In estate planning, trusts are essential for asset protection, control, and flexibility. There are various trust types and each has their own unique advantages.
Types of Trusts
Revocable Living Trust:
- Enables seamless asset management and distribution during your lifetime
- Ensures privacy and avoids probate
- Offers flexibility to modify trust provisions
Irrevocable Trust
Provides potential tax benefits and asset protection
Ideal for charitable endeavors or managing assets for future generations
Testamentary Trust:
- Facilitates asset management and distribution to designated beneficiaries
- Safeguards assets for minors, individuals with special needs, or controlled distributions over time
Special Needs Trust:
Supports individuals with disabilities while preserving government benefit eligibility
Charitable Trust:
- Enables support for causes with potential tax benefits
- Establishes scholarships, grants, or endowments
Asset Protection Trust:
Safeguards assets from creditors, lawsuits, and financial risks
Dynasty Trust:
- Preserves wealth for multiple generations, minimizes estate taxes
- Creates a lasting legacy
Contact Our Trust Lawyers
Understanding different trust types empowers you to tailor your estate plan. Trusts offer diverse benefits, including asset protection, charitable contributions, and wealth preservation. Seek guidance from our trust lawyers at Keith Morris & Stacy Kelly, Attorneys at Law to determine the most suitable trusts for your needs. Remember, expert advice ensures asset protection and a secure future for your beneficiaries.
Talk to our Houston & Fort Worth noncompete violation lawyer by setting up your appointment at (713) 636-5339 in Houston or (817) 442-2048 in Fort Worth today.