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July 2012 Archives

Why Houston estate planning documents should be revised annually

Estate planning is a very important step for people to ensure that their wishes are understood in the unfortunate event of their death. Estate planning helps Houston residents prepare for the future and protect their assets and property. On April 18, in a post titled 'Estate planning in Texas merits periodic review' we brought you some helpful information about updating estate plans.

Texas senator co-sponsors bill for guardianship alternatives

When a court appoints a guardian to care for an elderly or disabled person, the individual appointed is entrusted with the responsibility to oversee and make many decisions in the best interests of the person under their care. Other times, guardianship alternatives such as powers of attorneys are used. No matter which approach is followed, sometimes the person entrusted with the guardianship may misuse financial resources or otherwise abuse or neglect the person whose welfare they have been entrusted with. Texas Senator John Cornyn (R-TX) has co-sponsored, with Amy Klobuchar (D-MN), the Guardian Accountability and Senior Protection Act, which cleared the Senate Judiciary Committee on July 12, and is now headed to the full Senate for voting.

Contentious estate administration: Kinkade and the girlfriend

The estate of Thomas Kinkade, including original artworks left by the artist, is said to be valued at just over $66 million. With that amount of money at stake, an estate administration battle is currently raging between the artist's family and his former girlfriend.

Texas estate planning can include long-term care insurance

There are many aspects of estate planning some may not consider as they work to plan for their future. One consideration for people in Texas may be the idea of long-term care insurance as a part of estate planning. This type of insurance, with some policies, can offer peace of mind to a person concerned about paying for medical care in old age along with the assurance that whatever money is not used in medical care can be offered to heirs in estate planning documents.

Prince William inherited $15.5 million from Diana on 30th birthday

Princess Diana was one of the most famous people in the world when she passed away after a car accident in 1997. Prior to her death, she, like many people in Texas, had created an estate plan designed to ensure that her wishes for the distribution of her estate to her beneficiaries would be followed when she passed away. Though no one expected her to meet her death at such a young age, having an estate plan helped to define who would inherit from her and how.