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Trusts Archives

There is more to creating a trust than just the writing it

Texas residents who want to write trusts can seek assistance from an estate planning attorney in order to get the document completed. Is that where it ends, though? Does just putting everything down on paper really get the job done? No, there is more to creating a trust than just the writing of it.

Set up a special needs trust to protect your child's benefits

Parents in Texas who have special needs children have unique concerns when it comes to passing their assets on after their deaths. For instance, a disabled person can have his or her government benefits revoked if he or she experiences increased cash flow or receives assets from a parent's estate. It may seem wrong, but it is how things work. A special needs trust can keep this from happening.

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.

Family dispute over Bobby Vee's trust

Families in Texas often struggle with conflict under the best of circumstances. In times of grief or turmoil, conflict can often be magnified. Unfortunately, the family of Bobby Vee, an American singer, are embroiled in a battle over his and his wife's estate. As a result, two of his children are asking that the other two be removed as trustees of the estate's trust.

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.

A trust can ensure the well-being of Texas pets

Many households in Texas have pets. In many cases, pet owners consider their pets to be actual members of the family. As such, they deserve equal consideration during the estate planning process. The attorneys at Hayes & Wilson, PLLC, can help pet owners create a pet trust that will help ensure that a pet is cared for even when owners are unable to provide care due to death or incapacitation.

Why do people in Texas choose a special needs trust?

A will and other estate planning tools can help people ensure that their estate is divided according to their wishes. For many people, tools such as a trust can help provide greater flexibility in regard to asset distribution. In some situations in Texas, a special needs trust may be necessary to ensure that a person who is unable to make decisions or care for him or herself receives life-long care.

Deadline could be looming for 1 popular family trust tool

Have you ever heard of a family limited partnership or family limited liability company? Forgive yourself if you haven't. If you have and you're among those in Texas who have thought about setting up an entity using one of these trusts as part of a comprehensive estate plan, you will want to read further.

A trust can help people in Texas manage their estate

When a person thinks of estate planning, the first thing that typically comes to mind is the creation of a last will and testament. While this is an important part of the process, the creation of other legal documents are just as important. For example, there are many people in Texas who choose to create a living trust in order to protect their estate and beneficiaries.

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