Taking Care of an Asset for a Beneficiary

Establishing Trusts Based on Your Goal

Establishing a trust, simply put, is designating someone to take care of your asset or property for the benefit of a third person.

At Judith P. Kenney & Associates, we use trust planning to implement a variety of goals ― whether it’s for your financial management, disability, as gifts to minors, for creditor protection, education, liquidity or charity.

Call us today at 972-713-6133.

We Offer Legal Assistance on All Kinds of Trusts

  • Revocable living trusts and transfers of assets to those trusts: For financial management during your lifetime and disposition of your assets in the event of death, such as when you create a revocable trust with your spouse, which provides for tax planning trust provisions for the support of your spouse during their lifetime, in addition to the disposition of assets either outright or through irrevocable trusts for children and grandchildren upon your spouse’s death
  • Irrevocable trusts (testamentary or living trusts): Are used to make gifts to family members, minor children or charities
  • Qualified personal residence trusts: To enable you to remove an asset and reduce the size of your estate upon death for the purpose of reducing the amount of tax
  • Generation-skipping transfer trusts: To utilize a tax exemption by planning for gifts to grandchildren
  • Charitable trusts (charitable remainder trusts, charitable unitrusts or annuity trusts and charitable lead trusts: To provide tax planning or planning for a term or lifetime benefit of family members followed by gifts to charity
  • Life insurance trusts: To provide liquidity to pay taxes or to replace a deceased person’s income
  • Special or supplemental needs trusts: To preserve governmental benefits while providing qualified benefits for a disabled child
  • Medicaid qualifying trusts: To assist persons to qualify for Medicaid where the income would be insufficient to provide for care but exceeds the Medicaid limit
  • Defective trusts (for income tax purposes): For transfers that would otherwise incur capital gain
  • Grantor Retained Annuity Trusts (GRAT)
  • Miscellaneous trust: These include pet trusts for the care of pets at the owner’s death or gun trusts to qualify gun purchases for Title III guns and other trusts

Disability trusts: These include guardianship management trusts and minor’s trusts for disabled children