There are many aspects of estate planning some may not consider as they work to plan for their future. One consideration for people in Texas may be the idea of long-term care insurance as a part of estate planning. This type of insurance, with some policies, can offer peace of mind to a person concerned about paying for medical care in old age along with the assurance that whatever money is not used in medical care can be offered to heirs in estate planning documents.
Posts tagged "estate planning"
More than a third of wealthy baby boomers in Texas and elsewhere across the country have not discussed their finances with their children. In addition, these potential beneficiaries may not be aware that their parents may be planning to give much of their wealth to charity after their death rather than leaving it to the children. In fact, only 55 percent of baby boomers think that it is very important to leave an inheritance to their heirs at all.
For some, creating an estate plan is about leaving money to their children. For others, the estate plan is focused more on funding a charity or organization that supports an important cause. Regardless of the intent of your estate planning, it is important that documents are drafted and executed that accomplish your wishes as best as is possible.
Building and maintaining a family business -- whether large or small -- can take time, money and effort, as many in Texas know. That is why it is important for many to consider how to save the family business when they begin estate planning. One of the considerations for many as they plan is any potential estate tax and how it will affect their heirs.
Many in Texas know that it is important for a person with a large estate to create a plan for the distribution of their assets. What many of them do not realize is that it is just as important for a person with a smaller estate to consider estate planning. Creating a plan can ensure that the wishes of a person are adhered to after their death.
With the proliferation of social media websites such as Facebook, it seems that nearly everyone in Texas and elsewhere has an online life. The increase in use of these types of online sites has created a new area of consideration for those thinking about estate planning. In fact, authorities note that nearly 500,000 people with accounts on Facebook died during 2011.
When considering creating an estate plan, many in Texas and elsewhere work hard to ensure that the assets they own at the time of their deaths go to the heirs and beneficiaries of their choice. Using estate planning documents and tools, people can detail their wishes for those who survive them. In some cases, those wishes may also include religious values.
Once an estate plan is created in Texas and elsewhere, often people forget about making changes to it as their lives change. Estate planning documents can quickly become outdated if a person does not act to make changes for life situations such as marriage, asset acquisition or a change of heart as to certain directives in an estate plan. This can cause confusion or upset for some beneficiaries after a person dies.
Updating an estate plan can assist Texas residents in making sure that their wishes for property distribution are followed after their deaths. A periodic review may benefit heirs as well as the individual engaged in estate planning. Additionally, making sure that an estate plan is up to date will avoid any surprises for beneficiaries when it comes time to settle an estate.
As many Texas residents know, trusts and wills are just two of the many estate planning tools available today. These documents, however, can control the distribution of assets after death and may be the only instructions available to your family and the court. When deciding the terms of these estate planning instruments, there are many factors to consider, including who will be best fit to manage them after your death.