Child Support – Trusts and Annuities
In some cases, the parent who is ordered to make child support payments may be concerned that the other parent will not spend all of the money on the children. A trust or annuity may be a good option for those parents. The court may order that a portion of the child support payments will be made into a trust or annuity and will order this kind of arrangement if they feel it is in the best interest of the child.
At Wilhite & Lea, P.C., we're dedicated to helping our clients make the right decision when it comes to supporting their family and working with the courts to promote the best interests of our clients and their children.
Houston Child Support Trust Attorneys
If you're located in the greater Houston area, including the counties of Harris, Waller, Fort Bend, Grimes, Washington, and Montgomery, and have a question concerning the use of trusts and annuities as they relate to your child support case, contact the attorneys at Wilhite & Lea, P.C. today to schedule a free consultation and discuss the details of your case. Meeting with an experienced family law attorney in Texas can help you through the process of sorting all of the issues that come along with child support considerations.
Trusts and Annuities – What is the Difference?
There are many types of trusts and annuities. Our Family Lawyers can explain the different options to you.
Generally, an annuity is a type of fund that pays out on a fixed schedule over time. This kind of arrangement guarantees a certain amount of income over time.
A trust is a fund which is also paid out over time. The court will appoint a trustee, who will make the payments as necessary. Depending on the type of trust, the trustee may only make payments at certain times, or may be authorized to make payments as necessary for the health, education, maintenance and support of the beneficiary.
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If the Parent has a Trust Fund
In some cases, a parent might already be the beneficiary of a trust fund, which pays them income over time. In those cases, the court can authorize the trustee of that fund to make payments directly to the parent/beneficiary’s children, instead of to the parent.
This kind of arrangement can be convenient for a parent who is already the beneficiary of a trust fund, as the trust is making their payments for them.
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Trust Funds and Hiding Your Assets
In Texas, a parent cannot shield his or her assets from a child support order by placing them into a trust fund. Whether your money is in a trust fund or not, you will still be responsible for your child support payments.
Similarly, filing for bankruptcy will not limit or discharge your responsibility to pay child support.
If you have questions regarding trust funds and annuities, or whether these options might be right for you, you should speak with one of our experienced Houston child support attorneys today.
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Wilhite & Lea, P.C. | Texas Child Support Trust and Annuity Lawyers
Knowing whether putting money in a trust or annuity is the right move isn't always as clear as one would expect. Contact a child support attorney at Wilhite & Lea, P.C. today to schedule a free consultation and discuss the details of your child support case in Houston and the surrounding areas. Call us at (281) 537-2171 or use our online contact form to ask us any questions you have or request a meeting with one of our attorneys.