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Establishing a revocable trust

Starting a conversation about an estate plan can be a difficult task, especially when there are so many options out there for you to consider. That is why discussing the various options such as revocable trusts with an attorney practiced in Texas estate planning should be one of your first steps.

One of the great benefits of a revocable trust is that it is a trust that gives you flexibility to change, adjust, or even terminate all the way up until your death. The revocable trust also allows you to avoid having to go through the probate process by bequeathing your assets through the terms of the trust rather than a will.

Most of the downsides to the revocable trust have to do with tax benefits. There is no income tax or estate tax benefit with this kind of trust and the assets of this trust can also be reached by creditors upon your death. However, in certain states where probate cases become public record, a revocable trust can go a long way in keeping your assets and family's name out of public scrutiny. These types of trusts can also often speed up the distribution process as estate tax waivers are not required for properties held in trust and therefore prevents the freezing of assets in many cases upon death.

Establishing a revocable trust can be a costly process due to the complexities involved and need to transfer all assets except for retirement accounts and life insurance policies into the trust's name. However, with the help of knowledgeable and skilled estate planning attorneys, this process can be made more seamless and beneficial in the long run. If you are interested in exploring this type of estate planning, please contact an estate planning attorney that you can trust your present and future to.

Source: NJ.com, "Biz Brain: The benefits of a living trust," Karin Price Mueller, Feb. 18, 2013

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