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349 items found for "generation skipping trust"

  • What Is a Trust Protector, and Do I Need One?

    trust and its assets; The trustee who controls the trust and its assets; and The beneficiaries who receive the benefits of the trust. A trust protector generally watches over a trust that will be in effect for a long time, to ensure that trust terms, which may include: (1) the power to remove and appoint trustees, advisors, trust committee The trust protector can also serve as back-up oversight if you do not entirely trust your trustee to

  • Trust Lawyer in Houston Answers, “What is a Trustee?”

    A trustee is the person who will manage the assets that are in your trust. regarding assets in your trust. best interest of the trust beneficiaries. It is critical that a trustee follows the terms of the trust documents and the trust creator’s instructions #TrustAdministration #trustplanning #Trusts

  • Not On the Same Page? What to Do if Your Spouse Disagrees With You About Estate Planning

    Marriage is about compromise, which usually means coming to an agreement about where to live, whether to have kids, and possibly even when to retire. Unfortunately, some couples find themselves in complete disagreement about planning for the future. Retirement is something so many people look forward to; especially with your significant other. If you find yourself frustrated by your spouse’s outlook on estate planning and planning for your future together, consider these tips: Assess Your Finances Together Coming to a place of mutual understanding about your finances can help get couples on the same page about the future. Take a thorough look into your debts, your savings, property that is owned, investment accounts, insurance policies, and any retirement accounts you have. This can paint a more complete picture of what lies ahead and about how you should be planning for your golden years now. Define Your Dreams Perhaps you have always dreamed of spending your golden years in a villa in Tuscany. Maybe your spouse has imagined themselves in a senior community by the beach. Regardless of your dreams for the future, it is important to understand each other’s goals. This is especially true of your shared legacy that you leave behind when your time expires. Will you leave your assets to a favorite charity, or will the things you worked hard for your entire life be inherited by a loved one? These kinds of dreams are not as fun to consider as your retirement plans, but they are just as important. Understand Your Options As you discuss estate planning with your spouse, also be sure to consider possible unexpected occurrences. While it is hard to plan for the worst-case scenario, playing with the theoretical can help you and your partner make informed decisions for your family. Are you prepared to handle a serious illness? What about the sudden death of your spouse, child, or even grandchild? Answering these tough questions can help you come to a mutual understanding about your options for the future and take action now to better prepare your family for sudden tragedies. Talk with an Experienced Estate Planning and Elder Law Professional If you and your spouse are still struggling to get on the same page about estate planning, it may be time to consult with a professional. Your Legacy Legal Care can answer questions you have about your options and help you decide on the right plans for your family’s future and has experience in proposing options that fit both partners’ interests. Do not wait until the last minute – click here to schedule online or call us at (281) 885-8826 to get started now. #disagreement #jointestateplan #jointtrust #spouse

  • Trusts Can Protect Your Heirs from Themselves

    How Can a Trust Help? Here are a few examples of trusts that are options to you; IRA Trust: Designed to prevent an heir from Revocable Trusts: Allows you to retain control of all the assets in the trusts and you are free to revoke Asset Protection Trusts Beneficiary Trusts With your options in mind, the best course of action is always If you have questions about the benefits of trusts or estate planning in general, please feel free to

  • Estate Planning for Women | Houston Will and Trust Lawyer

    Younger Women There are plenty of reasons that a younger woman needs to meet with a Houston will and trust An estate planning attorney may also advise younger mothers to consider setting up a trust for their A Houston will and trust lawyer can help put things in motion now to make that a reality later.

  • Houston Special Needs Lawyer: Basics of a Special Needs Trust

    What is a Special Needs Trust? your child; instead, they are owned by the Trust and managed by a Trustee of your choosing who will How may the assets in a Special Needs Trust be spent? Pooled Trusts are typically run by non-profits. #SpecialNeedsTrust #Trusts

  • Who Can Legally Contest a Will or an Estate in Texas?

    Generally, you can appeal a Texas probate court ruling. Probate litigation can be avoided by using trusts. Trusts are an extremely powerful estate planning tool that can skip probate altogether, ultimately skipping If you are unsure of whether you would like to use a trust, there are other strategies that may be used

  • Who Needs to Consider Trusts for their Children in Houston?

    What Does the Trust Do? When you set up a trust with your trust and estates lawyer in Houston, you will discover that there are Protecting the Trust Another reason to consider a trust is to protect your children’s money from misuse recourse, as the trust is a legal contract. Talk to a Houston Trust and Estates Lawyer The best way to determine if a trust is right for you and

  • Be Organized and Ready When Meeting With Your Houston Trust and Estates Attorney

    A Houston Trust and Estates attorney can help you narrow down candidates, but at the end of the day those #estateplanning #Houstonestatesandtrustsattorney #Trusts

  • Making Your Wealth Last for Generations

    How do you turn a successful business into a financial legacy that will empower your family for generations Vanderbilts and the Rockefellers, you will recall that centralizing your wealth in a carefully planned trust Forbes, in “How to Create a Family Trust to Empower Your Great-Great-Grandchildren,” reports that some He or she can help create a plan that will empower children and grandchildren, as well as generations Reference: Forbes (December 23, 2015) “How to Create A Family Trust to Empower Your Great-Great-Grandchildren

  • Planning for All Generations Starts Now

    When it comes to financial planning, millennials — who are now 20-35 years old — have time on their side. Establishing good financial habits can pay big dividends in the future. Take a close look at cash flow. Paychecks have to cover rent, food, utilities, transportation, student loan debt, and other essentials, so figure out if you have enough for the basics before you buy another $7 mocha latte. Most millennials have school loans, which can reach $300,000 or more for medical school, but there are repayment options related to income. Build an emergency fund to cover three months of living expenses and take advantage of employer matched contributions for your 401(k). Contribute enough to get that employer match, and then start increasing your contributions at a half a percentage point each year. When it comes to investing, one thought is the target-date mutual fund, which automatically resets the mix of stocks, bonds, and cash equivalents in its portfolio based on a selected time frame. Gen Xers are navigating a financial world filled with competing demands. These folks are now ages 36 to 51 and have typically worked for a decade or more. There’s been time to establish an emergency fund, save for retirement and build a career. But their lives may also include a spouse, children, and a home, which means juggling expenses like mortgage payments, child care and college savings. Add to this the need to be available for aging parents or the complexity of divorce. Insurance and estate planning have taken on greater importance, and retirement is no longer so far away. Cash flow again is important, so take a close look at where you’re spending your money. The emergency fund should cover six months of living expenses and should be all cash: you’ll need that money to be easily accessible if you are laid off. Insurance is critical, so get enough life insurance to cover the mortgage, day-to-day living expenses, and future schooling costs should a spouse pass away. Also, estate planning means not only having a basic will but also making certain you have a health care proxy, powers of attorney, and guardianship for your children. With retirement beginning to loom, many Gen Xers have to choose between funding 401(k)s and IRAs or putting money aside for the children’s college education, but your retirement savings needs to come first. Plan on at least 15% of income to be set aside for retirement—25% would be better. Boomers are being segmented into two different groups – the older boomers, who are in their late 60s, and younger boomers, who are in their mid-50s. Many older boomers have already made key retirement decisions about work and Social Security, and they’re now working on figuring out the impact those choices are having on their lifestyle. To set goals, boomers need to look at life expectancy and balance that against expected cash flow, then choose a lifestyle that fits. As far as cash flow, current salary is the starting point, but include projected monthly Social Security checks, pension payouts and required annual distributions from retirement accounts. Then calculate estimated annual expenses based on your current lifestyle. Increased longevity is one reason that people wait until 70 to take Social Security. You can claim benefits at 62, but you only get 75% of the benefits that would be available at full retirement age (i.e., age 66 for boomers born before 1955, gradually increasing to 67 for those born in 1964 or later). Wait until age 70 to take benefits, and you’ll get up to 32% more. Expenses will probably change in retirement, but they can be hard to predict. Projections should include tax calculations, changes in insurance needs, and the likelihood of higher health care costs. Navigating the complexities of Medicare coverage can be challenging, requiring homework. Taxes are also a critical planning element, such as for funds withdrawn from traditional IRAs. This could mean a significant tax bill once required annual minimum distributions from these accounts start at age 70 ½. These distributions will also impact the taxes owed on Social Security payments. Also, look at long-term care insurance to hedge against the cost of future health issues that might require a nursing home or special home care. Estate planning might include charitable contributions or your wishes about how personal possessions are divided. Finally, your investment portfolio will need some tinkering. Boomers also need some stock investments, although this depends on age and health. Reference: Boston Globe (January 10, 2016) “Financial planning for the ages” #HoustonAssetProtection #SocialSecurity #PlanningfortheFuture #HoustonTaxPlanning #Medicare

  • Trust a Trust Attorney with Your Trust

    Tax: When you fund an irrevocable trust, know that your tax situation can change immediately. The trust doesn’t receive a step-up in basis, just a transfer of your cost basis. But if you place assets in a trust, you have the ability to build a good offense against inflation. Usability: Sometime called liquidity, this refers to your trustee’s ability to access these funds. Reference: MarketWatch (February 25, 2016) “What you should know before placing assets in a trust” #HoustonAssetProtection

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