Those who are seeking to plan for the distribution of their assets after they die in Texas know that there are many options to choose from. In the estate planning process, some in our state use tools that allow for distribution of wealth to heirs or charities. Others create trusts designed to pay an amount of money to beneficiaries for many years.
The good news is that there are options for everyone in Texas for estate planning, regardless of the size of their estate. In addition, many may be pleased to learn that a new law that was enacted earlier this year allows for a high value of assets, as much as $5.25 million, before any federal estate tax applies. This amount doubles for a married couple.
To ensure that the interests of a person in our state are covered during the estate planning process, a detailed financial statement may be important. This information can be helpful in order to best determine how to pass assets on to those who survive. For example, there may be some tax benefits that apply in some cases.
Estate planning can be confusing to some people in Texas. However, the efforts can pay off when a person feels the relief in knowing that they are able to care for their heirs after their death. This can be achieved using the tools available to all in our state, though advice from those with experience in estate planning may be valuable to some as they enter the process.
Source: Northwest Herald, “Five steps to take in devising an estate plan,” Patrick S. O’Connor, July 4, 2013