Practice Note: The Irrevocable Provision, among other things, helps establish trust requirement that it not be altered in any way. It acts as a great pre and post nuptial property directive. It also requires favorable tax treatment and limits legal liability. Found...
Practice Note: The Trust is complex with a Simple Provision. A Complex Trust can accumulate income and distribute from the corpus. A simple trust must pay its income to the beneficiaries. A complex trust is not required to do so. This is one reason the Trust has such...
Practical Considerations: How is a Spendthrift Provision created? The Texas Trust Code reads: Sec. 112.035 SPENDTHRIFT TRUSTS “(b) A declaration in a trust instrument that the interest of a beneficiary shall be held subject to a “spendthrift trust” is...
AdvantageBy far, the most common and advantageous reason for establishing a trust is to protect inheritance for the future generations. Trusts are specifically established to represent the needs and goals of the creator. There are traditional trusts and specialized...
For these celebrities, the effects of their lack of planning had far-reaching consequences. by Heleigh Bostwick – updated September 24, 2020 What do Picasso, Jimi Hendrix, Abraham Lincoln, and “Sonny” Bono all have in common? You’re...
