If you have not created a comprehensive estate plan to protect your assets and your family’s well-being, the first step is to draft an enforceable will, which can clarify how you would like your assets distributed. Next, consider your trust options.
A trust can generally be used to hold assets outside of your estate, but depending on what your goals are, you have a variety of trusts to choose from.
Maybe you want to provide for a family member who isn’t very skilled at managing money. Or maybe someone in your family has special needs and requires government benefits, which you want to ensure are still available after you are gone. Or maybe you want to cover the cost of your grandchild’s college education. Or maybe your primary goal is to minimize taxes and probate costs.
All of these goals and more can be achieved by establishing and funding the right kind of trust. At Johnson Hobbs Squires LLP, we help our estate planning clients establish all of the following types of trusts:
- Trusts for minor children
- Special needs trusts
- Spendthrift trusts
- Educational trusts
- Grandchildren’s trusts
- Income-generating trusts
- Generation-skipping trusts
- Bypass (Credit Shelter) trusts
- Marital (QTIP) trusts
- Intentionally defective grantor trusts (IDGTs)
- Life insurance trusts
- Charitable trusts
- NFA gun trusts
Protect yourself, your wealth and your family.
A trust can be an extremely effective estate planning tool that benefits not only you, but also generations to come. For more on these matters, please see our overview of trust creation services for Waco families.