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Asset Protection Trusts Asset protection trusts are trusts created to protect your assets from being These trusts are irrevocable, meaning you cannot change them once they are created. They are typically created for the benefit of a spouse or children, and the trust assets are not counted Trusted Medicaid Planning Lawyer in Houston, Texas Medicaid planning is a crucial aspect of estate planning

What Does the Trust Do? When you set up a trust with your trust and estates lawyer in Houston, you will discover that there are Protecting the Trust Another reason to consider a trust is to protect your children’s money from misuse recourse, as the trust is a legal contract. Talk to a Houston Trust and Estates Lawyer The best way to determine if a trust is right for you and

Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living trust. With a revocable living trust, you have full control over your assets during your lifetime, and they Incapacity planning: A revocable living trust allows for the seamless management of assets in the event Protection against challenges: Revocable living trusts can help minimize the risk of legal challenges

For example, if the policies are not held in irrevocable trusts, then the proceeds are included in the

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.

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

Using a Trust To Provide for Stepchildren and Step grandchildren The goal of a living trust — also known as a revocable living trust or a revocable trust — is to store assets for you while you are alive, so Houses, land, vehicles, bank accounts, and other assets can all be included in a living trust . Unless you say otherwise, any assets maintained in a living trust will be for your benefit during your This could be in a will, trust, or some other mechanism.

“You should steer clear of ‘living trust mills,’ which hold themselves out as estate planning specialists 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.

If your estate plan includes a revocable living trust, start by examining the provisions for potential You can do this by adding a “credit shelter” or “bypass” provision to revocable trust documents. However, the trust can’t give him or her unlimited access to the funds. As a result, bypass trusts may no longer be needed to avoid federal estate tax. Reference: foster.com (January 17, 2016) “When to amend your revocable trust” #AssetProtection #Guardianship

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

an adult Death or disability of someone named in the estate Death or disability of your executor or trustee 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

With your spouse, you have drawn up a will and established trusts to organize your estate after your Continue reading to learn more about using a trust for these reasons. Setting Up a Trust to Handle Alimony and Child Support, and to Direct Funds to Your Heirs A revocable The trust’s creator – the grantor – is required to fund the trust, which will make payments according to the trust’s provisions.