Harris County, TX Trust Attorneys Here to Help in Houston, Texas & Nearby

At Stange Law Firm, we help protect our client’s wealth and assets by creating carefully executed estate planning documents. In some cases, this may include revocable or irrevocable trusts.

In Texas estate planning, several types of trusts can be used to achieve various financial and estate goals. Some common types of trusts included in Texas estate plans are:

Revocable Living Trusts: These trusts allow the grantor to retain control over the assets during their lifetime. The trust can be altered or revoked at any time. It helps avoid probate and can provide protection in case of incapacity.

Irrevocable Trusts: Once established, the grantor cannot change or revoke these trusts. Irrevocable trusts are often used to reduce the taxable estate, protect assets from creditors, or provide for beneficiaries in a specific way.

Testamentary Trusts: These trusts are created through a will and take effect upon the death of the grantor. They can protect assets from probate and can include provisions for children, spouses, or other beneficiaries, such as safeguarding assets from creditors.

Special Needs Trusts: These trusts are designed to provide for a beneficiary with special needs without disqualifying them from government benefits like Medicaid or SSI.

Charitable Trusts: These trusts allow the grantor to donate assets to charity while also providing income benefits during their lifetime or as a tax-saving strategy.

Spendthrift Trusts: This type of trust is designed to protect assets from beneficiaries’ creditors and prevent the beneficiaries from squandering their inheritance.

QTIP Trusts (Qualified Terminable Interest Property Trusts): Typically used for married couples, these trusts allow the surviving spouse to receive income from the trust during their lifetime, with the remainder going to other beneficiaries after the spouse’s death.

Irrevocable Life Insurance Trusts (ILITs): Used to exclude life insurance proceeds from the taxable estate, these trusts ensure the proceeds are distributed according to the grantor’s wishes.