Keep Control Of Your Assets With A Dallas Trusts Attorney
Trusts complement wills in comprehensive estate planning, offering enhanced privacy and control over asset distribution. Unlike wills, trusts do not become public record through probate, ensuring your affairs remain confidential.
At Hales & Sellers, PLLC, we work with clients in the Dallas-Fort Worth area to create trusts that avoid probate and protect their assets. Our board-certified attorney Jack Hales brings extensive knowledge to trust creation and trust administration. We believe in proactive planning, as an ounce of prevention is worth a pound of cure.
How Do Texas Trust Laws Work?
In Texas, trusts are governed by the Texas Trust Code, which provides a framework for creating and administering trusts. Texas law provides unique advantages for various trust structures. Revocable living trusts, for instance, offer flexibility and privacy benefits. They allow you to manage your assets while avoiding probate. Further, Texas does not impose state income tax on trust beneficiaries.
Understanding the nuances of Texas trust laws is crucial, and our team is here to ensure compliance. Whether you are interested in revocable or irrevocable trusts, we ensure your trust agreement aligns with state regulations and your personal goals.
The Many Benefits Of Trusts
Trusts offer a range of benefits that can help you achieve your estate planning goals. Here are just a few:
- Asset protection: Trusts can protect your assets from creditors in certain circumstances. Asset protection trusts can also prevent beneficiaries from making poor financial decisions.
- Avoiding probate: Properly funded trusts allow assets to bypass the probate process, saving time and money for your beneficiaries.
- Special needs planning: Special needs trusts can help families with disabled dependents preserve eligibility for government benefits, while also providing for their loved one’s future care.
We explore all your options, including testamentary trusts, charitable trusts, spendthrift trusts, dynasty trusts and marital trusts. Our estate planning lawyers also assist with trust funding, trust modification and trust termination. We understand complex family situations and are committed to helping you plan for the future.
Can I Serve As My Own Trustee For A Living Trust?
Yes. As the grantor, you retain control over trust assets and property, exercising trustee powers and duties. This includes:
- Managing trust funding methods
- Overseeing trust distributions
- Handling trust accounting and taxes properly
Serving as your own trustee offers trust privacy benefits and probate avoidance. It also facilitates incapacity planning and creditor protection. You maintain fiduciary responsibility until a successor trustee assumes control. This ensures beneficiary protection and effective tax planning strategies, including generation-skipping transfers.
Talk To A Trust Lawyer About Asset Protection Today
Contact us today to learn how we can assist you in creating trust documents for a comprehensive estate plan. Call us at 469-304-2819 or email us to schedule a free consultation. We offer flat fees and flexible payment plans.