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April 2017 Archives

Why millenials should think about estate planning

The common notion of estate planning is that one needs to have significant assets or must be in their golden years. But as times change and cultures change, the traditional norms surrounding estate planning also change. Essentially, estate planning is not limited to the rich or to the elderly.

A lawyer is necessary for probate and probate litigation in Texas

Probate issues in Texas come in many different forms and all can use legal advice. In some instances, the probate process is extensive and costly. In others, it does not take particularly long and is not difficult. There is no reason to be frightened of this even if there is a probate dispute, but it is still smart to have legal help from start to finish. Knowing the different types of probate is a good place to start, but the foundation of the probate process is generally similar for everyone at its outset.

Don’t navigate the estate administration process alone

Losing a loved one is one of the most stressful and traumatic experiences a person can go through. While dealing with the emotional impact, there are unfortunately a number of practical and important matters that need to be dealt with. When it comes to estate administration, having an experienced and compassionate guide is crucial to making sure the wishes of the deceased are carried out properly and without incident. If you’ve never gone through this process before, however, it is important to understand exactly what estate administration is and how it can affect you and your family.

An effective estate plan includes regular updates

Texans who believe that time is on their side and that youth is a justification not to create wills and trusts are often caught flat-footed if something happens. Regardless of age, people need to be aware of the need to have certain documents prepared just in case of an unforeseen eventuality. Even with the newsworthy people like the musician and actor Prince who died unexpectedly and did not have a will, a vast proportion of the U.S. population still does not have a will.

How a life estate can help testators and heirs

Even those who have made sure all their beneficiaries are included in their estate plan often forget about their home. Having a beneficiary in a will does not automatically mean that the property will go straight to the children. For example, if there is a mortgage or costs for its upkeep, it might leave the heirs in dire financial straits, particularly if they are not able to sell it.

Protect your child's future with your end-of-life wishes

As a new parent, you may never have felt more joy than the day of your child's birth. Of course, you may also never have felt more terrified. Having the responsibility of caring for another life can cause anyone to feel overwhelmed, but you undoubtedly believe the love you have for your child makes the stress and worry worth it. Because of that love, you may fear that a day could come when you and your spouse can no longer care for your child.

Wills, trusts and other aspects of an estate plan are essential

Coming to grips with one's mortality is never easy, but Texans of all walks of life must do so and plan for the future. It is an unavoidable reality that the day will come when a person will no longer be there. That is when planning will come to the forefront. Having organized wills, trusts and other aspects of an estate plan is imperative. Knowing what is important is step one in cobbling together a solid plan.

How trusts can be used to protect a child if a marriage ends

Texans who are considering ways to provide for their loved ones after they have passed will frequently be torn between wills and trusts. For some, the idea of inserting a trust into the will is taken into consideration. There could be a variety of reasons for this, but one that is common is to save on taxes after the testator has died. For 2017, the estate tax exemption in almost $5.5 million for an individual and $11 million for a couple. However, this justification is being surpassed by parents who are trying to protect a child's assets if there is a divorce. Understanding how a trust can protect these assets is key when deciding if this is the strategy to take.

Estate complexities and how to deal with them

Most Texans will understand the important of formulating an estate plan, but not have an in-depth knowledge of why it is important or what factors will come into play. Similarly, there are certain issues that will have an influence on an estate plan and must be fully understood by the testator and the people who will be receiving the assets and properties. Understanding probate issues, factors of ownership and tax responsibilities are key factors to grasp.