Trusts: Protecting and Managing Assets
Placing liquid investments and other assets in a trust is a valuable tool for estate planning. A trust owns the assets, but they are controlled and managed by a trustee that is designated by the person establishing the trust. Sometimes, the trustee (or, at least, the initial trustee) is the person who created the trust, but certain asset protection and U.S. tax benefits may be lost.
An experienced estate planning lawyer can provide guidance in setting up the proper trust after considering the client's situation and objectives.
At the Houston law firm of Robert M. Mendell, Attorney at Law, P.C., clients will be represented by a lawyer who is also a CPA and a Board Certified Tax Lawyer in Texas.
Effective Trusts are Based on Sound Tax and Financial Information
Robert M. Mendell, Attorney at Law, has substantial expertise in U.S. estate tax and gift tax planning and structuring, including the drafting of sophisticated trust agreements and related documents. Mr. Mendell is a Texas CPA, as well as a Texas lawyer, and is certified as a tax law specialist by the Texas Board of Legal Specialization.
- A testamentary trust is one that is established within a will. The will places assets in the trust at the time of death.
- A revocable inter vivos trust (a revocable trust or living trust) is established during the donor's lifetime. That trust can be changed and even revoked at any time.
- A trust does not have to go through probate, so information about assets and terms can remain private. The trust assets can be transferred in a timely manner without the delays associated with probate.
Other types of trusts (life insurance trusts, for example) are used to meet other specific needs of the donor and heirs. For guidance about your estate plan and trusts, contact our office by email or by calling 713-888-0700.