As a business owner, you want to ensure that your business is protected and your family is cared for well into the future. Exploring your options to protect your wealth through your estate planning is critical.
An Alamo Heights trusts lawyer could help you create a plan that considers your family and the business you worked so hard to build.
The dedicated estate planning attorneys at Begum Peláez-Prada PLLC are experienced in working with executives and entrepreneurs, protecting their wealth, and answering any questions about the process. Call today to schedule a consultation with our seasoned legal team.
A trust is an excellent estate planning tool to protect your assets and family. It specifies how property will be distributed and can take effect while you are still living, or after you pass, minimizing tax liability.
A trust may be created to avoid probate, or a parent may want to ensure the care of their minor children if something happens to them. The children’s inheritance can be placed into a trust until they are old enough to manage the assets.
These documents can ensure that your entire family is cared for well into the future. An experienced business attorney could discuss your specific needs to help you determine if a trust may be a beneficial part of your estate planning.
There are two different trusts: revocable and irrevocable. Which is right for you depends on your circumstances. A dedicated trusts attorney in Alamo Heights could help determine the best option for you and your loved ones.
An irrevocable trust is typically created to protect assets and reduce tax liability. For instance, it can shield your assets from creditors, ensure they are used for the benefit of your loved ones, and potentially reduce the amount of estate tax your heirs will have to pay. Once created, it cannot be changed, and the assets put into it are owned by the trust.
An independent trustee manages the assets according to the creator or grantor’s instructions. The grantor gives up all rights, titles, and interests to the assets in the irrevocable trust. The trust cannot be terminated, and its assets are held and used for the benefit of the named beneficiaries.
The grantor can modify a revocable trust and serve as the trustee who manages the assets while living. If the grantor becomes incapacitated, a revocable trust can list who will manage the trust, and a grantor can specifically state how the assets will continue to be managed.
A revocable trust can also direct how the assets will be distributed after the grantor passes. A grantor can cancel or change a revocable trust; however, the assets may be subject to federal estate taxes due to its nature.
Depending on your specific needs and desires, creating a revocable or irrevocable trust can be a great estate planning tool. A reliable trusts lawyer in Alamo Heights could help you understand the differences and decide what is best for your family.
With her 20 years of experience working with entrepreneurs, Attorney Sasha Begum is well-positioned to personalize your estate plan to meet your family’s wishes.
Our Alamo Heights trusts lawyers approach each estate plan with your goals in mind, ensuring that your plan is tailored to protect you and your loved ones. Schedule an initial consultation today to meet with our legal team to discuss your estate plan.
