Texans who have substantial portfolios will keep a close eye on tax implications for their estate after they have passed on. People who are leaving behind a lot in assets will undoubtedly want to protect their heirs from a major tax hit by engaging in estate tax planning. However, the estate tax is constantly up for debate in the federal government with some wanting to repeal it and others wanting to keep it in place. When drafting estate planning documents, having strategies to account for various contingencies can be key.
September 2017 Archives
If you are a parent to a special needs child, you have concerns for your child that many other parents may not understand. For instance, when it is time for you to pass on, how will your child manage any assets you leave behind for him or her? How will an inheritance of any sort affect his or her disability benefits? These are both great questions that some parents in Texas need answered.
Texans who have retired will often want to travel to different areas and spend significant time in other states. A question that should be considered is how this might affect an estate plan. Those who have the means to have several residences are undoubtedly lucky, but there also comes some risk when living in different places. For estate planning purposes, it is vital to grasp the ramifications.
Estate planning lawyers frequently tell people it is important for everyone to have a will. What they may not explain often enough is the fact that people should not think of creating an estate plan as a one-time event. Wills, trusts, powers of attorney and other estate planning documents should be revised as life situation changes.
To demonstrate the best reason to create a good estate plan, one need only look at what happens to estates after a person passes away without one. There is perhaps no better such cautionary tale today than the continuing saga of the Prince estate and the probate litigation surrounding it.