Trusts

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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What Supplemental Expenses Can Special Needs Trusts Pay For?

November 15, 2010

Unlike a support trust which which direct that funds be used for the health, welfare, and support of a beneficiary, a Special Needs Trust (SNT) is a discretionary trust created to supplement the beneficiary’s basic needs. By being structured in this way, the trust both preserves the public benefits available to a beneficiary and enhances [...]

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Special Needs Trusts FAQs

October 11, 2010

If you are a parent of a child with special needs, you need special estate planning. Why? Because if you leave assets directly to your special needs child, either in a will or through the intestacy statutes if you die without a will, the inheritance your child receives can jeopardize his or her ability to [...]

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Estate Planning for Special Needs Children

April 12, 2010

Estate planning is important for all families, but especially so for families with a special needs child.  This is because without appropriate estate planning, a well-meaning parent can inadvertently disqualify his or her special needs child from receiving government benefits. Government Benefits for Special Needs Children Supplemental Security Income (SSI), Social Security Disability Insurance (SSD), [...]

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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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