Your Family is Our Top Priority
Contrary to common belief, trusts are not just for the wealthy. Normal, everyday people and families benefit greatly from using a trust as an estate planning tool. Trusts are the most comprehensive, and the most popular, of all estate planning options. They also greatly simply estate settlement.
Some of the many benefits of trusts are:
- Avoiding both in-state and out-of-state probate. If you have real estate in multiple states a trust would be worth investigating because your beneficiaries would avoid the probate process in each state in which property is owned.
- Avoiding nursing home poverty. No one wants to live in a nursing home and no one thinks that they are going to be the person who ends up in a nursing home. However, as we age we must consider the possibility that a nursing home stay may be inevitable. With the average monthly costs of nursing home care in Texas being over $6,000, a trust can protect your assets from being spent on nursing home costs.
- Protecting family and friends with special needs. Leaving an intentional legacy for a loved one with special needs can be accomplished through creating a supplemental or special needs trust and will not disrupt any type of public assistance already being received.
- Protecting assets from troubled heirs. Life is hard and sometimes loved ones struggle with harmful behaviors. Creating a trust offers protection for both your assets and your loved one.
- Protecting a surviving spouse. A trust provides a seamless and court-free way for a surviving spouse to carry on living and making financial decisions. A trust also provides asset protection should the surviving spouse remarry.
- Providing for minor children or grandchildren. Trusts provide an avenue for safeguarding a minor’s inheritance until a suitable level of maturity or life experienced is gained.
- Addressing blended family concerns. Family is sometimes complicated. Trusts offer the ability to ensure equitable treatment of children and other family members in multiple marriage situations.
- Avoiding estate taxes. Taxes play an important part in civil discourse, but creating a trust may prohibit the government from taking more than their fair share.
- Supporting charities. Leaving a legacy of generosity is made easy through the creation of a trust.
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