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Another point of contention is representation across generations. With both parties’ informed consent, joint representation is feasible.

Relying on the old credit shelter trust strategy may no longer be a wise move, since there are new strategies 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.

It goes hand in hand with a special needs trust by offering detailed instructions on how to provide personal This document is helpful for caregivers, trustees, and family members who are part of your child’s care Identify caregivers and trustees — Identify the people responsible for your child’s care. Haven’t set up a special needs trust yet? No problem.

If your estate plan includes a revocable living trust, start by examining the provisions for potential Also, terms governing how assets in the trust are to be distributed after your death should be reviewed 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.

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.

Supplemental (Special) Needs Trusts Supplemental (special) needs trusts are the most effective trusts There are two different types of special needs trusts: Third-party Special Needs Trusts Typically, a First-Party Special Needs Trusts A parent, grandparent, or a legal guardian usually creates this trust one a sub-trust as part of an existing living trust. Support Trusts A support trust requires that the trustee distribute funds to the beneficiary for food

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 The assets in a special needs trust can be used to supplement the support received from the government For example, trust funds can be used to buy additional clothing, pay for special dental care, rent or

Grantor trusts will no longer be afforded many of the current benefits. Assets owned by a grantor trust will be considered owned by the grantor and included in their estate While currently existing grantor trusts will be grandfathered in, new trusts would not be. If you have been considering a grantor trust for your estate, now is the time to put your plans into

below $25,000 and you file taxes as single or head of household (or less than $32,000 if you file a joint

Texas For those wishing to avoid the costs and delays of probate, there are several options: Living trusts Joint tenancy with the right of survivorship automatically passes property to the surviving owner.

that answer that you might not be expecting… There is no such thing as a one-size-fits-all will or trust The DIY will and trust companies do not adapt to the nuances that make your family unique. No one to turn to when the will or trust is executed. When it comes to creating a will or trust, you really do get what you paid for. Actually, if done incorrectly, that will or trust may not hold up during probate, in which case it is

Your Houston Estate Plan Might Need a Trust Trusts form a vast portion of estate planning. There are so many Houston trust options at your disposal. From spendthrift trusts to revocable living trusts, there is something to fit your plans for your family Whichever trust you choose, avoiding probate is a significant benefit of establishing a trust. After being placed in a trust, a piece of property is removed from the owner’s estate.