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Trusts are used in estate planning to restrict the use of assets by the beneficiaries and/or to protect trust—which will be effective upon his or her death. Another way to do this is to create a trust in a separate trust document during the parent’s lifetime The parent will have to designate a trustee to administer the trust. and in accordance with the terms of the trust.

When there’s a child getting married, it may be the right time to protect the farm with a prenuptial While a trust can be used to transfer restrictions and buy-sell agreements to protect the farm, including #AssetProtection #TrustsandEstates #Farms #PrenuptialAgreement #Inheritance #PlanningfortheFuture #HoustonTrusts

Vanderbilts and the Rockefellers, you will recall that centralizing your wealth in a carefully planned trust is the best way to perpetuate, preserve, and protect your wealth. Forbes, in “How to Create a Family Trust to Empower Your Great-Great-Grandchildren,” reports that some Preserving and protecting financial wealth requires a sound understanding of, as well as a solid plan Reference: Forbes (December 23, 2015) “How to Create A Family Trust to Empower Your Great-Great-Grandchildren

Putting NFTs in a trust is one thing; it is just as important to understand how intangible artwork can While you can pass the digital art through a will or trust, it is a more complicated process than you you really want your shop placed in the hands of your spouse upon your passing, or would you prefer a trusted Take Action to Protect Your Digital Assets Today If you are unsure about how best to protect your digital assets, it is a good idea to meet with a trusted estate planning attorney as soon as possible.

You can use trusts, LLCs, and other entities to shield your wealth and ensure it is passed on to your You can establish trusts, set up guardianships, and make charitable donations to ensure your assets are Several common strategies can be used in high-net-worth estate planning to achieve your goals: Wills and trusts — A will outlines how you want your assets to be distributed after your death, while a trust can help Trusts can also help you avoid probate and minimize taxes.

Here are some to consider: Draft a Revocable Living Trust. Creating a living trust allows your trustee to transfer your property and possessions to your family Talk to an estate planning attorney for help setting up – and “funding” – a trust. This is as simple as completing a form designating your beneficiary, just like on your IRA. ProbateAttorney #Probate #ProbateCourt #Inheritance #Wills #HoustonEstatePlanningLawyer #TaxPlanning #Trusts

A Special Needs Trust can also be set up, but these are only for people under age 65. A good solution is to use a Pooled Trust. Unlike a Special Needs Trust, a Pooled Trust account can be created for a person with disabilities of Not all Pooled Trusts are managed the same. It all depends on the non-profit managing the trust. Do your research in finding the right Pooled Trust non-profit to set up and manage your account.

With your spouse, you have drawn up a will and established trusts to organize your estate after your Here are 4 key strategies to ensure your wishes are protected during and after the process of separation Continue reading to learn more about using a trust for these reasons. The trust’s creator – the grantor – is required to fund the trust, which will make payments according to the trust’s provisions.

Dynasty Trusts The perks of a dynasty trust for long-term wealth planning are significant. Dynasty trusts allow Texans to combine protections against divorce and creditors – as well as tax savings A new law allows these trusts to exist for up to 300 years. When weighing a dynasty trust for your family, explore the perks of using a corporate trustee. A corporate trustee can offer professional management skills and understand trust laws in ways a friend

such as eating, toileting, transferring, bathing and dressing, or requires considerable supervision to protect For healthy people, a will or trust plans for the “what if?” Additionally, an estate planning lawyer in Houston can help you utilize tools such as trusts to protect A living trust can also give you the peace of mind knowing that your estate will easily be passed to We will schedule a planning session with you and walk through all of the avenues of protection that could

have their own beneficiary designations, including retirement plans like 401(k)s, 403(b)s, pensions, IRAs They think their will or living trust controls their distribution. Classic estate planning mistake. As a result, his surviving spouse receives none of the funds associated with his IRA. Under the law, assets like IRAs aren’t subject to probate, but instead are passed using a beneficiary of your non-probate assets every few years; and make sure the beneficiaries of your will and living trust

Retirement accounts—like IRA accounts, 401(k)s, and 403(b)s—require up-to-date beneficiary designations However, if you have a trust created as a part of your estate planning strategy, the trust may be a beneficiary That’s because there’s a difference in tax treatment of living persons vs. trusts. “The importance of beneficiary designations” #401ks #BeneficiaryDesignations #EstatePlanningLawyer #IRAs