Trust

Permanent physical incapacity or advanced age may lead a person to require long-term care for their medical and personal needs. However, such care can become incredibly expensive. Individuals may require Medicaid benefits to help with the cost of long-term care. They might use a Miller trust to qualify by allowing an applicant to meet the…

Families with substantial assets have complex financial and tax planning needs, especially when developing an estate plan to manage wealth and pass it on to subsequent generations. Some high-net-worth families can achieve their financial, legal, and philanthropic goals by incorporating a charitable lead trust into their estate plan. But when might a charitable lead trust…

Families who have loved ones with special needs may worry about their eligibility for government benefits that can help pay for care, especially if their loved one receives significant sums of money through a settlement, court judgment, or inheritance. A special needs trust is one of the major types of irrevocable trusts that can provide…

During the estate planning process, you might consider creating various types of trusts to help you manage and pass on your assets. Trusts fall into two categories: irrevocable and revocable trusts. Each category has different features and serves specific purposes, including asset protection, tax planning, qualifying for government benefits, and avoiding probate. As a result,…

You have multiple legal options during the estate planning process, such as using irrevocable trusts to protect and pass on your wealth. Understanding the benefits, disadvantages, rules, and restrictions of irrevocable trusts in Texas can help you determine whether to incorporate one into your estate plan. When you know how irrevocable trusts work, you can…

When a trust document appoints someone to serve as a trustee in Texas, they may not know what exactly they must do to administer the trust, especially if they have little or no personal or professional experience with trusts. But what does the trustee of a Texas trust have to do as part of their…

When you create an estate plan in Texas, you have various legal tools to achieve specific objectives for your wealth and your loved ones’ interests. Many individuals and families utilize trusts for multiple purposes, including avoiding probate, protecting assets, and securing government benefits for long-term care. As a result, a trust may work for your…

Many pet owners worry about what will happen to their pets should the owner become unable to care for them or pass away. As a result, some people choose to include their animals in their estate plans by forming a pet trust. But what does a pet trust do, and can you create one in…

When a person passes away, the distribution of their estate assets occurs through the probate process by default. Unfortunately, the court-supervised nature of probate can add time and financial cost to distributing inheritances to a decedent’s heirs or beneficiaries. Fortunately, various legal options can help mitigate or eliminate the need for probate to distribute inheritances…

When you create an estate plan, you may have various legal strategies you can use to carry out your financial and legal goals. Many people in Texas choose to incorporate wills and trusts into their estate plans. But could you face situations where you should use a trust instead of a will to accomplish your…