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Circumstances that could warrant a trust in Texas

Parents want to ensure that their children are cared for when they are no longer around to make such assurances themselves. For many parents, one of their goals in life is to leave an inheritance for their children that will protect their offspring financially. However, there are some situations that may prompt Texas parents to create special stipulations through a trust, rather than handing over an inheritance outright.

There are a variety of situations in which parents can use trusts to protect their children. For example, many people with disabilities such as autism or Down syndrome receive government benefits. Often, an inheritance can jeopardize a disabled person's qualifications for such benefits, prompting many parents to establish a special needs trust that can ensure that the child receives the care he or she needs throughout life without impacting government benefits.

In some cases, a parent may create a trust that is then managed by someone they trust -- either a friend, family member or professional -- in order to protect children from themselves or preventing the inheritance from being squandered. For example, if a child has a drug or gambling addiction, a large inheritance received all at once could have serious consequences. Additionally, a person who is unable to manage his or her own money due to cognitive ability or mental illness could benefit from such an arrangement.

Most parents in Texas are dedicated to protecting their children. Creating a trust can help ensure that their children are protected when they are no longer able to do so. An attorney with experience with estate planning can help parents or grandparents make legal decisions that will appropriately meet the needs of their loved ones in terms of asset distribution.

Source: westwood.wickedlocal.com, "Five (good) reasons to treat your children differently in your estate plan", Suzanne Sayward, Jan. 9, 2017

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