reduce estate taxes, protection of your assets from creditors, and qualifying for government assistance programs. The downside? Irrevocable trusts are highly restrictive and inflexible by nature.  

Irrevocable trusts are particularly useful for individuals looking to reduce their taxable estate or protect assets from potential liabilities, while revocable trusts may be a good option for those looking to maintain control over the trust and make changes during their lifetime. Not sure which one best suits your needs, you might need to consider speaking with a Portland trusts attorney.  

Who Can Benefit from a Trust?

Contrary to what many might think, trusts are not just for the wealthy. Setting up a trust can provide valuable benefits for individuals and families with various financial situations and goals. Here are some scenarios where a trust can be particularly advantageous: 

• Protecting minor children: Parents can use trusts to ensure that their minor children are financially secure and that their assets are managed responsibly until they reach adulthood. By setting up a trust, parents can designate a trusted individual to manage the assets and provide for their children's needs. 

• Blended families: For individuals with blended families, trusts offer a way to manage and distribute assets fairly among spouses, children, and stepchildren. Trusts can help prevent conflicts and ensure that each family member is cared for according to the grantor's wishes. 

• Protecting individuals with special needs: Trusts can also provide for individuals with special needs without jeopardizing their eligibility for government assistance programs. Special needs trusts are designed to supplement–rather than replace–public benefits, ensuring that the beneficiary's quality of life is maintained. 

• Business owners: Business owners can use trusts to ensure the smooth transition of their business to the next generation or designated successors. Trusts can provide for continuity in management and operations, protecting the business's value and legacy. 

Whether or not you can benefit from a trust depends on your specific goals and needs. The attorneys at Mastanduno Law Group understand that everyone has a unique set of circumstances, which is why the team takes the time to fully understand each client’s situation and objective before setting up a trust.

Besides, the law firm’s honest assessment of your situation may reveal that other estate planning tools would be more effective in achieving your objectives.  

Why Choose a Portland Trusts Attorney at Mastanduno Law Group? 

While it is possible to create a trust on your own, the outcome may not be what you wanted. Working with an experienced trusts attorney can provide significant advantages. The trusts attorneys at Mastanduno Law Group can help you create a trust, put your documents in order and make them legally sound, and tailor the trust to fit your specific needs and goals. Here’s what the law firm has to offer:  

• Customization: Every individual and family is unique, and a one-size-fits-all approach to estate planning rarely works. A trusts attorney at the law firm can customize your trust to address your specific concerns, such as protecting assets from creditors, providing for special needs beneficiaries, or minimizing estate taxes. 

• Peace of mind: Working with a knowledgeable trusts attorney provides peace of mind, knowing that your trust is set up correctly and your wishes will be fulfilled. An attorney can also assist with trust administration, ensuring that the trustee fulfills their responsibilities and that the beneficiaries receive their due.  

• Personalized service: The attorneys at Mastanduno Law Group take the time to understand your unique situation and tailor their services to meet your needs. Whether you're new to estate planning or looking to update an existing trust, the team can provide personalized guidance every step of the way.  

• Community commitment: Mastanduno Law Group is proud to serve the community in Portland, Oregon, and surrounding areas, including Clackamas County, Multnomah County, and Washington County. The law firm is committed to helping its clients achieve their personal, business, and tax goals. The team is focused on building lasting relationships and providing ongoing support as the clients’ needs evolve. 

The attorneys at Mastanduno Law Group understand the importance of protecting your assets and providing for your loved ones. The team of experienced trusts attorneys in Portland, Oregon, is dedicated to helping you create a comprehensive estate plan that reflects your values and goals.