Many of us don’t want to think about the logistics of what will happen to our family and assets when we pass. It can be useful to work with our The Woodlands, TX trust lawyer to have a greater understanding of what you should consider when compiling your trust document and the outcome it will have on your loved ones.
There are many different types of trust documents, so it can be difficult to discern which type is ideal for your individual situation. Our legal team at Stuart Green Law, PLLC is committed to producing results that can safeguard your assets, lower your tax responsibility, and ensure your family’s future is as secure as possible.
How Our Trust Lawyer Can Make A Difference
With the knowledge that your assets and property will be taxed after your passing, it can prove necessary to seek out assistance from our The Woodlands trust lawyer to minimize taxes. Throughout our years of experience handling estate planning for our clients, we have been able to solidify a personalized approach all while delivering notable results.
Each state has its own laws regarding trusts, which can be overwhelming to face on your own. Let our professionals handle the busy work for you so you can focus on spending time with your family and making memories.
Types Of Trusts We Can Assist You With
It can feel impossible to pinpoint which trust will work best for your personal circumstances when you may not fully grasp the details and tax implications of each kind. We hope to take some of the pressure off by assisting with choosing the trust that best aligns with your goals. Below are a few kinds of trusts we have experience in:
- Domestic Asset Protection Trusts (DART). A DART can shield your estate’s assets from creditors and legal action. They are irrevocable, which means that you as grantor (the person who creates and funds the trust) can’t make changes to it once it’s created. Real estate, business assets, securities, and cash can be included in these trusts.
- Irrevocable Life Insurance Trusts(ILIT). The benefits of ILITs aren’t as defined as one would like. One of the upsides is that they make it so you can get around having your policy death benefit included in your estate tax return; a potential drawback is that you lose the ability to use your policy personally as it becomes a trust-owned asset.
- Grantor Retained Annuity Trusts (GRAT). If you plan on passing a large amount of wealth to your next generation, this type of trust can prove to be beneficial. A GRAT provides the opportunity to pass on assets with little or no gift taxes applied. These are most useful to well-off individuals who may be confronted with considerable tax liability at death.
There’s nothing wrong with being concerned about what will happen to all you’ve accumulated through hard work once you’re gone. Our The Woodlands trust lawyer knows that it can be a difficult time.
If you would like to discuss in further detail which type of trust will align best with your desired results, please don’t hesitate to reach out to our team at Stuart Green Law, PLLC.