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Thinking about preparing a generation skipping trust?

Whether you reside in Texas or elsewhere, when planning your estate it is reasonable to want to minimize how much Uncle Sam has the right to claim. A trust can help address some of the tax concerns you have, but what kind is best for your situation? For some, a generation skipping trust may provide the protections desired.

What is a generation skipping trust? If you have a fairly large estate and your children are relatively well-off on their own, you may want your assets held for distribution to your grandchildren. This is what a generation skipping trust can do for you.

What are the benefits of doing this? If you pass your assets to your children, taxes will be assessed on your estate -- which is normal. If those assets become part of your children's estate, they will be taxed again before being passed to your grandchildren. So the biggest benefit is the avoidance of double taxation. To learn more about this, the other benefits associated with a generation skipping trust and how and attorney can help you, please take a moment and visit our firm's website.

Setting up a trust can be a complex process as challenges may present themselves, particularly when setting up a generation skipping trust. Thankfully this is something you do not have to do alone. An experienced estate planning attorney will be able to help you decide if this trust type is right for your goals and, if it is deemed appropriate, can assist you in the actual preparation of the legal documentation so that it is in line with Texas laws.

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