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November 2013 Archives

Beneficiaries of Huguette Clark estate seek to regain property

The estate of a wealthy woman who died in 2011 is a party in a recent string of lawsuits that may be of interest to our readers in Texas. The woman was the heir to a large fortune created in the copper business by her father, William Clark. Now, those who were beneficiaries of her estate stand to gain even more than the amounts that they have already received as the probate matter has continued.

Trusts in Texas are common estate planning tools

The University of Texas is involved in a lawsuit at the center of a dispute. The University asserts that actor Ryan O'Neal stole a painting that was designated for the school as a result of the estate planning of Farrah Fawcett with the use of trusts. They say that the painting was included in a trust left by the actress. The painting is one created by artist, Andy Warhol.

Texas estate planning has many benefits

Estate planning in Texas includes many elements. Those who are starting the process are often surprised to learn that they should include not only a will or trust as a part of their estate planning but also documents such as healthcare directives and powers of attorney. Each of these works in different ways to protect individuals who create them, as well as their wealth, as it passes to the next generation.

There are many choices for estate planning in Texas

Living trusts, dynasty trusts and foreign grantor trusts are just a few of the types that can be used by some people in Texas. Individuals that may benefit the most from these items could include the most wealthy in our state. Others, however, can also make use of trusts in their estate planning, even if the amount of assets at stake are less significant.