07/02/2024
Do you need a trust? Yes, no or maybe... The answer is that we need to evaluate your situation. There is NO Texas inheritance tax. Right now, the federal inheritance tax does not kick in until your estate is OVER $13.7 million. Does a trust create liability protection? If it is IRREVOCABLE, but then you lose the ability to manage/change during your lifetime. If you are a Texas resident with less than $13 million, there may still be reasons to consider a trust.... 1) you want your child to receive a benefit but s/he has a drug issue so you don't want her/him to receive all at once 2) your beneficiary has a gambling problem, so again, you don't want him/her to receive all at once 3) your child is a minor (or not yet "mature enough") 4) your beneficiary is receiving government benefits and you do not want them to be disqualified. These are some of the reasons to discuss the need/desire for a trust. Probate in Texas is not horrible. Probate is not the end of the world. And if you pick the right attorney (and live in the right counties) you can be done relatively quickly. If you have questions, do not hesitate to contact Kathleen or Pam at 713-995-8200.
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