A Houston Trusts Attorney: Securing Your Legacy Through Trusts
Trusts can be complex documents to set up and oversee, but they can also be an integral and important part of a comprehensive estate plan. We understand that navigating the world of trusts can feel overwhelming. At Reekie Law PLLC, we help people in The Woodlands and throughout the Houston area create comprehensive estate plans that strategically utilize trusts.
Our firm is led by attorney Jennifer Reekie. With her business background, and contract drafting and review experience, she can help you identify your needs and goals. She helps our clients understand the different types of trusts and advises them on the best estate planning tools to achieve their goals. Our attorney prepares customized, comprehensive and thorough estate plans to protect our clients’ legacies. We also go to great lengths to make sure our clients understand the process and all of the respective parts of their estate plans.
Why Should You Consider Using A Trust In Your Estate Plan?
Trusts offer several advantages in estate planning. They allow you to control how and when your assets are distributed to your beneficiaries, even after your death. Trusts can help minimize estate taxes and avoid the probate process, saving your family time and money. A trust can protect assets from creditors or lawsuits. It can also provide for family members with special needs, ensuring their long-term care and financial security.
Understanding The Different Types Of Trusts
There are many different types of trusts that can be used to achieve different estate planning goals. Some common types include:
- Revocable living trust: A revocable living trust can be changed or canceled during your lifetime and allows you to maintain control over your assets while you’re alive.
- Irrevocable trust: Once established, an irrevocable trust cannot be easily changed or terminated, offering potential tax benefits and asset protection.
- Special needs trust: This trust provides for a disabled beneficiary without jeopardizing their eligibility for government benefits.
- Charitable trust: This trust allows you to support charitable causes while potentially receiving tax benefits.
- Life insurance trust: This trust owns your life insurance policy, removing the proceeds from your taxable estate.
A wide variety of assets can be held in a trust, including real estate, stocks, bonds, cash and even personal property. The specific assets that should be held in a trust will depend on your individual circumstances and goals. Our attorney understands that choosing the right trust can be confusing. We are committed to understanding your unique needs and helping you select the best trust to achieve your goals.
What Is The Difference Between A Revocable And An Irrevocable Trust?
The main difference between an irrevocable and a revocable trust is the ability to modify or terminate it. When a grantor (the person who creates a trust) creates a revocable trust, they retain the power to change or cancel it during their lifetime. This allows for flexibility as circumstances change. On the other hand, when a grantor creates an irrevocable trust, it generally cannot be changed or terminated. This lack of flexibility can provide tax benefits and asset protection.
Using A Trust To Provide Protection For A Child With Special Needs
A special needs trust, also known as a supplemental needs trust, is designed to provide for a child with special needs without disqualifying them from receiving government benefits like Medicaid or Supplemental Security Income (SSI). The trust can be used to pay for expenses not covered by government benefits such as medical care, education and recreation.
Can A Trust Be Contested?
A trust can be contested if someone believes it is invalid or was created under fraudulent circumstances. Common grounds for contesting a trust include:
- Lack of capacity
- Undue influence
- Fraud
If a will or a trust is contested, a court will review the evidence and determine whether the trust is valid. This can be a complex and costly legal battle, which is why it’s important to work with an experienced trusts attorney to create your estate plan.
Why Choose Us To Draft Your Trust?
We provide customized estate planning services to meet your unique needs. We take the time to understand your goals and explain your options in plain language. With our attorney’s background in business and contracts, we can create a trust that protects your assets and achieves your objectives. As a litigator, our probate lawyer can also protect your interests in court if necessary.
Schedule A Consultation With A Houston Trusts Attorney
If you want to learn more about what types of trusts will work for your estate planning needs or explore other aspects of a comprehensive estate plan, our trusts attorney is available for consultations by appointment. To schedule an appointment, you can call our office at 832-940-7555 or send us a message through our website.