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April 2016 Archives

Naming beneficiaries has long-term consequences

Deciding how one should designate beneficiaries for an asset, such as an insurance policy or company retirement plan, in Texas may seem relatively straightforward. Individuals most likely prefer to designate people who are close to them as beneficiaries of any monies they have accumulated over their lifetimes. However, designating beneficiaries involves more than simply writing these people's names on the correct forms.

Estate planning requires special focus on current finances

Estate planning is often avoided simply because it is understandably not enjoyable to discuss the topic of death. However, not engaging in estate planning in Texas may mean one's assets will not be passed down to loved ones according to one's wishes. It may also mean one's kids will fight over the money left behind.

Are guardianship alternatives the right choice for your family?

Many adult children in Texas plan on helping care for their parents as they age, but most parents still wish to retain a certain level of control over their own care. This can be difficult when aging parents suffer from cognitive impairment, such as Alzheimer's or dementia. By utilizing guardianship alternatives, we help families ensure the best possible continued care for loved ones while also respecting their individual wishes.

Estate planning may help to protect a business

When a person spends several years of his or her life building a business in Texas, all of his or her hard work can end up falling apart if he or she dies prematurely and has failed to do engage in estate planning. If the business is worth a million dollars, for example, an estate or death tax can be slapped on the business, thus reducing the company's worth by half. Then, ex-spouses, family members and co-owners may fight to get a piece of the business, essentially causing the business to go to zero equity. Estate planning may help to prevent this from happening.