Irrevocable Trusts in Texas
Get Experienced Legal Help from an Irving Estate Planning Attorney
You don’t have be rich to take advantage of the tax benefits available
when you set up an irrevocable trust. Through this type of trust, you
have the choice of placing financial assets into it for later years or
future generations to use.
As an experienced
estate planning lawyer in Irving,
J. Roland Jeter, P.C. is known as a trusted law firm in the Dallas-Fort Worth metroplex. With
37 years of legal experience, Roland Jeter has a comprehensive understanding
of Texas tax law to guide you through the intricacies of the legal system.
Do not risk planning for the future without a skilled and reliable attorney
on your side.
Benefits & Limitation of an Irrevocable Trust
An irrevocable trust is one which may not be changed or modified, except
on rare occasions. While many people wonder why they should create a trust
that they cannot change, the fact is that there are many benefits to an
The two most common benefits of an irrevocable trust include:
- Minimize taxation
- Protect property from creditors
As soon as the assets are transferred into an irrevocable trust for the
benefit of another individual, they are no longer part of your estate
and exempt from your estate taxes. Furthermore, assets in an irrevocable
trust for the benefit of another individual may be protected from that
person’s creditors, as well as divorcing spouses.
The following are the different types of irrevocable trusts available in Texas:
- Charitable trusts
- Credit-shelter trusts
- Inheritance trusts
- Qualified domestic trusts (QDOT)
- Qualified terminable interest property trusts (QTIP)
- Life insurance trusts
- Special needs trusts
- Generation skipping trusts
- Qualified personal residence trusts
- Grantor-retained interest trusts
- Spendthrift trusts
Call (972) 330-4050 to Discuss Your Legal Options Today
Since each family faces various circumstances, it is imperative to work
with an experienced Irving estate planning lawyer to figure out the best
strategy for you. Roland Jeter provides extensive estate preservation,
Medicaid planning and asset protection for clients in the Dallas-Fort
Worth Metroplex area.
Contact J. Roland Jeter, P.C. and request a
free consultation immediately.