The recent overhaul of the federal tax code has led to many unforeseen changes. One has been a change in the uses of revocable trusts, also known as living trusts in divorce.One of the most popular reasons people set up a trust is to avoid probate. Assets held in...
Estate Planning
How does a Texas health proxy work?
The disposition of assets is a major part of estate planning, but it is not the only part. Another important part of estate planning has to do with how health care decisions are to be made if the person doing the estate planning becomes incapacitated. There are a...
Estate planning decisions should be informed
As mentioned many times before on this blog, Houston residents, along with their counterparts across the country, often delay talking about end-of-life decisions and how they would like their assets to be distributed amongst their heirs. In the absence of a healthcare...
End of year estate planning modifications crucial
The end of the year is a hectic time for most Texas residents, as they complete their holiday shopping and get ready to ring in the New Year with their family members. While many think to cook lavish meals and get extravagant gifts for family members to express their...
Timely trust modifications can avoid family disputes
Houston residents who have created their estate plans might think they have their ducks lined up, but simply creating an estate plan is not the end of the matter. It is very important to periodically review the plan to ensure that it is up to date. A lot might have...
Do my college going kids need an estate plan?
Many Houston residents may have sent off their children to college this fall and in between wondering how quickly time passes and how they are going to change the extra bedroom into a gym, they neglect to think about essential updates to their estate plan. When a...
New tax laws and their effect on estate planning
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...
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...
Wealthy or not, everyone can use vital estate planning documents
Texans who are without a vast portfolio and do not own significant amounts of property will often shun the basics when protecting themselves with an estate plan. There might be a perception that an estate plan is only necessary for those who own a lot. This is not the...