Inheritance and Estate tax
Texas Inheritance and Estate tax Lawyers
Wright Abshire, Attorneys
Houston, Texas
(713) 660-9595 ∙ (800) 280-4759
E-Mail
Two basic estate planning tools are wills and trusts. Depending on the situation, an individual may need one or both of these to ensure that assets are passed down to beneficiaries according to his or her wishes.
By discussing your estate planning with an experienced lawyer, you can help make sure your assets are transferred to the appropriate beneficiaries after your death. You can also learn how to transfer assets out of your name in order to qualify for Medicaid and other state and federal benefits. Wright Abshire, Attorneys, can help. Contact us today to schedule a consultation.
What Is the Difference Between a Will and a Trust?
A will is a legal document that dictates the wishes of the testor (creator of the will) regarding the transferring of assets upon his or her death. It can also dictate matters of guardianship for children and grandchildren. Simple wills and testaments are basic documents that are essential in every basic estate plan.
In many cases, wills do not serve the needs of individuals and their families. In these situations, trusts likely are the more appropriate option.
Like last wills and testaments, trusts are legal documents that pass down certain assets to a chosen beneficiary. However, a trust is beneficial over a will for many reasons. One advantage is that it transfers assets out an individual's name, qualifying him or her for Medicaid and other benefits. It also reduces and eliminates the burden of paying estate taxes after a person's death. In addition, trusts can ensure that the chosen beneficiaries receive the assets with little or no debate.
Perhaps most favorably, trusts eliminate the probate process. This saves families the time, expense and stress of going through Probate Court to distribute and receive assets given to them by their loved ones.
Types of Trusts
In a general sense, trusts fall into two main categories: (1) revocable living trust, which means that the trustor can alter it during his or her lifetime, or (2) irrevocable trusts, which means the trustor gives up all control over the assets. Each one serves a unique purpose. After analyzing your situation, our lawyers will give advice regarding the types of trusts that will work for your case. We will help you decide which trust fund best serves your purpose.
Some examples of specific trusts include:
- Qualified income (Miller) trusts
- Supplemental needs trusts
- Special needs trusts
- Charitable giving trusts
- AB trusts
- Family trusts
Probate
When a loved one dies, the family needs to distribute the assets under the watch of the Probate Court to ensure that the transfer of assets and other actions are carried out according to the terms of the will. While it can be fairly hassle free, often it is time-consuming and costly.
Careful, advanced planning can help families avoid probate while still ensuring the succession of assets to the heirs. But when probate is necessary - such as when a person dies without a will - we will advise families through the process, helping make it go as smoothly as possible.
Contact Wright Abshire, Attorneys, for a Consultation
To schedule a confidential appointment, send us an e-mail or call us toll-free at (800) 280-4759.
From our wheelchair-accessible offices in Bellaire, Texas (a city within Houston), we represent clients throughout the Houston area as well as statewide. We also represent clients from other states with elderly family members in Texas. Our attorneys can make home, hospital or nursing home visits outside of the Houston area when necessary. And in some cases, many of our legal services can be provided over the telephone for our clients' convenience.
