In General

I Have a Revocable Trust – Why Do I Need a Will Too?

February 6, 2012

If you have a properly funded revocable trust, you may not need a will. At the time of your death, your property will be managed and distributed according the terms of the trust you established. But what about that piece of property that you recently acquired, forgot about, or neglected to retitle in the name [...]

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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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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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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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Say What? Trust Terminology Defined

January 18, 2010

Lawyers use a lot words when talking about trusts, often assuming that everyone knows their meaning. But in speaking to clients and friends, I realized that many people outside the legal community don’t understand what we are talking about. Below are some of the most common terms defined: Trust: A trust is a legal arrangement [...]

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