El Paso, TX Trusts Lawyer

When you are looking to create a comprehensive estate plan, you want to make sure that your assets reach your beneficiaries as quickly and securely as possible upon your death. By creating a trust – or multiple trusts – you are able to have a greater degree of control over the division of your wealth. Our understanding El Paso trusts lawyer will be able to work with you to understand the goals you have for your succession planning and recommend the types of trusts that will be most beneficial for you, your loved ones, and your estate.

At Villegas Law Firm, our lead attorney Jorge Villegas (who is also a Certified Public Accountant) is dedicated to helping you reach your goals by providing outstanding legal counsel. When you decide you want to create a trust to leave assets for your loved ones, reach out to schedule a free appointment and learn how we can help you address your estate planning needs.

Considerations When Creating A Trust

When you are deciding what type of trust will be most relevant to your succession plan, there are several elements you want to take into consideration. For example, who are your beneficiaries? Most likely you have some people in mind, but what characteristics might help determine how your assets reach them? For instance, if you want to leave behind money for a loved one with special needs, there’s a trust for that. If you have a loved one who is not good at handling money, there’s a trust for that, too. What if you want to leave money not for a person, but for a foundation? You guessed it – there’s a trust for that!

The best type of trust for you will also depend on other factors, like the types of possessions you want to pass down. Some trusts are made to hold specific assets, such as real estate, while others are designated for financial assets, including stocks and bonds.

Finally, you will want to consider the tax implications of each trust. Each has different tax requirements, and there are also techniques to reduce the taxes on your trusts. Working with Villegas Law Firm will allow you to make informed decisions regarding these factors and others when creating your trusts.

Types Of Trusts

Here is a brief overview of the many of types of trusts our El Paso trusts lawyer can help you create.

• Revocable trusts: These types of trusts can be altered by you, the grantor, as you see fit throughout your lifetime.

• Irrevocable trusts: In contrast to the revocable trust, these types of trust cannot be amended once they are created.

• Charitable trusts: These trusts allow you to leave assets to benefit a charitable organization. There are different types of charitable trusts depending on how you want your assets to be distributed.

• Special needs trusts: These trusts allow you to leave behind funding for a loved one who needs dedicated medical care. These trusts are a great option for securing assets in a way that allows your beneficiary to still access needed government benefits.

• Generation skipping trusts: Ideal for tax purposes, this trust allows you to leave assets for your grandchildren without those funds becoming part of your childrens’ estate, in which case they would be subject to estate taxes.

• Testamentary trusts: These trusts do not exist until the grantor has passed away; they are established primarily through a provision in the will.

• Spendthrift trusts: These trusts give the beneficiary limited access to the funds of the trust and allow the grantor freedom to decide how the funds are distributed.

And more! Trusts are a complex part of the estate planning process and, as you can see, there is no shortage of options. As your needs are unique, competent legal guidance is key to understanding what trust is most relevant to you.

Our El Paso Trusts Lawyer Can Help Guide You 

Villegas Law Firm had helped countless clients with creating trusts as well as other aspects of their estate planning journey. If you are looking for a reliable guide through the process of trust creation, our lead attorney is poised to answer your questions and dispense both legal and financial advice that will benefit you. Reach out to schedule a free consultation and learn how we can help you secure a strong future for your family and loved ones.