How Much Does It Cost To Set Up A Living Trust - Part 3

 

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 addressed What Can You Put in a Living Trust. Part 3 addresses 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 You Cannot or Should Not Put in a Living Trust?

 

You should also note that financial experts sometimes recommend not transferring certain assets to a trust. One example includes retirement assets like IRAs, 401(k)s and 403(b)s. This transfer could trigger income taxes if the retirement assets are treated as a cash out.

 

Health savings accounts (HSAs) and medical savings accounts (MSAs) are other examples of assets that do not get transferred to living trusts. Money for these accounts is taken pre-tax from your paycheck, therefore you don’t pay taxes on them. So putting them in a trust would not give you additional tax benefits. However, you can name a trust as a beneficiary to facilitate the distribution of assets after you die.

 

Finally, if you have assets in another country, you may want to confirm with an estate lawyer in that country whether you can move these international assets to a U.S. based trust.

 

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.