Trust Attorney in Humble, TX
Trusts are no longer for the rich and wealthy. Most average Americans can benefit from trusts as well. People across Texas use them to transfer their assets to their loved ones without the need for probate. There are many different advantages of using a trust, but the most common is to avoid probate.
While there’s no need to be a millionaire to have a trust, you should have an attorney at law to assist in its creation. Trust laws are extremely complex and vary greatly. Drafting a trust yourself can create financial pitfalls both now and in the future that you did not anticipate. Creating a trust on your own can create potential problems, accomplishing the opposite of what you are intending. For example, how or whether to transfer real property into a trust in Texas is complicated and the wrong decision may have significant and lasting consequences. That is why it is so important to consult with and hire an attorney to prepare your trust.
If you are looking for estate planning in Houston, TX, you can trust the Law Office of CiCi Cunningham for your legal needs. CiCi can help you analyze whether a trust is right for your circumstances and if so, we can help you in determining the type of trust and intricacies involved in creating a trust. While a trust is a complex area of law, CiCi Cunningham is experienced at breaking it down for her clients, in manageable and understandable parts. Her clients understand what they need and why they need it because she spends extra time to explain options and reasons for each case. CiCi has many years of experience in drafting and creating trusts and guiding clients in the transfer of assets into their trusts.
A revocable living trust (also commonly referred to as a “Family Trust” or a “Living Trust”) is the most commonly used estate planning vehicle for clients. A revocable living trust is, as its name implies, fully revocable by the client during their lifetime. It is used as a vehicle to transfer assets to beneficiaries upon death without the need for probating the assets. This is generally not an asset protection vehicle but a way to reduce or eliminate probate and to make it easier and less stressful for the surviving heirs. It is also a way to pass money or property to minors without allowing them to have access to an inheritance at, what the Testator believes, is too young an age.
Revocable Living Trusts can be structured in many ways. They can have a sole creator (Grantor) or multiple Grantors. They can be for a married couple or non-married parties. They can have additional trusts spring forth from them upon death and can control the disposition of assets to certain heirs to prevent dissipation of the assets such as by a spendthrift beneficiary or substance abusing beneficiary.
Attorney CiCi Cunningham can discuss with you, the options that you would like to incorporate and help you determine what structures and clauses best benefit yourself and your heirs. Trusts are unique to each client’s situation.
An irrevocable trust can’t be modified without the beneficiary’s consent. While even a living trust typically becomes irrevocable upon the death of the Grantor, some trusts are created to be irrevocable from inception. Common examples of these types of trusts include asset protection trusts, life insurance trusts (irrevocable life insurance trust) and some types of charitable trusts. Sometimes a portion of a trust may become irrevocable upon the death of one or more of the Grantors, such as bypass trusts or credit shelter trusts and special needs or supplemental needs trusts. These types of trust are utilized to take advantage of certain tax laws.
A revocable trust can be combined with an irrevocable trust to accomplish many goals including tax savings, blended family protection, disposition of assets over a period of time (instead of all at once), or to prevent jeopardizing state or federal benefits.
Both revocable and irrevocable trusts have positive and negative aspects. Please schedule a consultation with Attorney CiCi Cunningham as to which type of trust will benefit you and your family.
Additional Trust Options
Your trust should be as unique as you are. There is an option for you, whether you want to avoid probate, save on taxes, protect a business or finalize your estate plan. Here are some additional ways our law firm can help you pass down your personal and business assets in the coming years:
Wills and trusts may be an essential component of your estate planning. Attorney CiCi Cunningham can help you prepare for the future while navigating estate and business issues. We’ll prepare your documents in conformance with applicable law so desired beneficiaries receive your personal and business assets after you die.
The Law Office of CiCi Cunningham, a law firm in Humble, Kingwood, Atascocita practices in business, estate planning, and elder law services. We have helped Texas residents resolve estate, business, and other inheritance issues for almost 10 years. Contact CiCi Cunningham at 281-815-0888 for the legal services of a law firm you can trust.