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Smith & Garg - Spring Trusts Lawyers

One of the most popular "buzz" words associated with estate planning is the term "trust." Trusts are documents that offer an estate many advantages in terms of taxes and control in regards to the beneficiaries, but they are also some of the most complicated documents you'll ever encounter in the legal world. Some form of a trust is almost always a good idea in regards to your finances, but in order to gain a complete understanding of what's best for you, contact a Spring trusts lawyer at Smith & Garg to schedule a complete consultation.

Although the number of trusts is too many to list in one location, below are a few examples of the types of trusts available in certain situations. If you need additional explanation in regards to any of them, contact a Spring trusts lawyer at Smith & Garg.

Bypass Trust: This instrument provides protection from creditors and designates property to surviving members of the family. The bypass trust also protects assets from any future spouse.

Children's Trust: A children's trust is the ultimate protection for children and their inheritance. This instrument protects assets from any divorce or creditor, and the children themselves can be named trustees, which allows them total control over the assets.

Marital Trust: A marital trust works much the same way as a children's trust, in that it provides a surviving spouse protection from creditors and other parties and allows the assets to pass to the surviving spouse.

Revocable Living Trust: This is a trust that is created while the person putting the trust together, known as the "settlor," is still alive. This type of trust can also be revoked, or canceled, at any time.

Of course, the biggest advantage of trusts is that they provide protection not only from creditors, but from tax liability as well. However, as you may have gathered, different trusts work differently for distinct situations, so contact a Spring trusts lawyer at Smith & Garg today to learn more about the best solution for your situation.

Please contact our office to see how we can assist you. Learn more about our Areas of Practice.