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Revocable Trust A revocable trust can be especially important for unmarried couples. By using a trust and skipping probate, your assets also remain private.

provide you with a comprehensive understanding of the necessary steps to protect your assets for future generations Trusts: Privacy, Protection, and Tax Benefits Trusts are another important component of estate planning They provide privacy, as the details of a trust are not made public. You should choose someone that you trust to fulfill this role. The executor administers your will, while the trustee manages any trusts you establish.

Americans are nothing if not generous. Bequest in your Will or Revocable Trust One of the simplest and most direct ways to benefit a charity upon passing is to leave a bequest in your will or revocable trust. A bequest is a statement in your will or trust explaining how much you would like to leave to benefit General-purpose funding is fine, too, if you do not have a specific way you prefer the donation to be

Tax: When you fund an irrevocable trust, know that your tax situation can change immediately. The trust doesn’t receive a step-up in basis, just a transfer of your cost basis. But if you place assets in a trust, you have the ability to build a good offense against inflation. Usability: Sometime called liquidity, this refers to your trustee’s ability to access these funds. Reference: MarketWatch (February 25, 2016) “What you should know before placing assets in a trust” #HoustonAssetProtection

A living trust lets you transfer assets to the trust and, if done properly, may transfer those assets A living trust is revocable, which makes it very flexible. have to stay in the name of the trust. Living trusts are very complex legal documents—one-size-fits-all doesn’t work. To set up a living trust, the Attorney General advises families to work with an experienced estate planning

directly, consider establishing a first-party supplemental (special) needs trust. The trust can be established by the individual or their guardian and, when properly drafted, will not Create a Third-Party Special Needs Trust Establishing a third-party supplemental (special) needs trust by the creator of the trust. Transfers to a special needs trust generally incur no penalty.

govern whom among a deceased’s relatives will receive the property and assets when there’s no will or trust The Huffington Post’s recent article, “The Consequences of Dying Without a Will,” discusses some general The rest generally goes to the deceased person’s parents, or if they are dead, to brothers and sisters

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.

trust that controls 80% of National Amusements (his daughter owns the remaining 20 percent), which owns A trust anticipates problems and can define what the creator of the trust means by incapacity, which The trust should define the meaning of incapacity and who determines incapacity. The critical issue in all of this is who controls the seven-trustee board of his trust: the National Many trusts will have a term that’s automatically effective when the creator of the trust hits a designated

A Houston will lawyer can also help you with setting up a family trust that can be used to further causes If you are unsure of how or why you should set up a family trust to create your legacy, definitely take

increase also means that the lifetime tax exclusion for gifts will rise to $12,060,000, as will the generation-skipping

The Special Needs Trust It is not enjoyable to think about how your loved one will continue on without The special needs trust is one of the best tools you can use. – This person will manage the assets of the trust for your loved one’s financial support. · Providing The trust will allow you to lay out those needs, as well as your wishes for him or her. He or she will also help you develop the instructions for the special needs trust and will likely have