Austin Trust Attorney

Respected Austin Trust Lawyers Protecting Your Assets and Legacy

A well-crafted estate plan can ensure your wishes are followed after you pass away. An Austin trust attorney from Ford + Bergner LLP can help you form your trust, navigate any complexities, and ensure the distribution of your assets according to your desires. Call us at 713-260-3926to start the process of creating your trust.

What Is a Trust?

A trust is an arrangement allowing a trustor to transfer the ownership of assets to a trustee. The trustee manages the assets for the benefit of beneficiaries. The property in the trust can be transferred to beneficiaries when the trustor dies, bypassing probate.

These flexible estate planning tools offer numerous advantages for families. They can help those seeking to protect their assets and ensure a smooth transition of wealth.

Types of Trusts

Our Austin trust attorneys can help you form various types of trusts. Some of the most common include:

Revocable Living Trusts

A revocable living trust allows grantors to control their assets in their lifetime while maintaining the ease of transferring them to beneficiaries after their passing. Grantors can modify or terminate their trust at any time during their life. The benefits of a revocable living trust include:

• Avoiding Probate: Assets in a revocable living trust usually avoid probate, which can be lengthy and costly.
• Protecting Your Assets: This type of trust can protect your assets from creditors and lawsuits.
• Planning for Succession: You can designate a successor trustee to manage your trust after your incapacity or death.
• Privacy: The details outlined in a trust are private, unlike in a will.

Irrevocable Trusts

Irrevocable trusts allow for more significant asset protection and tax advantages than revocable trusts. After transferring assets to an irrevocable trust, you relinquish control over them. However, you can specify how the trustee should manage and distribute the assets to beneficiaries. Common types of irrevocable trusts are:

• Life Insurance Trusts: People often use these trusts to ensure the policy’s proceeds pass to their beneficiaries.
• Charitable Remainder Trusts: In this trust, the grantor or a beneficiary receives income during their life, while a charity receives the remaining assets after the grantor’s passing.

Special Needs Trust

Special needs trusts give financial support to individuals with disabilities while allowing them to receive government benefits like Medicaid and Supplemental Security Income (SSI). Key benefits of special needs trusts include:

• Preservation of Government Benefits: These trusts allow those with special needs to retain government benefits. If they have a certain amount of money, they may become ineligible for these programs. Trusts allow them to have access to crucial funds without exceeding this limit.
• Supplemental Income: Additional funds for specialized care, education, or other needs become available.
• Asset Protection: With these trusts, you can safeguard assets from creditors and other entities trying to control your estate.

Common Trust Myths

Many misconceptions exist about trusts. From information online or from peers, many people see trusts as excessive and unnecessary, but these claims cannot be further from the truth. When done correctly, a trust can be one of the most valuable tools in your estate plan. Our Austin trust attorneys believe many people are more likely to understand the positives of trusts after addressing these falsehoods:

Trusts Are Only for the Wealthy

While many people believe this myth, attorneys create trusts daily for estates of all sizes. Even those with modest estates can benefit from the asset protection, tax efficiency, and probate avoidance trusts offer. Combating the myth that trusts are only for the wealthy can allow more people to take advantage of these useful estate planning tools.

Trusts Are Too Complicated and Expensive

While some trusts are more complex than others, not all are immensely complicated. In fact, our Austin trust attorneys can make the process simple. Additionally, many modern trust documents have straightforward elements that can be tailored to your needs and budget.

After Creating a Trust, You Cannot Change It

Many trusts can be changed after being created, and it is vital to understand the type of trust appropriate for your situation. If you prefer a trust you can change in the future, speak with your Austin trust attorney about revocable living trusts. While some trusts cannot be revised, they could also provide certain advantages.

With irrevocable trusts, all beneficiaries must be in agreement before the trust can be modified or revoked. However, these trusts also offer tax benefits not provided by revocable trusts.

Trusts Are Only for Elderly People

Estate planning is an essential part of life at any age. The belief that trusts are only for older people can cause many to miss out on creating a trust. In reality, there is no life marker you need to meet before you begin estate planning. Young adults, parents with minor children, business owners, and anyone looking to protect their assets long-term can benefit from a trust.

Understanding the truth behind trusts is important to ensure you have the knowledge you need to plan for your future properly.

Benefits of Working With an Austin Trust Attorney

Working with an Austin trust attorney can offer numerous advantages for anyone looking to protect their assets. By creating a trust, you can maximize the benefits of estate planning.

• Avoiding Probate: Your attorney can help you take advantage of a valuable alternative to probate, which is a public, time-consuming, and costly process. You can bypass probate altogether by letting us transfer applicable assets to a trust. With this alternative, we can ensure a private transfer of your estate.
• Tax Efficiency: By creating a trust, you can minimize estate and income taxes. We can allow your assets to pass to your beneficiaries efficiently and with minimal taxes. Our skilled attorney can help you explore various trust structures to decide which can optimize your tax efforts.
• Protecting Assets: Trusts can offer a solid tool to protect your assets from creditors, lawsuits, and other costs. We can help you create a layer of protection for your wealth to ensure its preservation for future generations.
• Succession Planning: Our team can assist you in establishing a comprehensive plan for managing and distributing your assets. Allowing you to designate trusted individuals as trustees or beneficiaries can ensure an efficient transition of wealth and control.
• Beneficiary Protection: Our work to create your trust can give you flexibility in caring for your beneficiaries. You can establish specific provisions for the care and protection of your loved ones.
• Peace of Mind: When our clients know we have taken steps to protect their assets and wishes, they gain peace of mind. By working with our skilled attorneys, you can rest assured you have a comprehensive and well-structured estate plan.

We want to guide you through the process of creating a trust. Our team strives to tailor your trust to meet your specific needs. With our assistance, you can make informed decisions, create a comprehensive estate plan, and safeguard your legacy.

Reputable Austin Trust Attorneys

At Ford + Bergner LLP, our trust attorneys understand the importance of personalized estate planning. Our trust services include:

• Trust Creation and Administration: We guide you through the entire trust creation process, from drafting the document to management and administration. This help can include selecting a suitable trustee, transferring assets into the trust, and managing the trust’s investments.
• Trust Review and Revision: Our team knows your life’s circumstances and goals can change over time. We regularly review your trust to ensure it can align with your current situation. When your trust needs a modification, we can change it to accommodate family dynamics, asset holdings, and tax laws.
• Asset Titling: We can transfer assets into a trust on your behalf. We know how to establish proper ownership and have the experience to do it correctly the first time. Our attorneys can work with you to determine the most suitable ownership structures, like joint tenancy, so you can feel at ease.
• Designating Beneficiaries: Many people need help understanding the breadth of their beneficiary list or determining who should receive which assets. We help with this entire process and more. We make identifying and designating your beneficiaries simple, and we help you consider important factors like age, financial needs, and potential challenges. We also have experience creating special provisions when you have beneficiaries with disabilities or other specific needs.
• Other Complex Trust Issues: Even standard trusts can be complicated. Our Austin trust attorney has the knowledge to deal with standard trusts and the more extensive types, like special needs trusts, charitable trusts, and types for business succession planning. Our tailored solutions can address every unique circumstance you have. We give proactive suggestions to ensure we meet the needs of your assets and wishes.

We believe in building long-term relationships with our clients. Creating a trust with us should not be a one-off transaction. Your needs evolve, and your estate plan can evolve with them. We offer the ongoing support you need to properly care for your loved ones after you are gone.

Schedule a Consultation With an Austin Trust Attorney Today

While we at Ford + Bergner LLP believe everyone should have a well-crafted estate plan, we know how difficult it can be to take the first step. It can be overwhelming to try to take control of your future, but with us, you’ll have peace of mind knowing we can help make the process simple.

Protecting your loved ones is essential. We can inform you of your options, guide you through the trust creation process, and administer your trust when the time comes. Leaving your estate up to chance is not necessary.

We understand estate planning and know the process can be complex. Our compassionate Austin trust attorney can secure your legacy in the easiest way possible. Be sure to start planning for your future. Contact Ford + Bergner today at 713-260-3926 for a consultation.

FAQs

Q: Do I Need a Trust?

A: Whether or not you need a trust depends on your estate and how you’d like to plan for the legacy you leave behind. Often, the decision to create a trust comes down to factors like the size of your estate, the types of assets included in your estate, your long-term goals, and your family situation. Deciding to create a trust can be a very personal choice. When consulting with us, you can lay out your concerns about your estate planning, which we will take into consideration.

Q: What Type of Assets Can Go Into a Trust?

A: A wide range of assets can go into a trust, providing flexibility in your estate plan. Common assets placed into trusts include:

• Real estate properties
• Bank accounts and investment portfolios
• Retirement accounts
• Businesses or business interests
• Personal belongings and collectibles
• Life insurance policies
• Digital assets

With your Austin trust attorney, you can carefully consider which assets should be placed in one or more trusts and which would be better in a will or other estate planning tool.

Q: How Much Does It Cost to Create a Trust?

A: The cost of creating a trust can vary depending on the trust’s type and complexity. Factors like the size of your estate, the number of beneficiaries the trust will have, and the benefits you seek to derive from the trust can also influence the cost. At Ford + Bergner LLP, we offer transparent fee structures. Consulting your Austin trust attorney can ensure you receive a detailed cost estimate so you can make the most informed decision possible.

Q: What Happens If I Do Not Have a Trust?

A: If you die without a trust or other estate planning tool, your estate may go through probate. Probate can be time-consuming and reduce the size of your estate due to fees, taxes, and other parts of the court proceedings. Without a trust or will, your assets can be subject to intestacy laws, meaning the distribution of your estate will likely not follow your wishes.

If you have a sizable estate and have yet to consult our trust attorney about your estate plan, you should do so immediately.