A well-drafted trust could help you pass assets to younger generations, reduce estate tax burdens, and minimize probate issues. Advice and counsel from an experienced Houston trusts lawyer is essential if you are interested in establishing a trust as part of your estate planning.
Our dedicated estate planning attorneys at J. Lopez Law handle all aspects of trust formation and administration, from their initial creation through subsequent amendments and trust asset allocation. Contact us today to schedule a consultation and learn how we could help you.
Our Houston attorneys strongly recommend establishing a trust when a family member has special needs, spouses have joined separate families into a single blended family unit that may present complications for asset distribution, or creditors and other litigants seek to attach your family’s assets to satisfy liens or judgments.
You may also want to create a trust if your family would prefer to manage and distribute assets privately, without the public component of probating a will. No matter your reasoning, the trust lawyers at J. Lopez Law could provide comprehensive guidance if you are unsure whether you want or need a trust, or you want to explore how a trust can help you.
One of the first matters that a trusts attorney in Houston will address is whether you and your family should form a revocable or irrevocable trust.
A revocable trust allows you to maintain substantial control over the assets that it holds, and you can generally terminate it at will. A revocable trust will not shield your property from creditors or claimants, and it offers few tax advantages. However, it will facilitate the distribution of assets to heirs and beneficiaries apart from a formal will probate process.
If you form an irrevocable trust, you will ultimately cede all control over the trust’s assets and have few opportunities to amend the stricter terms of the trust formation documents. This provides key advantages in keeping trust assets out of the hands of claimants, including Medicare, and creating certain tax benefits that can be significant.
The type and characteristics of the trust that best suits your needs will depend on the size of your estate and your and your heirs’ interests in the estate’s assets. Consult with a trusts and estates lawyer from J. Lopez Law to determine how you should proceed.
A Houston special or supplemental needs trust can provide assurances that resources are available after your death to help family members with disabilities. Your lawyer could organize this form of trust to maintain the full value of government services, such as Medicaid and Supplemental Security Income (SSI), that your disabled family member has a right to receive.
The income and asset distribution rules that apply to special needs trusts are very rigid. Violating these rules can lead to the termination of Medicaid and SSI benefits and the imposition of tax penalties. You should always consult with an experienced supplemental needs trust lawyer if you are interested in setting up or managing one of these trusts.
Contact our team at J. Lopez Law to schedule a consultation with a Houston trusts lawyer. We can provide a detailed assessment of how a trust can benefit you and your family and recommend the best structure to suit your requirements. We look forward to hearing an working with you.
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