One of the things you have to plan for your business is who will succeed you. Not having a valid succession plan in place is one of the biggest mistakes made by Texas business owners. This is an error that can lead to consequences that may have a serious effect on...
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Is your estate planning out of date?
Texas residents should not expect to undergo initial estate planning and then forget about it. Several situations could indicate that you need to update your estate plan sooner rather than later. Tax changes When federal or state laws governing inheritance and taxes...
Protecting financial assets when facing nursing home care need
Many people have medical issues that result in the constant need for monitoring and treatment, possibly leading to nursing home confinement. The primary problem that most individuals face is one of insurance and funding of that care, which is a very expensive...
Don’t wait until your divorce to review your will
Divorce often means change. You may experience a change in your finances, a change of residence, perhaps even a name change. Your routine will be different, and you may also have a new social set in which you travel. There are many aspects of your life that a divorce...
Have you considered how an estate plan could benefit you?
Many people may live their lives without giving much thought to when they will die. While this live-in-the-moment type of attitude may seem positive and uplifting, it may not benefit everyone to avoid thinking about their potential demises. If you die without an...
Should you update your estate plan to include a living will?
You may take pride in choosing to prepare for situations that are possible, even if you do not know whether they may actually come to fruition. Feeling prepared and having a plan may allow you to feel less stress in your life, especially when those plans prevent your...
What life events warrant updates to your estate plan?
After you completed your estate plan, you may have felt a well-deserved sense of accomplishment. Making a plan for your end-of-life wishes can have its difficulties as you must make many decisions. Many people often choose to forgo the process because of the...
Turning over the reins of your family business
Although you run your small business efficiently and successfully, you may never have needed to follow many of the formal management processes that a larger company relies on. Your staff probably consists mostly of members of your family, and your business may be more...
What a special needs trust can do for your special needs child
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...
Estate planning for business owners provides many benefits
One of your goals for starting your own business was certainly to make a lot of money for yourself. However, now that you have a family, your goals have likely changed. You may see your son or daughter taking over the company and continuing its success for many more...