Trusted Trusts Lawyer in New Braunfels

Helping Clients Create Estate Plans That Offer Flexibility, Privacy, and Asset Protection

Estate planning can be a wonderful way to protect your family’s future. However, many people put off estate planning because they aren’t sure where to get started or what options are available to them. Other people think that having a will is sufficient without exploring other options.

While creating a will is a great place to start, many Texas families benefit from including trusts in their estate plans. Contrary to popular belief, trusts are not just for the ultra-wealthy! There are many different kinds of trusts. If you have unique needs, such as a special needs family member, a variety of assets, or want to pass on an inheritance to a young child, your estate planning attorney can help you develop a trust. If you want to leave money to your favorite charity, you may want to consider a charitable remainder trust. In some instances trusts can help to protect your assets from creditors as long as that debt does not exist when you make the trust.

Trusts offer the flexibility and protection to pass on the legacy of goodness you hope for. Trusts are also excellent for avoiding probate, which sometimes can be costly, stressful, and time-consuming, particularly if there is some question as to the competency of the maker or if there is no will. Call our estate planning attorney immediately at 210-775-0353 to avoid the legal issues common in estate planning law and learn whether trusts may be right for you.

What Is a Trust?

When you create a trust, you write a legal document that gives to the trust ownership of your assets. It is also necessary to change the owner’s name on the property title, such as a deed or a bank account. With the assets no longer in your name, you can avoid unnecessary taxation or exposure to creditors and predators. Trusts also allow you to describe how you want assets passed on to your heirs, such as giving funds slowly over time or only under certain conditions to a young beneficiary or providing a living for a special needs family member.

Trusts can be a great way to protect your money and valuables now and long into the future. However, they are complicated to set up and can be created in several ways. With a trust attorney helping you, you can rest assured that your documents will be legally valid and provide you with the future you wish for your family. Call our law firm today for New Braunfels estate planning attorneys who will watch out for your interests during trust creation.

How Are Trusts Administered in Texas?

If you’ve been assigned as a trustee on behalf of a family member, you may wonder what duties you have as trustee in New Braunfels, Texas. Executing a trust can be overwhelming, especially if you aren’t familiar with the legal aspects of estate law. Some examples of responsibilities you’ll have include inventorying the estate, establishing a trust bank account under the EIN for the estate if one does not already exist, keeping excellent records, preparing annual tax returns, distributing funds to creditors on behalf of the decedent, administering remaining funds to beneficiaries, paying estate taxes and/or any applicable ad valorem or income taxes from trust funds, and may include dissolving the trust and distributing the assets according to the instructions given in the trust.

If you’ve been designated a trustee, please don’t go it alone in this crucial endeavor. The slightest mistake or misjudgment can result in lengthy legal battles or even criminal charges against you personally. Call our estate planning attorney to get excellent legal counsel when navigating the trust administration process.

What Types of Trusts Are There?

One of the most incredible things about trusts is the flexibility available to trust creators. You can choose the legal document that fits your unique needs and tailor your trust to your circumstances.

Some examples of trusts available to New Braunfels individuals include:

• Revocable living trust – These trusts make it possible to manage your assets until your death and you can even change your mind and amend or revoke the trust before you die
• Irrevocable trust – Irrevocable trusts provide the ultimate asset protection but are very difficult to change once created
• Special needs trust – These trusts provide for a family member with special needs without impacting their eligibility for public benefits
• Charitable trust – This type of trust offers tax protection and allows you to engage in legacy planning as you leave an inheritance or part of your estate to your favorite charity
• A life insurance funded trust – this trust takes effect after you die and is funded by the proceeds of a life insurance policy that names the trustee as beneficiary on behalf of the trust. This is especially useful if you have minor children because a life insurance company will not pay the proceeds to a minor before they reach age 18
• Protect your loved ones and get the peace of mind you deserve by calling our family law firm to discuss including a trust in your estate plan.

Should You Hire Our Trusts Lawyer – New Braunfels?

One of the best things you can do for your family’s future is to learn the many options available in a New Braunfels estate plan. Our estate planning attorneys promise to listen carefully to your needs and goals as we assist you in finding the proper documents to accomplish your wishes.

When hiring our legal team, you’ll immediately notice the level of skill and compassion we offer. We’ll treat you in a respectful manner at every step of the process as we protect your family’s future through powerful estate planning techniques.

Please don’t go it alone with so much at stake. Call South TX Family Law immediately to learn what types of trusts are available and determine what makes the most sense in your unique case. Call 210-775-0353 today to reach our trusted, capable estate planning team!