Trusts

What Is A Contingent Trust?

December 12, 2011

If you have life insurance, there is a good chance no benefits will ever be paid. An insurance settlement is contingent on you dying during the term of the policy. If the term expires before you die, the insurance company’s obligation to pay the benefits is not triggered. Like insurance, some trusts are not created [...]

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When Should I Use a Revocable Trust?

September 19, 2011

A couple of weeks ago, I explained that probate recently got more private in Texas. In the past an estate’s representative was required to file an inventory, appraisement and list of claims with the court. Revocable trust-based plans avoided the public disclosure of information required in the inventory. But effective September 1, 2011, Section 250 [...]

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What are the Requirements of a Valid Trust in Texas?

May 23, 2011

When people think about trusts and trust funds, images of people like Paris Hilton come to mind. But trusts not just for the wealthy. What are the benefits of creating a trust? Trusts can be set up to manage assets for those who are minors, spendthrifts, or have special needs; to ensure that assets in [...]

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Writing a Letter of Intent for Child With Special Needs

April 4, 2011

Every parent worries about whether their children will be well cared for if tragedy strikes. But the worries are compounded for parents of children with special needs who lack the capacity to communicate their needs to caregivers. As a parent of a special needs child, you know their needs and desires, likes and dislikes and [...]

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Can a Settlor Revoke or Modify a Trust?

February 7, 2011

Whether a Settlor, the person who creates a trust, can revoke or modify it depends on if the trust is irrevocable or revocable. According to Section 112.051 of the Texas Trust Code, a Settlor may revoke a trust unless the express terms of the trust make it irrevocable. If the trust is revocable, the Settlor [...]

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Does Portability Make Bypass Trusts Obsolete?

January 17, 2011

Before this year, bypass trusts were necessary to preserve a deceased spouse’s federal estate tax exemption. This is no longer the case. Under the new estate tax rules, a deceased spouse’s estate tax exemption is portable. But does this new law make bypass trusts obsolete? An excellent article by attorney and journalist, Deborah Jacobs, points [...]

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