One major part of any estate plan involves providing care and comfort for those who cannot take care of themselves. This can include ensuring an income for minors, as well as for elders or those with a disability.
Perhaps the most effective way to accomplish this goal is to set up a trust. Trusts can provide a steady stream of income. At the same time, they can function as a way to protect assets from those who may not have the wherewithal to properly manage the property themselves. A Houston special needs planning lawyer can work to identify your goals and create an estate plan that provides for the future of your loved ones. Do not hesitate to speak with a compassionate attorney today.
Trusts Provide a Unique Opportunity to Set Aside Funds for Others
There are many ways to transfer ownership of property from one person to another. It may be possible to give money or property as a gift. However, this may result in the payment of unnecessary taxes.
It may also be possible to devise property through a will. In these instances, a beneficiary will need to wait until the testator dies to receive the benefits of the property. At the same time, the probate court may delay or even invalidate a testator’s wishes.
Creating a trust works to solve both these problems. Property that moves through a trust is subject to neither gift taxation nor the probate process. Due to this, a trust may be the best way to ensure that the full benefit of an asset moves to the intended beneficiaries.
Trusts Can Protect Heirs and Beneficiaries Who Need Extra Help
Forming a trust can be fairly straightforward. According to Texas Trust Code § 112.001, parties form a trust when they declare that property moves to the control of a trustee, name a trustee to hold that property, or declare that ownership of property will transfer to a trust upon the trust maker’s death.
This can have special benefits for people with a disability. Normally, children are unable to directly inherit property. This means that even though a minor may be an heir in a will, they will not be able to take control over that property should the testator die before the child becomes an adult. Keeping property in trust ensures that the child will receive the property at a specified time.
In addition, trusts can function to benefit people with special needs. A caveat of a trust can be that a trustee distributes funds every month to cover a disabled person’s expenses. Since a trustee has a duty to care for the interests of the beneficiary, trust makers can rest assured that this distribution will occur. A knowledgeable Houston special needs trust attorney can work to create a plan that works best for a family and their specific needs.
Let a Houston Special Needs Planning Attorney Help You to Provide for Another’s Future
The goal of all estate plans is to ensure the comfort of loved ones in the future. For people who have loved ones with a disability, this is especially important. Crafting a trust can provide a steady source of income for those with disabilities. It can also hold property in a secure position until a child becomes an adult.
Contact me today to discuss your options concerning special needs planning for vulnerable people in Houston. An attorney is ready to listen to your concerns and to create an estate plan that serves both your interests and those of your loved ones.