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January 2014 Archives

Estate planning is vital, especially for professional athletes

Texas residents know the importance of estate planning, especially for those who make a significant income. Estate planning is especially important for professional athletes. In fact, it is a well-publicized fact that National Football League players often find themselves facing financial difficulty, despite make millions of dollars.

Texas estate planning can include trusts

Readers in Texas may be interested to learn about the specifics of a new law in the area of estate planning. The estate planning law relates to the portability of the estate tax exemption. This could affect some 99 percent of those who have estates valued between $5 and $10 million, a recent report notes.

Pet trusts becoming more common in Texas estate planning

Many in Texas and across the nation own pets and love them like family. However, surprisingly few people make considerations in their estate plan for these pets in the event that they die or are incapacitated. It seems that this might be changing, though, as the percentage of people with pet provisions in their wills has been increasing since 2010. Anyone in the process of estate planning who owns a beloved pet may want to look into the possibility of establishing a pet trust.

Heirs and beneficiaries can plan to avoid litigation in Texas

There are many benefits for people in Texas who have begun the estate planning process. Among these are the ability to leave specific items to heirs and beneficiaries. This detailed information can help limit the chances that litigation over ownership will ensue after the death of the person who owned the property.

Texas probate matters include a review of documents

When a person in Texas who has completed an estate plan dies, their estate often goes through the probate process. Probate is the court procedure through which documents such as a will are reviewed and, in most cases, the directives of these documents as to the distribution of assets are followed. This should have been what happened in one recent case in another state that our readers may find interesting. That case ended in probate litigation.