Creating And Administering Trusts
There are a lot of instances where a properly drafted trust can be used to benefit parents, children, property owners and business operators during their lives. A properly drafted trust can provide management guidance in a time of need for you or your loved ones. With an array of options, however, it can be difficult to identify the right type of instrument.
Gauge experience before selecting an attorney to create and administer a trust by asking specific questions — What percentage of a practice is related to trust creation? Are trust administration services offered? Who handles any future conflicts? Working with an established trusts attorney can avoid mistakes down the road.
For over three decades, Collin County’s Webb & Webb, P.C., has provided knowledgeable guidance to our clients who want to augment their estate plan. The breadth of our practice fields spans from business and commercial law to estate and probate to accounting and taxation law. As a result, we can identify which type of trust best suits your personal or business needs, reduces tax obligations and simplifies the probate process.
Types Of Asset Protection Trusts
A trust can, in certain circumstances, protect your assets from creditors or lawsuits. Another benefit may be transferring taxable income to family members in lower tax brackets. A properly drafted trust can limit tax burdens, ensure only certain persons can access property from your trust and prevent creditors from confiscating trusted assets for generations. Our legal team drafts and executes a variety of trusts, including:
- Revocable Trusts to avoid probate
- Irrevocable Trusts
- Dynasty Trusts
- Marital Trusts
- Irrevocable Crummy Trusts
- Irrevocable Life Insurance Trusts
- Spousal Lifetime Access Trusts
In addition to advising you on your trust options, our Plano lawyers represent clients needing help in setting up a trust and administering the trust.