San Antonio Trust Attorneys
When planning for your future, being prepared for the unexpected is crucial. Due to discomfort, many of us would prefer to procrastinate. But controlling how your assets get distributed in the event of your death or incapacitation is essential when creating an estate plan that will benefit your surviving family members. Working with our experienced trust attorneys in San Antonio to help them avoid a lengthy and costly Texas probate process is just one of many ways to ease the burden of your passing.
If you believe that trusts are an option only available to those with wealth, think again. Whether you have just graduated college or are a middle-class school teacher with a family to raise, a trust can provide options to help ensure your loved ones are cared for after you die. The reason is that trusts are versatile and can serve a large variety of purposes including protecting your ability to qualify for Medicaid benefits or controlling how your children can access your retirement assets if you become incapacitated.
The Need For Trust Attorneys in San Antonio
The reasons for setting up a trust are countless. From asset protection to a multi-generational legacy of support, the customizable nature of these estate planning tools makes them invaluable for just about any life circumstances you may be living. Working with our experienced San Antonio trust attorneys at Bryant Law PC can prove insightful and help you better understand the myriad of ways that a trust will benefit your future.
Some of the primary benefits of using a trust to manage your estate include:
- Minimize tax liabilities
- Protect your assets from creditors
- Potentially avoid probating your estate
- Ensure your assets are available to your children throughout their lives
- Create customized directives for the individual needs of your family
Types of Trusts Available in Texas
Depending on your reason for the trust, the type you should use and the benefits it provides will vary. Using multiple forms of trusts is not uncommon when trying to create a comprehensive estate plan. When weighing the pros and cons of a particular type of trust, set up a consultation with our knowledgeable San Antonio trust attorneys. Professional planning with your goals and concerns in mind will help ensure your wishes are followed.
A living trust is a popular option for many families to set up the transfer of real estate, vehicles, and investments when the owner passes away. These are attractive options as part of an asset management strategy because they are revocable. If you use this type of trust, you will maintain control over the property it holds. Those assets will immediately transfer to your beneficiaries in the event of your death. You can revoke it at any time. And because these living trusts are not public record, you can enjoy a level of privacy a will does not provide.
Revocable trusts are also sometimes referred to as living trusts because they are essentially describing the same thing. This trust allows you to retain total control over the held assets and revoke it at any time. You can also change its terms throughout your lifetime, though once you have died, it becomes irrevocable.
Revocable trusts are best for some of the below goals:
- Avoid probate by having assets pass directly to the named beneficiaries in the trust. This means avoiding Texas probate, though this property will still count towards your estate for tax reasons.
- Manage your assets throughout your lifetime, including administration and investment of the entrusted property. This allows you to maximize the benefit of the trust for your heirs.
- Using a revocable trust makes it possible for you to shield your beneficiaries from an estate tax liability. Any assets in your trust will count toward your taxable estate at the time of your death.
An irrevocable trust is the opposite in terms of management and flexibility. Generally, an irrevocable trust remains “locked” until your passing or incapacitation. While this may sound like a bad idea, there are several reasons to elect an irrevocable trust asset protection strategy.
One advantage is that assets in an irrevocable trust are no longer owned by you. As such, they do not count toward your taxable estate. This allows you to maximize how much you pass on to your beneficiaries. In addition to this benefit, this trust type avoids probate proceedings and protects your estate against money-hungry creditors. Further, if you are planning to retire soon and foresee the need for Medicaid to assist in paying for your stay in a long-term care facility, this trust can preserve your eligibility.
The uses for an irrevocable trust, while complicated, can prove extremely beneficial for your long-term goals. The estate attorneys at Bryant Law PC are well-versed in state and federal law. Minimizing their impact on your trust will prove an invaluable resource when considering your estate options.
Trust Attorneys to Protect Your Family for Generations
The type of trust you use will dictate a great deal across taxation, the probate process, and avoiding family disputes. Deciding which you will use and how to manage it requires informed legal advice from estate planning attorneys dedicated to this area of law. You must be committed to keeping your trust up-to-date so that it takes into account new life milestones like the birth of a child or the opening of a business.
Poorly managed trusts can cause unnecessary burdens on family members left behind after you die. Bryant Law PC has the trust attorneys you need to ensure that the options you choose will benefit your loved ones for years to come. Contact us today to set up a free consultation to discuss your estate planning needs and how a trust can achieve your goals.