Need help with a trust in Texas?
You have found the right law firm. The Law Office of Lauren Cain can help you manage your assets by appropriating your property into trusts for purposes including:
- Avoiding probate;
- Reducing estate taxes; and
- Dictating how your heirs receive assets.
The Law Office of Lauren Cain will prepare a trust that is tailored to your personal circumstances and desires. Some of the trusts that our clients have needed include:
- Revocable trusts
- Family trusts
- Marital trusts
- Bypass trusts
- Testamentary trusts
- Irrevocable life insurance trusts
- Generation-skipping trusts
- Qualified Terminable Interest Property (QTIP) trusts
- Grantor Retained Annuity (GRAT) trusts
- Charitable trusts
- Special needs trusts
Need a Lawyer in Frisco, Texas?
For a Frisco trust attorney with nearly two decades of experience, contact the Law Office of Lauren Cain. Call 214-326-4664 today for a Collin County, Texas, lawyer who can help you with the type of trust you need. Or you can fill out the contact form here to schedule a confidential appointment.
Do You Need a Trust?
Traditionally, a trust is used to minimize your estate taxes. In a well-crafted estate plan, trusts can provide other benefits, as well. Essentially, a trust is a fiduciary plan that allows a trustee – typically a third party – to hold assets on behalf of beneficiaries. Because trusts can be arranged in many different ways, it is important to have someone who is experienced in crafting trusts draw yours up. You can specify precisely when and how your assets are distributed to your beneficiaries.
An advantage of trusts is that they normally do not have to go through probate. This means that your beneficiaries can access the assets you include in your trust much faster than they would be able to access anything that you left in your will. If your trust is irrevocable, it will most likely not be considered as a portion of your taxable estate, therefore your kin will need to worry less about taxes when you pass away. In addition to the time and tax savings, the avoidance of probate will also save court fees.
More Benefits of Trusts:
- Controlling Your Finances – Because you can specify your trust terms exactly, you can control who will receive distributions and when. A revocable trust can be set up to ensure that you can access the assets of your trust while you are alive and the remainder will be distributed when you pass away.
- Protecting Your Legacy – As long as your trust is properly constructed, it can protect your estate from any creditors your beneficiaries or heirs may have.
- Privacy – Because probate is considered public record, anyone can find out the assets you pass on through a will, however, because trusts typically do not go through probate, the assets that you pass on through a trust should remain private.
- Probate Savings – As mentioned above, having a trust may reduce the amount of your estate that is lost to taxes and court fees.
Revocable vs. Irrevocable Trust
While there are many different types of trusts, they will all be either a revocable trust or an irrevocable trust. A revocable trust, otherwise known as a living trust, can ensure that assets are passed on outside of probate, although it will still be subject to estate taxes. It will allow you to remain in control of any assets during your lifetime. Revocable trusts are flexible and they can be dissolved any time you decide to do away with them. Typically, a revocable trust becomes irrevocable upon your death.
Once an irrevocable trust has been executed, it cannot be altered for any reason, although it is commonly favored over a revocable trust. The reason for this is that irrevocable trusts reduce the amount of estate taxes your entire estate is subject to because the assets in your trust are eliminated. Any income that is generated by the assets in your trust is also relieved of any potential tax liability. If an asset is in your irrevocable trust, it may also be protected from any judgments against you.
Contact a Frisco Trust Attorney
Contact the Law Office of Lauren Cain today at 214-326-4664 if you are interested in drafting a trust. Whether you are looking into a revocable trust or an irrevocable trust, the Law Office of Lauren Cain can assist you with your needs.
Based in Frisco, the Law Office of Lauren Cain also assists clients in Plano, McKinney, Denton, Little Elm, The Colony, Allen, Richardson, Lewisville, Carrollton, Flower Mound, Dallas and other communities in Collin County, Denton County, Dallas County and Tarrant County.