Irrevocable Trusts in Texas
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You don’t have be rich to take advantage of the tax benefits available when you set up an irrevocable trust. Through this type of trust, you have the choice of placing financial assets into it for later years or future generations to use.
As an experienced estate planning lawyer in Irving, J. Roland Jeter, P.C. is known as a trusted law firm in the Dallas-Fort Worth metroplex. With 40 years of legal experience, Roland Jeter has a comprehensive understanding of Texas tax law to guide you through the intricacies of the legal system. Do not risk planning for the future without a skilled and reliable attorney on your side.
Understanding the Advantages & Limitations of Irrevocable Trusts
An irrevocable trust is one which may not be changed or modified, except on rare occasions. While many people wonder why they should create a trust that they cannot change, the fact is that there are many benefits to an irrevocable trust.
The two most common benefits of an irrevocable trust include:
- Minimize taxation
- Protect property from creditors
As soon as the assets are transferred into an irrevocable trust for the benefit of another individual, they are no longer part of your estate and exempt from your estate taxes. Furthermore, assets in an irrevocable trust for the benefit of another individual may be protected from that person’s creditors, as well as divorcing spouses.
The following are the different types of irrevocable trusts available in Texas:
- Charitable trusts
- Credit-shelter trusts
- Inheritance trusts
- Qualified domestic trusts (QDOT)
- Qualified terminable interest property trusts (QTIP)
- Life insurance trusts
- Special needs trusts
- Generation skipping trusts
- Qualified personal residence trusts
- Grantor-retained interest trusts
- Spendthrift trusts
Call to Discuss Your Legal Options Today
Since each family faces various circumstances, it is imperative to work with an experienced Irving estate planning lawyer to figure out the best strategy for you. Roland Jeter provides extensive estate preservation, Medicaid planning and asset protection for clients in the Dallas-Fort Worth Metroplex area.
Contact J. Roland Jeter, P.C. and request a consultation immediately.