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November 2012 Archives

Spiritual estate planning a new trend in Texas for beneficiaries

There are many reasons that people in Texas decide to create an estate plan. For some, it is the desire to ensure that their heirs receive the assets that are left after the planner's death. For others, it is to guarantee that their values are transferred to heirs and beneficiaries along with the monetary assets that are more commonly distributed. Such individuals may be interested to learn about a new trend called spiritual estate planning that is becoming more common in our state and across the nation.

Super storm leads some in Texas to consider estate planning

Super Storm Sandy was a large weather event that ended with people across the northeastern part of our country suffering severe damage, including flooding and the loss of their homes. Though this storm took place far from Texas, the storm may have reminded many in our state of the importance of estate planning. This is because in some cases, the super storm left people unable to care for their property, including beloved family pets.

Estate planning in Texas can include small business exit

Famed Star Wars Director George Lucas recently sold his movie company to Disney for more than $4 billion. This move was part of an estate plan that allowed the filmmaker to use many of his assets while he is still alive to limit taxes that his heirs may have had to pay on his estate after his death. While Mr. Lucas's estate is large, others in Texas can use a similar strategy for their estate planning.

Estate planning in Texas may benefit from use of trusts

People in Texas may be surprised to learn how quickly their estate can add up to the $1 million estate tax exemption that may kick back into gear at the beginning of 2013. Adding the family home, investments, life insurance and other assets can take many individuals in our state to the $1 million mark and beyond. This is one reason that estate planning can benefit many, if not most, individuals.

Chung King probate litigation could interest Texas readers

Deciding who will be allowed to manage the assets of a large estate is the goal of a current probate matter that may be of interest to readers in Texas. In the case, heirs to the fortune amassed by a frozen food mogul assert that their parents were unduly influenced only weeks before their deaths into changing the trustees appointed in estate planning documents to manage the estate. A contentious probate litigation ensued after the deaths of the couple.