Madison County Trust Administration Attorneys Protecting Your Legacy

The estate planning attorneys at Spragins, Barnett & Cobb, PLC, provide comprehensive trust administration services to clients throughout Madison County and West Tennessee. We develop trust solutions that safeguard legacies and facilitate proper asset distribution. Our firm offers extensive experience in trust formation, administration and dispute resolution for clients in Jackson, Memphis and surrounding areas.

Strategic Trust Planning Options

A well-designed trust serves as a powerful estate planning tool for legacy protection and asset management. Our attorneys guide clients through various trust options:

• Living trust: A revocable trust allows grantors to maintain control of assets during their lifetime while providing for transfer upon death
• Special needs trust: Preserves eligibility for government benefits while providing supplemental support for beneficiaries with disabilities
• Asset protection trust: Shields wealth from potential creditors and legal claims
• Charitable trust: Supports philanthropic goals while potentially providing tax benefits
• Testamentary trust: Created through a will to manage assets for beneficiaries after the grantor’s passing

The attorneys at Spragins, Barnett & Cobb, PLC, possess extensive knowledge of the Tennessee trust code and provide strategic guidance on selecting the appropriate trust structure based on each client’s specific circumstances.

Trust Administration Services

Our firm handles all aspects of trust formation and administration for clients in Memphis, Jackson and throughout Madison County. We assist trustees in understanding fiduciary duties, managing trust property and ensuring proper distribution to beneficiaries. When disputes arise, the experience of our lawyers in trust litigation helps protect the legacies established by our clients.

Common Trust Planning Questions

The following information addresses several common inquiries that our clients ask regarding trust establishment and administration:

What is the difference between a revocable and irrevocable trust?

A revocable trust may be altered or terminated during the grantor’s lifetime. It can offer flexibility, but it has limited asset protection. An irrevocable trust, once established, generally cannot be changed. It provides stronger asset protection, potential tax advantages and Medicaid planning benefits. Each serves different purposes within an estate plan.

How can trusts help families avoid probate in Tennessee?

Assets properly transferred to a trust during the grantor’s lifetime are not subject to probate upon death. This probate avoidance provides privacy benefits, reduces costs and allows for quicker distribution to beneficiaries. A pour-over will captures any assets not previously transferred to the trust.

When should individuals consider establishing a special needs trust?

A special needs trust is appropriate when planning for beneficiaries with disabilities who rely on government benefits such as TennCare. This specialized trust preserves benefit eligibility while providing supplemental resources for quality of life expenses not covered by government programs.

Ready To Preserve Your Legacy? Contact Us Now.

Trust planning is essential for preserving family wealth and protecting one’s legacy. Whether you need assistance with trust funding, appointing a successor trustee or understanding trust taxation implications, our Madison County trust administration attorneys provide the guidance you need.

Call us today at 731-300-1592 or fill out our online form to schedule a consultation about creating a trust strategy that protects what matters most to you.