Trusts are an avenue to many benefits within the estate planning world. Many know them as a means to hold assets. That they are, but they are more than this. The trust and estates lawyers at the Law Office Of Aurelio Garza know this. We have structured our comprehensive trust-related services to not only meet your particular immediate needs but expose you to all of the other ways you could benefit from utilizing a trust to the fullest.
Knowing Southern Texas since we are based in McAllen, Texas, there’s a good chance we will know exactly how it can apply to your circumstances. Nevertheless, as the first part of our process, we take the time to get to know you and your specific situation to identify exactly what you need, how to address it, and how to maximize your estate planning efforts.
Irrevocable Trusts: These trusts are primarily used to protect underlying assets from estate taxes and creditors. The tradeoff with them is that they require you to forfeit control of the assets in the trust. The considerable tax savings enjoyed are worth it to some but not others. Your Law Office Of Aurelio Garza trust administration attorney will help you weigh up the costs and benefits of an irrevocable trust in relation to your situation.
Family Limited Partnership: Although technically not a trust, these partnerships are often categorized with trusts, and their benefits are similar to those of trusts. Our firm has a handle on them and can make them work for your family if relevant to your needs. With one, you can transfer assets to a partnership to protect family-owned assets. Using one means you can enjoy a smooth transfer of the assets while reaping sizable tax savings without giving up control of the assets.
Trust Administration: Administering a trust demands a lot of footwork. Managing it on your own, especially in the wake of a death, is not ideal, to say the least. We cover it all for you, from keeping a record of all required information to ensuring the trust is legally compliant. We eliminate risks of errors being made and experiencing the consequences of them so you can tend to what rightfully demands your time and emotional focus.
Contact us today to learn more and craft a trust that puts your family in a better position to thrive tomorrow. We will listen to your story and begin to develop a strategy that accounts for all your needs while maximizing the benefits you enjoy.