Wills | Trusts | Estate Planning | Probate | Guardianship
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Trusts Attorney Serving Dallas, TX
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When it comes to securing your financial future and ensuring that your estate is managed according to your wishes, working with a skilled trusts lawyer in Dallas can make all the difference. Our trust services are designed to meet your unique needs, whether you're looking to minimize taxes, protect your assets, or provide for loved ones. We offer personalized legal guidance to help you navigate the complexities of trust creation, management, and distribution. By collaborating with us, you can be confident that your trust will be tailored to your specific goals, ensuring that your assets are handled with care and precision. Let us help you create a solid plan that reflects your intentions and secures your legacy for the future.
“Estate planning isn’t just for the wealthy, it’s for everyone, everyone who wants to protect their family and prepare for the future".”
Why Set Up A Trust?
Setting up a trust can offer several valuable benefits for managing and protecting your assets. Here are some key reasons why you might consider establishing one:
Reduce taxes, such as capital gains taxes, income taxes, and estate taxes
A trust can help minimize your tax liabilities by allowing you to strategically allocate assets and income. By placing assets in a trust, you might be able to defer or reduce capital gains taxes, manage income taxes more effectively, and lower estate taxes upon your death.
Give to charities while creating a stream of income
Charitable trusts provide a way to support your favorite causes while also ensuring a steady income for yourself or your beneficiaries. By setting up a charitable trust, you can make a lasting impact on charitable organizations and create a reliable income stream for yourself or others, all while enjoying potential tax benefits.
Set up specific parameters for the use of your assets
Trusts allow you to establish detailed instructions for how and when your assets are distributed. You can designate how funds should be used, specify conditions for their distribution, and ensure that your assets are managed according to your wishes.
How do trusts work in your estate plan?
Trusts are a fundamental component of an estate plan, offering various ways to manage and distribute your assets according to your wishes. By transferring your assets into a trust, you appoint a trustee to oversee and manage these assets on behalf of your beneficiaries. This can help ensure that your estate is administered according to your instructions, potentially avoiding probate and minimizing estate taxes. Trusts can be structured to provide for specific needs, such as education or healthcare expenses, and can be tailored to address various family dynamics and financial goals.
Creation
You set up a trust by drafting a trust agreement, transferring assets into it, and naming a trustee.
Beneficiaries
Individuals or organizations who will receive benefits from the trust according to its terms.
Trustee
The person or entity responsible for managing the trust assets and distributing them according to your instructions.
Tax Benefits
Trusts can be designed to reduce estate taxes, income taxes, or capital gains taxes.
Avoiding Probate
Trust assets generally pass directly to beneficiaries, bypassing the lengthy and costly probate process.
Instructions
You can set conditions for how and when assets are distributed, ensuring your wishes are followed.
Partnering with our experienced trusts lawyers in Dallas ensures that your estate plan is meticulously crafted to align with your personal objectives and financial goals. Our expertise in trust creation and management will help you navigate the intricacies of estate planning, providing peace of mind that your assets are protected and distributed according to your wishes.
Don’t leave your legacy to chance—contact us today to schedule a consultation and discover how we can assist you in setting up a trust that meets your specific needs. Let’s work together to secure your financial future and protect what matters most.
Areas of Practice
Probate refers to the legal process of administering a deceased person's estate. The court reviews the will to determine if it is valid and provides a final ruling on the division and distribution of assets to heirs and beneficiaries based on the will. If a person dies intestate, or without a will, the court divides the estate according to state law. LEARN MORE
A guardianship typically involves the appointment of someone to manage the medical and physical care of a person with limited capacity such as a special needs child or a person with physical or intellectual disabilities. A conservatorship is a court order that appoints someone to oversee the financial affairs of a minor or a person who is incapacitated. One person can serve in both roles. LEARN MORE
A will and last testament form the foundation of an estate plan and are the key instrument used to ensure that the estate is settled in the manner desired by the deceased. While there is more to an estate plan than just a will, it is the presiding document the probate court uses to guide the process of settling an estate. LEARN MORE
Like a will, a trust provides for distribution of assets based on the deceased’s wishes. But unlike a will, a trust can protect assets from creditors and avoid taxes and the cost of probate. It can provide for control and future direction of assets long after the deceased person’s passing. Special needs trusts can permit a disable child or parent to receive income from the trust while still retaining public disability benefits like Medicaid. LEARN MORE
Everyone has an estate, it’s everything you own, your home, your accounts, your cars, and you probably have very specific ideas where and to whom you want your money to go after you pass. Because if you don’t, the state will be very happy to tell you exactly where your money will be going, and you and your heirs may not like it. Take charge of your estate. LEARN MORE
“Someone’s sitting in the shade today because someone planted a tree a long time ago.”
Warren Buffet
Do You Have an Unfunded Revocable Trust?
If you have an unfunded revocable trust, it means that while you have established the trust, you have not yet transferred any assets into it. An unfunded trust does not provide the intended benefits of asset protection, tax advantages, or estate planning, as there are no assets within the trust to manage or distribute according to your wishes. To ensure your trust fulfills its purpose, it’s important to formally transfer assets—such as real estate, bank accounts, or investments—into the trust. This process, known as funding the trust, allows it to function effectively and helps achieve your estate planning goals. Consulting with an estate planning attorney can guide you through the funding process and ensure that your trust is properly set up and operational.
Frequently Asked Questions:
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Setting up a trust can help with estate planning, avoid probate, reduce estate taxes, and ensure your assets are managed according to your wishes.
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Assets placed in a trust are managed according to the trust's terms, bypassing the probate process.
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Consult with an estate planning attorney who specializes in trusts to guide you through the process and ensure your trust is legally valid.