You Can Protect Your Assets By Using Trusts
If you are preparing an estate plan and you wish to protect your assets from creditors, nursing home costs, taxation, probate or unscrupulous family members, it might be best to set up a trust.
Craig W. Watson, Attorney At Law, can discuss how to preserve your wealth or accomplish your other goals by using a trust. With 30 years of experience in estate planning and elder law, founding attorney Craig W. Watson has helped many, many Texans establish trusts to protect their assets or meet other specific objectives. As both a lawyer and a former CPA, Mr. Watson is well qualified to give advice and help structure estates to protect the maximum amount of wealth for your heirs.
Which Trust Is Best For Me?
There are so many types of trusts available that researching them can feel overwhelming. A few of the most common trusts used in estate planning include:
Revocable living trusts: You retain control of the assets in a revocable living trust, but the assets do not go through probate after you die. The trust can be planned to terminate when you die or it can continue to keep the assets in trust for the life of your beneficiary.
Special needs trusts: If someone you love receives government assistance like Medicaid, a special needs trust can allow assets to be held in trust for their benefit while allowing them to continue receiving their Medicaid or other government benefits.
Asset protection trust: If you are concerned creditors may try to make claims on your property and assets, you may be able to create an asset protection trust so your family does not have to lose their inheritance to creditors.
Other trusts: Different types of trusts can be used for charitable, estate tax, education or other purposes
Our attorney, Craig W. Watson, can explain the trusts that are available and help you determine which ones are best for your estate and your goals.
Are You A Business Owner? Use Trusts For Succession Planning.
If you own a business, trusts are a powerful tool that you should consider. We can help you use trusts or other mechanisms to plan your business’ succession and establish its future operation.
Discuss Asset Protection With A Lawyer
When you schedule a consultation with Craig W. Watson, Attorney At Law, you can discuss how you can use trusts or other asset protection procedures to your advantage. Call our Sherman law office at 903-813-8500 or send us an email.