When you sit down to create your estate plan, there are likely dozens of questions running through your mind. Who should get possession of your home? Who should run the family business? Do you want to create a college fund for your grandkids? What charity should you donate to? The options can be dizzying. Before […]
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Discretionary Trusts – How to Protect Your Beneficiaries from Bad Decisions and Outside Influences From Austin Estate Planning Lawyer Liz Nielsen
Leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution. Unfortunately such a scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. […]
The Trust Protection Myth: Your Revocable Trust Protects Against Lawsuits from Austin Estate Planning Lawyer Liz Nielsen
Many people believe that once they set up a revocable living trust and transfer assets into the trust, those assets are protected from lawsuits. This is absolutely not true. While Trusts commonly provide asset protection for beneficiaries, few trusts protect assets owned by the person who created the trust. No Immediate Asset Protection? Why Should […]
When Is Probate Necessary? From Austin Estate Planning Lawyer Liz Nielsen
Whether or not you have an estate plan in place, you have likely heard the term “probate”. Probate is the legal process by which a deceased individual’s assets are distributed under court supervision. This process is necessary to distribute assets that are solely in the name of the deceased person. Probate is governed by state […]