Flower Mound Trusts Attorney

Flower Mound Trusts Lawyer Serving Denton County

For individuals or couples looking for a safe financial tool to serve their legal, personal, or tax planning purposes, a trust may be the answer. There are many different varieties of trusts, and choosing the correct one can be determined depending on your situation and desired outcome. While picking the right trust for you can seem overwhelming, planning for your financial future can be made easier by working with an experienced estate planning attorney. At Colbert Law Group PLLC, we aim to guide you in the right direction and help you make informed decisions.

Benefits of Establishing a Trust

In some estate planning circumstances, a will may be the best way to pass on your assets. However, you and your beneficiaries may be better served by a trust in other situations. Trusts are legally created financial tools which have at least three parties involved. The creator of the trust, the trustee or trustees who manage the trust, and the beneficiary who receives the assets from the trust. In some cases, the same individual can create the trust, be the trustee, and be the beneficiary.

A popular choice for estate planning is a revocable living trust. Through this trust, which can be changed while you are living, but not after your death, the trust assets will pass directly to the trust beneficiaries upon your death, with no probate required. However, the assets in a revocable trust are still subject to income, inheritance, and estate taxes.

Certain trusts can offer tax benefits to their creator and beneficiaries. They can also be used to protect assets or property from creditors. Except under rare circumstances, irrevocable trusts cannot be changed after their creation. However, they offer more significant tax benefits as the assets are not considered yours, so they are not subject to income taxes. When received by the beneficiary, they are also not subject to an estate tax.

A trust can also be beneficial if your family situation means that your will is likely to be challenged by one or multiple family members. Since trusts identify specific beneficiaries who will receive the assets directly, they can be used to avoid probate court. Revocable trusts will also keep records and information about your assets private after your death, unlike a will, which can enter the public record.

Flower Mound Attorney for Special Needs Trusts

If you have a child or other family member with special needs, you have the option to establish a special needs trust. Assets deposited into a special needs trust can be used for supplemental purchases not covered by the public benefits that the individual is eligible to receive. This can include items that improve the beneficiary's quality of life, as well as additional medical care therapy or other programs. By creating a special needs trust and not providing direct payments to the special needs individual, they will remain eligible to receive benefits from the public programs.

No matter your financial or personal situation, it is essential to work with an experienced estate planning attorney to determine which trust or trusts may work best for you.

Consult a Denton County Trust Lawyer

As part of your estate planning, you may want to consider creating trusts to safeguard your assets and ensure that they are distributed to the correct beneficiary, and in the manner you desire. At Colbert Law Group PLLC, we can help you craft an estate plan including trusts designed to meet your needs and the needs of your family. Call our office at 972-724-3338 or contact us by email to begin preparing for your future. We have experience serving clients throughout Texas and southern Oklahoma, including Flower Mound, Denton County and Chickasha.