Estate Planning With Wills and Trusts
It can be difficult to face your own mortality, but it is a necessary fact of life. Protecting your assets and preserving the well-being of your heirs are important aspects of estate planning. The Law Offices of Thomas & Henderson has helped clients organize their finances and plan for the future for more than 40 years.
Grapevine Will Attorneys
Everyone should have a will. It doesn't matter if you are young, old, married or single, a will is a way to specify how your assets are to be handled after your death. Unfortunately, if there is no will, the state will make the determination of how to divide and distribute your assets. Many individuals find this loss of control disturbing. Drafting a will allows people to have the control they desire and the peace of mind they need.
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Every situation differs in regard to assets, debts, goals and motivations. The lawyers at our firm take the time to have an extensive conversation with clients so we can better understand how to help them. We also take this opportunity to explain the differences between wills and trusts, and the tax implications of each one. Our goal is to guide our clients through the creation of a comprehensive plan to help their estate in the future. Contact a lawyer at the Law Offices of Thomas & Henderson immediately to schedule a consultation.
Colleyville Trust Attorneys
Trusts can be complex, and different trusts can be utilized to accomplish different goals. Often, estate plans include multiple trusts, each designed for a specific purpose. Some examples of the various trusts that can be included in an estate plan are:
- Living trusts: This is a trust designed to hold and administer assets for a person's lifetime, and then the assets are transferred to a designated beneficiary. This is a useful instrument to protect your assets such as your house, bank accounts, stocks, bonds, etc. in the event of incapacity.
- Charitable trusts and charitable remainder trusts: These trusts are used for leaving money to charitable institutions. There are some tax benefits to using charitable trusts.
- Special needs trust: These trusts are used to provide benefits to someone with special needs without affecting his or her government assistance and government benefits.
- Marital trust: This trust can be in the form of a Qualified Terminable Interest Property Trust, or QTIP trust, which allows you to provide for a spouse (typically in a second marriage) and still leave a legacy for your children.
Of course there are many more types of revocable and irrevocable trusts, such as:
- Education trusts
- Life insurance trusts
- Spendthrift trusts
- Generation-skipping trusts
For a more detailed description and an explanation about how these trusts can help you ensure your heirs are taken care of, do not hesitate to contact our office to schedule a consultation.
Contact Our Firm
If you have questions regarding wills and trusts in Texas, contact the Law Offices of Thomas & Henderson, P.C., to schedule a free initial consultation. Reach us by calling 817-381-9723 or by completing the contact form on this website.