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Tag: Texas Property Code
Terminating a Texas Trust: Final Form 1041 & Franchise-Tax Impact
Introduction Trustees and beneficiaries in Texas often encounter complexities when terminating a trust, including navigating federal tax filings and state franchise tax obligations, where mishandling can result in penalties, delayed distributions, or unexpected tax liabilities. Inexperienced advisors may overlook the need for a final Form 1041 or fail to address Texas franchise tax implications, prolonging […]
Self-Settled Trusts? Why Texas Requires a Third-Party Settlor
Introduction High-net-worth individuals in Texas seeking asset protection often explore self-settled trusts, but the state’s stringent requirements can complicate setup and effectiveness if not handled properly. Inexperienced advisors may fail to emphasize the need for a third-party settlor or trustee, leading to invalid trusts, lost protection, or tax pitfalls. Are you structuring your self-settled trust […]