Experienced Attorney To Create A Trust For You
No one should leave their long-term financial planning to chance. Without a plan in place, your assets face depletion. You may not be able to provide your loved ones the assets from your estate you worked so hard to accumulate. The setting up of a valid trust can effectively prevent draining the assets from your estate. Without such a trust, taxes or expenses may drain what you have.
At Lindsay K. Richardson, Attorney at Law, in McKinney, we guide individuals, families and businesses in Texas in matters concerning the creation of trusts that will meet their wants and needs. We will speak to you about your financial goals and put your needs at the center of any services we provide. Our guidance allows you to preserve assets and to set finances aside for members of your family.
Creating The Right Trust For Your Circumstances
It is possible to create a trust that holds assets for the benefit of a loved one. A trust provides you the option to choose the trustee to manage the trust. Under the right circumstances, a trust can help your estate avoid probate. And it is possible to create many sorts of trusts to fit your particular purpose. This includes both revocable and irrevocable trusts.
Our office can set up for you:
- Revocable and irrevocable trusts: An irrevocable trust contains terms that cannot be modified or amended without the permission of the beneficiary or beneficiaries. A revocable trust, on the other hand, may be altered during your lifetime. As there are advantages and disadvantages to each, it is important to speak with an experienced estate planning lawyer to decide which is best for your circumstances.
- Charitable trusts: As the name implies, a charitable trust is created with a charitable purpose in mind. Because of special rules accompanying a charitable trust, it is important to create such trusts in compliance with federal and state law.
- Special needs trusts: This is a trust that enables you to care for a loved with special needs such as a mental impairment or physical disability after you are unable to take care of them yourself.
- Living trusts: Such a trust allows you control over your assets while you are alive, and it prevents time-consuming and costly guardianship proceedings should you become incapacitated.
- Testamentary trusts: This is a trust created through one’s will. These trusts are often useful in protecting large inheritances.
Protecting Your Future
You do not need to be wealthy to benefit from tax advantages available through setting up a trust. A trust allows you to place financial assets into the trust for the benefit of your beneficiaries down the road. While removing your name as owner of these assets, you can still control the funds within the trust.