Careful legacy planning to reduce the tax burden for you and your heirs
Giving a lump-sum inheritance can often be the most expensive way to pass on wealth. To cut down on possible future expenses, the Houston trusts lawyers at Pro Tax Councel can create a trust — a legal entity that holds and distributes your assets. A trust lessens the tax burden on your estate and your beneficiaries. A trust administrator manages those assets and uses the funds only for purposes you’ve selected, so financially unsophisticated heirs are protected.
Living trust: control your assets and avoid probate
With a living trust, you can maintain control over your assets during your life, then pass them on to your heirs. Unlike a will, a trust doesn’t go through probate. This means your heirs get their inheritance more quickly. A living trust takes more time to construct than a will and requires regular maintenance, but the advantages often outweigh the inconveniences. Pro Tax Councel can help you decide if a living trust is right for you.
Safeguarding vulnerable loved ones
A special needs trust provides financial support for your loved ones who can’t care for themselves because of mental or physical limitations. Our Houston estate planning lawyers can structure a trust so it doesn’t render your heirs ineligible for government benefits such as Social Security Disability or Medicaid.
QTIP trust: providing for surviving spouse and children
Traditional inheritance laws don’t adequately address divorce, remarriage and the blending of families that are prevalent today. A Qualified Terminable Interest Property (QTIP) trust is often desirable for someone whose spouse is not the parent of his or her children. With a QTIP trust, you can provide trust benefits for your surviving spouse without the property ever becoming theirs. Your spouse will benefit from your trust assets while they are alive, then your property will be distributed according to your plan once your spouse passes on.
Find out how a trust can assist your tax and estate planning
Pro Tax Councel drafts many other trusts to minimize your tax burden and maximize the benefits of your estate plan. To schedule a free initial consultation with Pro Tax Councel contact our Houston office now. Our practice serves Houston and the Energy Corridor, including Ft. Bend County, Harris County and Montgomery County, Texas.