There are several reasons why setting up a trust can be a good idea. Because the money in the trust fund is not yours, you will not have to pay taxes on any profits made from the investment of these funds. A trust is an ideal way to bequeath money to a minor who would not be able to manage the funds without assistance. A trust can also protect your assets from creditors and enable a loved one to inherit money from you without losing one or more forms of government assistance.
There are several types of trust options that you can choose from and each type of trust has its own unique advantages and disadvantages. A living trust becomes effective as soon as you sign on the dotted line; you cannot undo your actions even if you change your mind at a later date. A testamentary trust, on the other hand, only passes into the control of another person upon your death. There are also revocable and irrevocable trusts, special needs trusts, totten trusts and spendthrift trusts.
If you are not sure what type of trust would best suit your needs, we advise you to make an appointment with one of our experienced probate lawyers to discuss your financial situation in depth. Based on the information you share with us regarding your situation and your wishes, we can help you create the trust or trusts that best suit you and your family’s needs. We will help you choose which assets to invest in the trusts in question and ensue that there are no mistakes regarding who should inherit what and when they should do so.
If you are not sure if setting up a trust is the best option for you, we can help you explore your case further. We will give you personalized advice that will make it possible for you to manage your money in the way that best suits your needs while at the same time providing for those who will come after you. Our team of legal experts has helped many Jim Wells County residents in the past and can provide you with the unbiased, expert advice you need and deserve.