Texas residents may be aware that a new tax law was signed into law at the end of 2017 and how it may affects aspects of financial planning but they may not be aware they it can play a big role in estate planning. The tax reform legislation substantially raised the...
Year: 2018
Executor duties series: Paying creditors and taxes
So far in our executor duties series, we have identified the first two steps an executor of an estate should take. Those were to locate and secure all assets and to consolidate all estate funds into a newly formed estate account. That brings us to the third task of an...
Executor duties series: Consolidating estate funds
In the second installment of our Executor Duties series, we are going to discuss consolidating estate funds. Our first post determined that the first responsibility of the executor of an estate is to locate and secure physical assets owned by a decedent. Bank...
A child’s addiction complicates your estate plan
There are probably few in Texas who are not aware that the nation is in the midst of a substance abuse epidemic. Some studies show that 142 people suffer from a fatal overdose each day, and countless others struggle with their addiction. Of course, the sorrows and...
Tips for locating missing heirs and beneficiaries
When entering into probate administration, an executor may not always know the location or even the identity of a named heir or designated beneficiary. Sometimes family members may have been missing or estranged for a number of years prior to the decedent's death....
What constitutes a valid will in the state of Texas?
There are three types of wills recognized as valid by the state of Texas, and all have two mutual requirements. The testator must be at least 18-years-old, and he or she must be deemed to have a sound mind. This means that a general, valid will is based on the wishes...
Four types of Powers of Attorney
Many people do not realize that there are several different types of Power of Attorney. Each serves a specific purpose and has its own set of rules as to when it will come into effect, as well as when it will cease. Below, we discuss the four most common types.First,...
Late singer with major assets died without an estate plan
Texans who downplay the importance of having an estate plan might come up with various justifications for their position. They might think they do not have significant assets to make it necessary to craft a will, a trust or other estate planning device. Those with...
What should I know about Texas living will laws?
Texans who have concerns about the type of medical care they will receive should they become ill enough that artificial means are necessary to keep them alive will want to think about a living will. A living will is a key part of comprehensive estate planning and...
As a new parent, you may want to consider estate planning tools
Having a child means that you will have another person to think about, hopefully, for the rest of your life. Before your child's birth, you may have already found your mind constantly on his or her needs. You undoubtedly have the mindset of an attentive and concerned...