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March 2014 Archives

Estate planning for Texas farm owners

The estates of Texas farmers may be affected by federal estate taxes upon the death of the estate owner. Therefore, it is important that farmers take potential liabilities into account during the estate planning process. If an individual passes away in 2014, private estates that are less than $5.34 million will not be subjected to federal estate taxes; however, for farmers, a different estate valuation system may apply.

Basic concerns regarding the estate planning process

Common sense dictates that estate planning is best done sooner rather than later. No matter one's age, financial situation or health status, getting one's ducks in a row in this regard can bring an enormous amount of peace of mind. That said, each Texas resident will require specific estate planning strategies catered to his or her situation and needs.

Estate planning and retirement: Texas is better than others

When it comes to planning one's estate and retirement, a change of location becomes a part of the plan for many American retirees. For example, some states levy more extreme inheritance and/or estate taxes than other states -- and some states do not levy any such taxes whatsoever. Income tax is another thing to consider during the retirement and estate planning process. Those who plan to work through their retirement may wish to seek out one of the few states that does not tax income.

Several important tips for Texas estate planning

There is no better time than now to begin the process of drafting one's will. However, for many Texas residents, estate planning is a foreign process filled with lots of difficult decisions and challenging thoughts about one's own death. Considering these challenges, it is understandable why approximately 55 to 65 percent of Americans do not have a will.