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printed on April 04, 2025 @ 07:28:55 AM by Guest on Madrid Law Firm, PLLC (https://hmadridlaw.com/)


Trusts
Hugo Madrid
Hugo Madrid
El Paso Attorney
Our Practice Areas

Trusts

At Madrid Law Firm, PLLC, our skilled attorney assists clients in the El Paso area and throughout Texas with establishing trusts as a key component of their estate planning strategy. Trusts are valuable legal instruments that can help you efficiently manage the distribution of your assets, reduce estate taxes, and protect your financial legacy for future generations. By utilizing trusts, you can shield your assets from liabilities and taxation, ensuring that your heirs retain more of what you pass down. Additionally, trusts offer the benefit of keeping your estate details private, unlike the public probate process associated with wills.

Knowledgeable Texas Attorney Crafts Tailored Trusts to Meet Your Estate Goals

There are various types of trusts available, each with distinct advantages depending on your specific estate planning needs. At Madrid Law Firm, PLLC, our attorney will work closely with you to identify and implement the trust that best aligns with your goals. We provide expert guidance on:

  • Revocable Trusts: Also known as living trusts, these allow you to retain control of your assets during your lifetime. You can amend or revoke the trust as needed, providing flexibility while planning your estate.
  • Irrevocable Trusts: Once established, assets within this trust no longer belong to you, and modifications require beneficiary consent. However, these assets are not subject to estate taxes, offering substantial tax advantages.
  • Credit Shelter Trusts: Also known as bypass or family trusts, these allow a portion of your estate to bypass estate taxes, enabling you to maximize wealth transfer to your heirs.
  • Generation-Skipping Trusts: Designed to pass wealth tax-free to beneficiaries at least two generations below you, this trust is an excellent tool for preserving a financial legacy for your grandchildren.
  • Qualified Personal Residence Trusts (QPRT): A QPRT keeps the value of your primary residence or vacation home out of your taxable estate, potentially avoiding future estate taxes.
  • Irrevocable Life Insurance Trusts: This trust removes life insurance from your taxable estate, providing a tax-free inheritance to your beneficiaries.
  • Qualified Terminable Interest Property (QTIP) Trusts: QTIP trusts help ensure that a second spouse is cared for while preserving assets for children from a previous marriage.
  • Special Needs Trusts: This type of trust ensures that a family member with disabilities or special needs has financial support without compromising their eligibility for government assistance.

Trusts offer flexibility in estate planning, allowing you to tailor them to your unique needs. At Madrid Law Firm, PLLC, we also review existing insurance policies to help you strengthen your asset protection strategy and minimize liability exposure.

Contact Our Skilled Texas Trust and Estate Planning Attorney

At Madrid Law Firm, PLLC, we provide comprehensive trust and estate planning services to clients across Texas. To protect your assets and secure your legacy with a trust, call us at (915) 351-9772 or contact us online to schedule a consultation at our El Paso office.