Trusts

Experienced Trust Planning Lawyer in San Antonio

Last updated on August 8, 2024

A well-crafted trust offers Texas families numerous benefits, especially in the hands of a trusted estate planning attorney.

Parra Law Firm, PLLC, provides experienced estate planning services to the San Antonio community, including local Spanish-speaking residents. We can guide you through the process of trust planning, helping to ensure your trust and additional estate documents address your needs and circumstances. We provide free initial case consultations to discuss your situation with no commitment. Hablamos español.

Who Needs a Trust?

Just about everyone could benefit from creating one or more trusts. Individuals with large estates, multiple heirs, and a family home or business to protect often need a trust. They are also ideal when seeking to avoid probate and protect hard-earned family assets from creditors. Trusts can be particularly useful for those with young children, individuals with complex finances or those wanting to provide for dependents after their death.

A trust creates a legal entity for your assets, ensuring they are protected and managed according to your wishes. Overseen by a trustee, it is ideal for larger assets with valuable homes or business holdings. A trust can also minimize probate times, reducing associated stress and costs. When well-drafted, a trust works in conjunction with a will to provide effective asset protection, tax planning and Medicaid planning.

Choosing Between a Revocable Trust and an Irrevocable Trust

In Texas, you can structure your trust to be revocable or irrevocable.

A revocable trust allows you to retain control over the trust and its assets during your lifetime. You can alter, amend or even dissolve the trust if your circumstances or wishes change. However, because you retain control of the assets in the trust, they are not safe from creditors and are still considered part of your taxable estate.

By contrast, an irrevocable trust cannot be easily altered once established. Assets placed in this type of trust are removed from your control and no longer part of your taxable estate. As a result, transferring assets into an irrevocable trust offers significant tax benefits and asset protection, making it invaluable for Medicaid planning.

Get In Touch Today

Contact us online or call our San Antonio office at (210) 332-5454 to schedule a free consultation with an understanding Spanish-speaking estate planning lawyer. We can guide you through trust planning and see to all your estate needs.