Travis County, TX Trust Attorneys Here to Help in Austin, Texas & Nearby
At Stange Law Firm, we help safeguard our clients’ wealth and assets by crafting well-thought-out estate planning documents. In certain situations, this can include the establishment of revocable or irrevocable trusts.
In Texas, there are several types of trusts that can be utilized to meet specific financial and estate planning objectives. Some of the most common types of trusts used in Texas estate planning include:
- Revocable Living Trusts: These trusts allow the grantor to maintain control over the assets during their lifetime. The trust can be amended or revoked at any time. It helps avoid probate and offers protection in the event of incapacity.
- Irrevocable Trusts: Once created, these trusts cannot be changed or revoked by the grantor. Irrevocable trusts are often used to lower the taxable estate, shield assets from creditors, or ensure assets are distributed to beneficiaries in a specific manner.
- Testamentary Trusts: Formed through a will, these trusts become effective upon the grantor’s death. They can protect assets from probate and include provisions for beneficiaries such as children or spouses, and may safeguard assets from creditors.
- Special Needs Trusts: These trusts are designed to provide for a beneficiary with special needs without disqualifying them from vital government benefits such as Medicaid or SSI.
- Charitable Trusts: These trusts allow the grantor to contribute assets to charity while benefiting from income during their lifetime or using it as a tax-saving strategy.
- Spendthrift Trusts: This type of trust is designed to protect assets from creditors of the beneficiaries and prevent them from mismanaging their inheritance.
- QTIP Trusts (Qualified Terminable Interest Property Trusts): Often used by married couples, these trusts provide income to the surviving spouse during their lifetime, with the remainder going to other designated beneficiaries after the spouse’s death.
- Irrevocable Life Insurance Trusts (ILITs): These trusts are used to exclude life insurance proceeds from the taxable estate, ensuring that the proceeds are distributed according to the grantor’s wishes.
Contact a Travis County Trust Attorney at Stange Law Firm in the Austin, Texas Area Today to Schedule an Initial Consultation
To schedule an initial consultation with Stange Law Firm, please call 855-805-0595 or contact us online.
Travis County (Austin), Texas Office: 512-616-0730 | 2021 Guadalupe St, Suite 260, Austin, TX 78705 (Opening July 2025)
