Probate Lawyer - Dallas
What is Probate?
Probate is the administration of a person's assets and liabilities upon death. We offer experienced representation of clients in both routine and difficult probates.
What is the Probate Process?
Probate is the legal process by which a person's debts are paid and assets are distributed upon her or his death. Estate administration includes the probate process as well as non-probate transfers of the deceased's assets. Individual state laws direct the probate court how to distribute the deceased's estate. State laws and procedures vary greatly,
so it is important to consult a law firm in Texas with experience in this area of the law to ensure that the deceased's
Texas assets are distributed correctly.
What is a Trust?
A trust is an arrangement in which one person (the Trustee) holds and manages property for the benefit of another person (the Beneficiary). |
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What's the Difference Between a "Living Trust" and any other Trust?
A "living trust" is a trust that you set up and fund while you are alive. The legal term for such a trust is "inter vivos." A trust that becomes effective only upon your death would not be a living trust. This type of trust is called a "testamentary trust."
Should I Use a "Living Trust" To Avoid Probate?
In Texas, probate is not expensive, and there is usually little need to focus on "avoiding probate."
A Living Trust is a good idea, though, in complex probates and for many
other reasons. One of these reasons is ownership of real estate or a timeshare outside the State of Texas. A Living Trust also ensures privacy. Probate is a public
process. Privacy can be assured with a Living Trust.
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Who Needs a Trust?
Trusts can be used for many purposes. For persons who are elderly or incapacitated, setting up a trust with an institutional trustee (such as a bank or trust company) provides professional asset management and practical assistance, such as payment of monthly bills. Trusts can also be an important estate planning tool for those seeking to avoid federal estate taxes, make charitable gifts, or protect assets for future generations.
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Can the Federal Estate Tax Be Avoided?
Yes. We can help you establish a plan that in most cases will avoid or substantially reduce your estate tax.
For example, many married couples with combined estates valued at up to $3 million may be able to avoid estate tax
altogether with proper planning. We can show clients with more how to reduce
or eliminate their estate taxes as well.
We use several different legal strategies to help you avoid estate tax, depending on your situation. These strategies
include among others:
- Credit Shelter or "Bypass" Trusts
- Disclaimer Trusts
- Irrevocable Trusts
- Life Insurance Trusts
- Charitable Lead Trusts
- Charitable Remainder Trusts
- Tax-Free Lifetime Gifts
- Dynasty Trusts
- Wealth Replacement Trusts
Is Estate Planning Just For Older People?
Absolutely not. We work with many clients in their 20's, 30's and 40's. It is wise to plan ahead to protect your family, and not lose 37% to 75% or more of your estate to the I.R.S.
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