Trusts Attorney George E. Thompson Discusses the Benefits of Creating a Trust
For many of our clients, a revocable or irrevocable trust has proven to be a pivotal and vital component to their estate plan. If you are high-net worth individual, concerned about privacy or would like for your heirs to avoid the hassle of probate, a trust may the best option for you moving forward. For more information about how trusts work or to speak with a reputable trusts lawyer,
we encourage you to contact our office right away.
Can a Trust Help Me Avoid Estate Tax Liability?
Reducing your exposure to estate tax liability is one of the many perks of holding your assets in trust. However, no estate plan can eliminate exposure to taxation entirely. If you are married, placing your property into a trust for the benefit of your spouse can help your family avoid a double-assessment of federal estate tax – which is currently imposed on gross estates calculated at $5.34 million or greater. Mr. Thompson and his team can help you better understand the complexity of the federal estate tax marital exemption and how the use of a trust may benefit your family.
How Can I Help My Family Avoid the Hassle of Probate?
For an executor, the probate process can be expensive and grueling. However, as your trusts attorney, George E. Thompson will explain, placing property in trust for the benefit of your children, spouse or whomever you choose will result in those assets passing immediately to those beneficiaries without the need to go through the probate procedure. Virtually any titled assets can be placed in trust, including your home, cars or boats. This method also helps preserve family privacy by ensuring that the value of your assets is not revealed in any court documents or other public record.
Who Should I Call About Executing a Trust? Trust Attorney George E. Thompson
If you are ready to discuss a trust agreement, we encourage you to contact a trust attorney at the Law Offices of George E. Thompson, P.C. Our firm can help you review your current portfolio to determine the best course of action for your estate plan. To make an appointment, call (713) 439-0700 today!