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Part of the deceased spouse’s assets equal to the estate tax exemption amount would be placed into a trust The surviving spouse didn’t technically own the assets held in the trust. The assets that the surviving spouse owned outside of the trust would also pass without estate tax up For many, a credit shelter trust isn’t necessary for estate tax purposes. In addition, a bypass trust can also be good from an asset protection standpoint if the surviving spouse

We love helping parents craft estate plans that protect and provide for their families. These trusts are designed to hold assets that can be used for the benefit of a loved one with special When created and managed properly, the assets in a special needs trust do not count when the government This makes these trusts the preferred way to incorporate a loved one with special needs into a parent For example, trust funds can be used to buy additional clothing, pay for special dental care, rent or

If you have a qualified retirement plan, like a 401k or traditional IRA, you usually must start taking : plan on living longer than you expect and withdraw from your savings at a rate that improves your prospects 24, 2016) “15 Mistakes Even Smart People Make in Retirement” #HealthCareDirective #AssetProtection #IRA

most important financial issues, decisions and plans to discuss with your parents: Consider a living trust In addition to a will, your family may also benefit from creating a living trust to designate which beneficiaries The difference between a trust and a will is that assets included in a properly-executed living trust A living trust may be a bit more expensive to create than a will, but it will let your parents do wise tax and estate planning to protect their wealth.

If there are no actions that can be taken to protect the parent and the parent is in imminent danger The guardian will be authorized to make the decisions necessary to protect the parent from harm in the Officially granting guardianship – you gain limited authority to make decisions necessary to protect While temporary guardians are able to protect their loved ones in the short term, permanent guardians If you need to pursue emergency guardianship of a parent in Texas, trust our dedicated attorneys to guide

If you want to protect your assets and plan for contingencies, keeping your estate plan updated is essential A comprehensive estate plan may also include a revocable living trust . A living trust allows someone to take ownership of your assets while you are still alive and distributes With this type of trust, you would still be able to manage your assets while living. From creating or updating your will or helping to establish trusts , we are here to help with all aspects

The term “blind trust” has morphed to include a trust or entity that attempts to hide the true ownership asset search. (2) A Trust within a Trust. The trust within a trust requires two trusts: First, create a Claiming Trust. Second, create a Bridge Trust. into the Bridge Trust.

structure of a family trust is critical in how the trust gets taxed. For tax purposes, the big factor in a family trust is whether it qualifies as a grantor trust. That means that revocable trusts will typically qualify as grantor trusts. grantor trust status. If grantor trust rules don’t apply, then the big issue is who is entitled to the trust income.

documents any adult over the age of 18 should have: Medical Power of Attorney: This document allows for a trusted the ability to handle financial and legal matters on behalf of the person who is incapacitated to a trusted Prepare for the School Year Ahead Having these important documents in place will not only provide legal protections Our team at Your Legacy Legal Care understands the importance of ensuring you protect your loved ones we can help you and your adult children make their college years less burdensome by having the right protections

A solid Medicaid Plan and/or Irrevocable trust may also be a wise idea in order to protect your family handles estates, but also elder law issues, in order to create a strategy for long-term care that will protect

Since your retirement savings accounts—like your IRAs or 401(k)s — are tax-advantageous, let the magic Reference: Motley Fool (December 30, 2015) “3 Essential Money Lessons for Retirees” #AssetProtection #IRAs

produce conflicting documentation, they may resort to contesting the wishes of the deceased via will and trust Review Signed Documents Thoroughly First Closely review any formal estate planning documents like wills, trusts When beneficiaries threaten legal action against an estate, the most critical step is consulting a trust By working with an experienced Texas estate planning attorney to create a properly executed will , trusts From wills, trusts, and asset protection to legacy giving and contest prevention, our attorneys partner