Arlington Trusts Attorney

Respected Lawyers in Arlington, TX, Helping Clients With Their Trusts

A trust is a legal entity that allows a person, known as the settlor or grantor, to transfer their assets to a trustee who then manages those assets on behalf of the beneficiaries. Trusts can serve various purposes and provide several benefits, including privacy, asset protection, and avoiding probate. The type of trust you choose will depend on your individual goals and circumstances.

At Andrew Dunlap Attorneys, PLLC, we have extensive experience helping clients with all types of trusts and can guide you through the process.

Revocable Living Trust

A revocable living trust is one of the most common types of trusts used for estate planning purposes. It allows you to maintain control over your assets while alive but ensures an efficient distribution after death while avoiding probate. With a revocable living trust, you can make changes or revoke it entirely if your circumstances change. This type of trust provides flexibility and privacy since its terms are not made public during administration.

Irrevocable Trust

An irrevocable trust cannot be modified or terminated without consent from all beneficiaries named in the document or court approval. By transferring assets into this type of trust, you remove them from your taxable estate and potentially protect them from creditors' claims or lawsuits against you. Irrevocable trusts offer tax advantages but limit your control over the assets held within them.

Charitable Remainder Trust (CRT)

A charitable remainder trust allows individuals to donate appreciated property or cash while receiving income for themselves or other beneficiaries named in the agreement during their lifetime. Afterward, any remaining funds go directly to the charity upon their death or at a specified time frame outlined in the CRT's terms. This type of trust offers potential income tax deductions for the donor and allows them to support charitable causes they care about.

Special Needs Trust

A special needs trust is designed to provide financial support to individuals with disabilities without jeopardizing their eligibility for government assistance programs such as Medicaid or Supplemental Security Income (SSI). This type of trust ensures that the funds held within it are used for supplemental expenses, allowing beneficiaries to maintain access to critical benefits while still enjoying an enhanced quality of life.

Testamentary Trust

A testamentary trust is created through a last will and testament and takes effect after the settlor's death. Unlike other trusts that come into existence during the settlor's lifetime, this type of trust provides directives on how assets should be distributed or managed after their passing. Testamentary trusts can be useful in providing long-term financial support for minor children or disabled loved ones who may not be capable of managing substantial inheritances themselves.

Qualified Arlington Trust Attorney

At Andrew Dunlap Attorneys, PLLC, we understand that planning your estate and establishing a trust can be overwhelming processes. Our experienced team is here to guide you every step of the way, ensuring your goals are met efficiently and effectively.

Evaluation and Planning

We offer comprehensive evaluations where we assess your circumstances, goals, and objectives before recommending a suitable trust structure tailored specifically to your needs. We take into account various factors such as family dynamics, asset types, taxation implications, and potential future scenarios when creating an appropriate plan.

Drafting Legal Documents

We will draft all necessary legal documents required to establish your chosen type of trust accurately. Whether it is a revocable living trust, an irrevocable trust, or any other specialized trust, we will ensure that the terms and provisions align with your wishes and comply with Texas state laws.

Trust Administration

We provide comprehensive support for all aspects of trust administration. Our team will assist you with properly funding your trust, maintaining legal compliance, managing trustee duties if required, and providing ongoing guidance to trustees on their responsibilities.

Modification and Termination

If changes need to be made to an existing trust or termination is necessary due to changing circumstances or objectives, we can guide you through the process. We offer knowledgeable advice on modifying trusts while considering potential tax implications and ensuring adherence to legal requirements set forth by Texas law.

Contact Our Arlington Trusts Attorney Today

If you are considering establishing a trust, or need assistance with an existing one in Arlington, call us at 972-807-6357 today. At Andrew Dunlap Attorneys, PLLC, our experienced team will help you navigate the complexities of different types of trusts while tailoring them to meet your unique goals. Schedule a consultation today by visiting our Contact Us page.