Use Trusts To Your And Your Family’s Advantage
Many clients of Hunt Pennington Kumar PLLC express an interest in creating trusts for a number of reasons. It might be to protect assets from creditors, to save estate taxes, to provide easy management of assets if someone becomes incapacitated and to make gifts to minor children or grandchildren. Trusts have become increasingly common for these purposes. For years, the people of Texas have turned to us for wise counsel regarding estate planning, asset protection and more.
What Are My Options For Trusts?
You have a wide variety of trusts that you can use in your estate plan depending on the purpose you wish for them to serve. Some trusts, for example, can shield your assets from creditors. Others can provide for the care of a loved one who has special needs. Some commonly selected trust types include:
- Testamentary trusts are established under the provisions of a person’s last will and testament. A testamentary trust does not become effective until the grantor has died and their last will and testament has been through probate.
- Revocable living trusts are trusts that are legal entities established for the purpose of holding assets during your lifetime. Once established, you must transfer the titles of your chosen assets to the trust.
- Irrevocable trusts are established to protect your assets from creditors, make gifts to future generations of your family, etc. However, these cannot be changed or dissolved once created.
- Special needs trusts allow you to arrange for financial means for disabled adult children or other vulnerable family members without jeopardizing their access to government benefits.
- Charitable trusts are created by clients who wish to benefit certain charities for years to come.
When we sit down with you, we can go over the types of trusts available to you and select the most useful ones. As needed, we help people transfer the titles of assets to the trusts that they create.
Contact Us To Discuss Trusts
Do you have questions about using trusts? Contact us to schedule your free 30-minute consultation, and let’s see which type of trust best suits your family’s needs. Call our Austin office at 512-768-9337 or send us an email to request your consultation.