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November 2017 Archives

Key estate planning documents in the event of disability

Texans who take the necessary steps by completing their estate plan often believe that a will is sufficient. However, the reality is that there are other documents that are necessary for full and encompassing protection. If, for example, the person becomes incapacitated, there are strategies that should be in place. There are multiple alternatives to account for this type of event and it is imperative to know what they are and select those that apply.

An estate plan can help to preserve legacy

Often, Texans who are in the process of estate planning have concerns that go beyond the simple distribution of assets to their designated heirs. In some cases, they also want to preserve legacy. Legacy planning is a term that is frequently used along with or in lieu of estate planning, but it is all part of the process of creating a comprehensive document to suit a person's desires and needs. A problem that comes up with legacy planning is that it has certain perceptions that need to be overcome and facts to understand before adequately addressing the issues that are part of it.

Should an irrevocable trust be part of your estate plan?

Estate planning is more than just having a will. In order to have an estate plan that actually protects your interests and keeps your beneficiaries from unnecessary harm, you would be wise to consider the benefits of a trust. There are many different types of trusts, but by having one in place, you may be able meet a specific goal or objective, such as caring for a Texas loved one after you pass.

Giving gifts to avoid tax implications when estate planning

Texans and people across the nation are paying close attention to how the Trump Administration handles various matters, such as the estate tax. This can be a problematic issue for those whose assets surpass the current levels to receive exemptions. Even if the estate tax remains in place and a repeal is not completed, there are options to use in the estate planning process to avoid paying needless taxes. A legal professional who is experienced in strategies to mitigate the estate tax can help in this endeavor.