Life Insurance Trusts in Houston, Texas
Call Our Texas Estate Planning Lawyers: (713) 909-7323
Benefits received from a life insurance policy upon the death of the policyholder are likely to be one of the largest single sums of money a surviving spouse or beneficiary receives in his or her lifetime. How the proceeds are protected for the surviving family members or future generations speaks volumes about the values of the family. A life insurance trust will ensure that the proceeds are utilized according to your needs and goals.
If you have recently received the proceeds of a significant life insurance policy, talk to Hendershot Cowart P.C. about options for preserving it according to your deceased loved one's wishes. Since 1987, we have crafted innovative asset protection arrangements for families throughout Houston and Texas. Clients trust us not only because of our legal insight, but also because of our ability to translate your goals into rock-solid legal solutions.
You can reach us by phone at (713) 909-7323, or fill out a short online form to schedule a consultation.
What Do Life Insurance Trusts Provide?
Life insurance trusts allows you to protect the principle assets from taxes on interest and earnings, while giving you options for withdrawing or distributing the money according to a very specific set of established guidelines.
A life insurance trust can be set up for covering the costs of:
- Ongoing medical expenses for a surviving spouse and other loved ones
- College tuition for children and grandchildren
- Monthly mortgage payments or annual property tax on the house
- Special needs of an incapacitated or infirm loved one
- Supporting your family's favorite religious institutions or charitable organizations
Revocable or Irrevocable Life Insurance Trust?
A revocable life insurance trust means that the estate holder maintains the right to withdraw the assets in the trust at any time, under penalty of taxes. An irrevocable trust means the money belongs to the trust and may only be distributed according to the specific terms established for the trust. Depending upon the circumstances of the distribution, assets in an irrevocable trust may be taxed as a gift tax.
Over 100 Years of Combined Experience Helping with Estate Planning
At Hendershot Cowart P.C., we never forget that every family's financial circumstances and values are unique. That's why we take the time to learn more about you-to understand what you consider important.
Tax planning may be important, but it not as important as taking care of children and grandchildren. Our team understands that. We'll find a creative way to protect your life insurance proceeds while preserving the values you cherish. We are recognized as the region's preeminent estate planning law firm. We offer estate planning advice and representation for individuals and families throughout Texas from our main office in Houston. However, we are available by appointment only in Sugar Land, Galveston, Austin, and San Antonio.
Contact us to arrange a consultation with an experienced life insurance trust attorney at our firm today.