Wright Abshire Attorneys, A Professional Corporation

Serving Greater Houston, We Are Certified Texas Elder Law Attorneys At The Forefront Of Estate And Medicaid Planning

Houston 713-234-1940

Fayette County 979-314-5331

Wright Abshire Attorneys, A Professional Corporation
Houston
713-234-1940
Fayette County
979-314-5331

Elder Law Attorneys Helping You Plan For The Future

Trusts Attorneys

As experienced estate planning attorneys, we have a unique ability to ascertain our clients’ particular planning needs and goals and then implement the proper set of tools to ensure they gain peace of mind. At Wright Abshire, we take special care to listen to our clients and effectively address their concerns.

Devising Trusts for Every Estate Planning Scenario

While trusts and other estate planning documents can appear complex to some, we simplify the process and help our clients understand how trusts can benefit them. We take the time to understand how and when our clients want to provide for their families and other loved ones.

Trusts can be separated into two broad categories. These are:

  • Testamentary trusts: A testamentary trust is established to take effect upon the death of the person creating the trust (called the settlor). It names a trustee, who administers it, as well as a beneficiary, who receives funds from the trust.
  • Inter vivos trusts: This type of trust is created to go into effect during the life of the settlor. Like testamentary trusts, an inter vivos trust names both a trustee and a beneficiary. These trusts allow the beneficiary to receive trust funds during the life of the settlor.

If you are considering your estate planning options, we can help you determine whether a testamentary or inter vivos trust will best suit your needs. We will then work to create the trust and provide guidance to ensure proper administration.

Advantages Of Having A Trust

Trusts offer numerous advantages for individuals and families. They allow for more precise control over asset management and distribution, making sure that your wishes are followed. They can also help your loved ones avoid the delays, costs and publicity associated with probate. For families with minor children, trusts provide a structured way to manage inheritances until they reach a specified age or milestone.

Trusts also offer financial benefits, such as reducing estate taxes and protecting assets from creditors or legal claims. For individuals with complex family dynamics, trusts can provide peace of mind by establishing clear guidelines for inheritances and care for vulnerable loved ones.

Types Of Trusts

Trusts can be tailored to meet a wide range of needs and goals, with each type offering unique benefits:

  • Revocable trusts: These trusts allow you to maintain control during your lifetime, with the ability to modify or revoke the trust as circumstances change.
  • Irrevocable trusts: These provide stronger asset protection and potential tax advantages, as the terms cannot be changed once established.
  • Charitable trusts: Designed to support philanthropic goals while potentially offering tax benefits, these trusts can distribute assets to both charities and beneficiaries.
  • Living trust: This type of trust is created and funded during the settlor’s lifetime, offering flexibility and avoiding probate for a smoother transfer of assets.
  • Marital trusts: These help protect and provide for a surviving spouse while managing estate taxes effectively.
  • Generation-skipping trusts: These allow you to pass wealth directly to grandchildren or later generations, often bypassing estate taxes for intermediate heirs.

Our team works closely with our clients to explain the nuances of these options and tailor solutions to meet specific objectives.

How To Create A Trust

Establishing a trust involves several steps to make sure it aligns with your estate planning goals.

First, identify your objectives, such as asset protection, providing for family members or supporting charitable causes. The next step is selecting the appropriate trust type and naming a trustee to manage its assets responsibly.

After the trust document is drafted, you must transfer ownership of relevant assets, such as real estate, investments or personal property, into the trust. This process, known as funding the trust, is essential to its effectiveness.

For those in Houston, Bellaire or Carmine, we help make the process as smooth and seamless as possible to facilitate proper trust establishment and administration.

Houston Supplemental Needs Trust Lawyers

We also help our clients consider when a third-party-funded supplemental needs trust can achieve the goal of providing for a loved one in need. These typically come into play when a family member is seriously ill and requires additional financial resources to cover medical and living expenses.

By establishing a supplemental needs trust, we allow our clients to financially support their loved ones without jeopardizing their eligibility for Medicaid or other government benefits. As with all our estate planning services, our priority is ensuring our clients’ peace of mind.

Contact Wright Abshire to Schedule a Consultation

At Wright Abshire, Attorneys, A Professional Corporation, our work begins by listening to you. Contact our Bellaire trusts lawyers online or call us at 713-234-1940 to schedule a consultation. In addition to our Bellaire office, we have locations in The Carmine. All our offices are wheelchair-accessible.

We serve clients in the Houston area and throughout Texas. We also represent individuals located in other states who have family members in Texas and who need an experienced estate planning attorney.