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A recent 12 News Phoenix article, “What if your pet outlives you? well as what happens if your pet outlives you. Pet trusts and estate plans can be created to help your pets—along with some other legal options. To set aside some money, you can create a fund inside a trust and have that money managed for the pet Talk to an estate planning attorney about pet trusts and estate planning.

Revocable and Irrevocable Trusts Like a living trust, revocable trusts are created during your lifetime Pet Trusts Yes, you can even ensure your “fur baby” is taken care of in the event of your disability A pet trust is similar to other trusts where you create a trust that designates a trustee and a caregiver The trustee ensures the funds are used for your pet’s needs and care. Your pet trust can include specific instructions such as provisions for financial resources, dietary

If you have been asked to serve as trustee for someone’s trust, it is your responsibility to successfully As a Houston Will and Trust lawyer, I hope to provide you some guidance in this area. Read the trust- The trust will have all the information you need to carry out the wishes of your loved it is important to always think of their interest when it comes to the trust. that you should not borrow money or lend money to anyone from the trust.

Misconception 1: Trusts Are Only for the Wealthy Many believe trusts are only for the ultra-rich. from creating trusts. Misconception 6: Trusts Are Only for Old People Trusts can benefit people of all ages. Misconception 8: Trusts Are Irrevocable While some trusts are irrevocable, many are not. disabled family member Supporting a charitable cause Managing assets for a minor child Providing for a pet

This lets you name a person you trust to make financial and legal decisions for you if you can’t for Draft a Living Trust. A trust allows you to transfer property to your heirs without going through probate. A trust lets you specify when and how your heirs will receive assets, which is particularly helpful with ask an estate planning attorney to create a detailed trust.

A trust is another legal document that can help you manage your assets during your lifetime and after A Pet Trust You can include a provision in your estate plan to establish a pet trust if you have pets A pet trust allows you to set aside funds to provide for your pets’ care after you pass away. A Unique Trust A trust is a legal document that can help you manage your assets during your lifetime There are several types of trusts, each with unique benefits.

Here’s a rundown of revocable or irrevocable trusts, credit shelter trusts, generation-skipping trusts Revocable Trusts Also known as a revocable living trust, this trust lets you manage your trust during Irrevocable Trusts This is the opposite of a revocable trust. Credit Shelter Trusts This trust can help wealthy married couples lower their estate taxes by maximizing Generation-Skipping Trusts This trust is established for the benefit of your grandchildren, as opposed

However, today, more and more people are turning to individual retirement trusts as a way to plan for Simply put, a trust is an estate planning tool that lets you set aside funds for certain beneficiaries an IRA and the long-term control that comes with a trust. How Do I Set Up a Retirement Trust? #Retirement #retirementtrust #trust #Trusts

As a Harris County will and trust lawyer, I realize that those of us in the estate planning industry Wills and Trusts are key documents that do essentially the same thing, in theory. Cons A living trust can be more expense to set up initially. You will also have to transfer ownership of all assets that are placed in the trust. You cannot create a guardian for your children in a living trust.

, GST trusts, or dynasty trusts. Once the trust is funded and the exemption applied, any future appreciation in trust assets is allocated to the trust beneficiaries directly. If it’s an irrevocable trust, you won’t have to pay GST tax even if the value of the trust assets increase Speak with an experienced trust attorney to set up a trust and take best advantage of the generation-skipping

The Many Advantages of Putting Property in a Trust Placing your real estate into a customized trust provides The terms of your trust stay private. trust assets. include: Revocable Living Trust : The most popular trust for property transfers in Texas. bypass trusts.

is also known as an “IRA trust,” an “IRA stretch trust” or an “IRA protection trust.” But the assets in a standalone IRA trust are protected by trust law, and they’re also protected from trust. The RMDs have to be distributed to the beneficiary in a conduit trust, but with an accumulation trust , RMDs may be accumulated in the trust.