Irrevocable Trusts in Conroe, TX
Providing Legal Solutions in Conroe
Creators of irrevocable trusts have limited control over what assets can be placed in the trust. However, the largest benefit of having an irrevocable trust is to achieve a particular goal, such as establishing a trust for children, qualifying for Medicaid benefits and various tax advantages.
Contact our Conroe irrevocable trusts lawyer online or by calling (281) 410-2792 today!
Understanding Irrevocable Trusts
All trusts must have a grantor, trustee, and assets placed in the trust. The grantor (aka “settlor”) creates and funds the trust with assets. The trustee manages the assets once they are put in the trust. Although they are distinct roles, the grantor and trustee are often the same person. One of the greatest advantages of an irrevocable trust is that it can offer great protection from future creditors and lawsuits as well as bad marriages.
Here are some additional advantages of irrevocable trusts:
- Provide a great “container” for assets given to children; parents stay in control of the assets as the trustee even after the gifts are made to the trusts
- Assets placed in a irrevocable trust are not included in the estate of the grantor for estate tax purposes
- Can be used to provide assets to a beneficiary with special needs while not disqualifying them for government benefits such as Medicaid
- Irrevocable trusts are a critical component of estate tax reduction planning
Revocable vs Irrevocable Trust
The main difference between an irrevocable and a revocable trust is that a revocable trust can be changed by the grantor at any time. Unlike a revocable trust, an irrevocable trust cannot be changed without the approval of all beneficiaries or a court order. Although an irrevocable trust is less flexible it can protect your assets from taxes and creditors.
Types of Trusts
We can help you create a variety of trusts that offer a variety of benefits.
Our Conroe trust lawyers can help you with:
Call Our Irrevocable Trust Lawyers in Conroe, TX
To learn more about what types of funds may be vulnerable in an irrevocable trust, it is best that you first consult with our Conroe estate planning lawyers. Dossey & Jones PLLC can help you decipher what is the most suitable course of action for your particular circumstances. There are many avenues to take when it comes to estate planning, and our irrevocable trust attorney can steer you on the right path for you.
Assisting Clients Since 1972
For more than four decades, our team of Conroe estate planning attorneys has been providing only the highest-quality legal counsel and advocacy for a variety of estate planning procedures. Our mission is to help minimize risk, protect your wealth, and ensure that your family is well provided for generations to come.
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