An irrevocable trust can be an excellent estate planning tool for protecting and managing your assets for the long term. However, navigating the intricate world of trusts requires careful planning and action. Mistakes can be costly, with the potential of derailing...
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Trusts & Wills
Preserving wealth: How trust assets remain safe from creditors
When you leave your assets to loved ones using a will, they can lose them to creditors for defaulting on debt. In other words, creditors can repossess the assets to recover money owed. However, the same cannot happen with a trust. Trust assets are safe from creditors...
Spendthrift trust: What is it and how does it work?
One of the reasons people work hard is so they can leave behind a little something for the people they care about when they die. As such, it becomes an item of great concern when you have doubts about a beneficiary’s ability to manage their inheritance. Let’s face...
Are your heirs going to squander your wealth?
You certainly understand the value of the money that you’re passing down to your heirs. You spent your life creating that wealth. You want it to last for generations. This is a gift that you are passing down, and it’s important to you that it stays in the family and...
Does Texas allow dynasty trusts?
A dynasty trust is an estate planning tool that allows you to protect your wealth for generations to come. However, until recently, this was not really an option if you lived in Texas. A 2021 law change now makes it possible. You can now pass on your wealth from...
Why trusts should be part of your estate plan
Estate planning is largely about distributing your assets upon your death. While a will is one useful instrument that can put this in motion, there are several others to choose from and include in your estate plan. A trust may be more suitable for some of your...
Will a spendthrift trust foment trouble among my heirs?
You’ve been putting off doing your essential estate planning because of a thorny problem involving one or more of your heirs or beneficiaries. There is no doubt that you love all your children and grandchildren. But it is also true that some have struggled with more...
Texas dynasty trusts can now continue for 300 years
Texas has had its fair share of family dynasties over the years – both real and on television. However, it wasn’t until less than a year ago that the law changed to allow true dynasty trusts in our state. Texans can now set up dynasty trusts that can last for as long...
3 assets you should never include in your will document
A will is the cornerstone of any estate plan. This document articulates how you would wish to have your estate distributed upon your demise. Dying without a will in place (intestate) would mean that the state laws will determine who gets your assets and who doesn’t....
Top 3 Reasons You Shouldn’t Write Your Own Will
While writing your own will may save you a little bit of money, it will cost your family a lot of time, aggravation, and possible legal fees in the future. It’s important to remember that a will is a legal document and drafting one on your own without any legal advice...