How Much Does It Cost To Set Up A Living Trust - Part 2

 

A trust is an estate planning vehicle that protects your assets against taxes and probate after you die. There are multiple types of trusts, like marital, bypass, generation-skipping and more. You can generally assign beneficiaries and make adjustments, unless your trust is irrevocable. Depending on your personal situation, a living trust’s cost will vary.

 

This 5 part series will provide an overview of the costs associated with creating a living trust which include:

 

• What Is a Living Trust
• What Can You Put in a Living Trust
• What You Cannot or Should Not Put in a Living Trust
• How Much Does a Trust Cost
• Bottom Line

 

Part 1 addressed What Is a Living Trust. Part 2 addresses What Can You Put in a Living Trust. Part 3 will address How Much Does a Trust Cost. Part 4 will address What You Cannot or Should Not Put in a Living Trust. Part 5 will address The Bottom Line

 

What Can You Put in a Living Trust?

 

Essentially, you can put anything that you own into a living trust. Common examples include:

 

• Bank accounts: Checking, savings, money market and certificates of deposit.
• Financial investments: Stocks, bonds and other assets.
• Real estate: Land and homes.
• Insurance policies: Life insurance.
• Tangible property: Artwork and furniture.

 

As an example, if you choose to put your house in a living trust, this can help your heirs avoid probate court and estate taxes, and possibly protect your home from creditors. But while the trust can be designed to avoid probate costs, it must file tax returns and value assets after you die.

 

Call your Amarillo Estate Planning Attorney Today and Get Help With Creating Your Trust

 

If you are planning your estate, making a will or creating a trust, the best thing to do is consult with a local Amarillo Texas estate planning attorney to make sure you are following the laws and regulations of your respective state. Many people have similar questions and go through the same line of questioning when deciding how to make or update their estate plan. It can be and often is critical that you get legal help understanding the basics of this process. The best way to get this understanding is to contact an experienced Amarillo Estate Planning attorney near you. Stop and take a breath and call an Amarillo Estate Planning Attorney who has had decades of experience.  Pick up the phone and call Amarillo Estate Planning Attorney Bill Cornett.  Bill is your choice as an experienced estate attorney in Amarillo and the Texas Panhandle.  Don’t waste another minute.  Call him today.

 

Your most important action may end up being the phone call that you make to your Amarillo estate planning attorney lawyer.  In the Texas Panhandle that call should be to Amarillo attorney Bill Cornett.  Whether you need assistance with a will, administration of an estate or a contested probate, contact the Law Office of Bill Cornett. Be smart…remember these phone numbers (806) 374-9498 or (800) 658-6618.

 

Put Cornett Law Firm’s 50+ years of experience to work for you

 

Bill Cornett, Amarillo Attorney, with Cornett Law Firm, offers affordable, qualified services as an experienced personal injury lawyer and probate attorney. Bill also has experience in estate planning and agriculture law. Sit down with Bill at his office located at 612 S. Van Buren St. in Amarillo TX by calling (806) 374-9498 or (800) 658-6618 TODAY to schedule a free consultation.