Trusts
in Tyler, TX
Trusts are an invaluable document in your estate planning toolbox. With a trust, you designate a third party, or trustee, to hold on to the assets for your beneficiary.
This structure can provide several key benefits to the beneficiary and distribute your assets according to your wishes. There are many ways to set up a trust, but they are typically categorized as revocable or irrevocable.
Revocable Living Trust in Tyler, TX
If you want to remain in control of the assets in your trust, a revocable trust may be the best fit. This flexibility allows you to change the terms, the beneficiaries, and how items within the trust are managed.
While living trusts offer many advantages, the assets in the trust are subject to creditors and state and federal estate taxes.
Irrevocable Trusts in Tyler, TX
In contrast, irrevocable trusts are much more rigid but offer more protection from taxes and probate. Once an irrevocable trust is signed, not much can be done to change the terms.
However, there are significant tax benefits that come with this. Since taxable assets are removed from the grantor’s estate, they are not taxable upon death, meaning the beneficiary doesn’t have to go through costly probate.
Whichever trust you decide, an attorney can help you craft it so your wishes are executed as you desire. Marcio Soares takes the time to understand your needs so that everything is prepared as you like.
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