Trusts and Estate Planning


Revocable TrustsThere are many types of trusts. Trusts created during the lifetime of the “Trustor” are referred to as "inter vivos" trusts. Trusts that “spring” into existence at the death of the Trustor are referred to as "testamentary" trusts. Trusts are either revocable or irrevocable. Revocable trusts are only inter vivos trusts but irrevocable trusts can be inter vivos or testamentary. Estate planners use both types of trusts for many reasons and to address many of the challenges in customizing your estate plan for you and your family’s situation.

Revocable Living Trusts

Revocable Living Trusts AVIOD PROBATE and are a must for clients who meet any ONE of the following criteria:

* If you own real property or will inherit real property in another state or country (yes, timeshares too)

* If you or your spouse have been diagnosed with a debilitating illness

* Privacy is important to you and your family

If you or a family member may be applying for Medicaid or other federal assistance you will also want to consider a trust.

In Texas, however, probate is not nearly as intimidating and costly as it is in many other states so although the revocable living trust is the preferred dispositive tool it is not mandatory as it is in many states.

If you have a revocable living trust from another state you will want to have it reviewed to “Texas-size” it as soon as possible.

Irrevocable Trusts

Estate planners use irrevocable trust for many purposes. Irrevocable trusts, whether they are testamentary or inter vivos, if properly administered and funded have their own separate legal identity so they play a significant role in estate and asset protection planning.

The irrevocable trusts can be drafted

Call today to make your appointment to see if you need a trust.


 

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