Estate planning for some in Houston is a task that is often completed and then forgotten about. On July 31 we talked about the importance of revising estate plans annually. To go a step further, some authorities note that there are many individual life changes that can make a review of existing estate planning documents necessary. Certain life events can alter how a person wishes to administer their assets after their death. In such cases, if changes are not made to reflect that in an estate plan, those wishes may not be followed.
Posts tagged "estate planning"
As many of our readers in Texas know, there are many reasons that a person decides to create an estate plan. For some, one of the most important reasons for estate planning is to limit the amount of taxes that heirs will have to pay after the death of an individual. This goal has been made more challenging recently due to the ever-changing estate tax exemption amount that went from $0 to $5 million between 2010 and 2012.
Did you know that more than 50 percent of Americans have no will? A number of Texas residents may have a will but don't have all necessary requirements in place. Further, it is likely that most have overlooked an important estate planning document: a digital will, which is necessary in today's day and age.
Estate planning is a very important step for people to ensure that their wishes are understood in the unfortunate event of their death. Estate planning helps Houston residents prepare for the future and protect their assets and property. On April 18, in a post titled 'Estate planning in Texas merits periodic review' we brought you some helpful information about updating estate plans.
When a court appoints a guardian to care for an elderly or disabled person, the individual appointed is entrusted with the responsibility to oversee and make many decisions in the best interests of the person under their care. Other times, guardianship alternatives such as powers of attorneys are used. No matter which approach is followed, sometimes the person entrusted with the guardianship may misuse financial resources or otherwise abuse or neglect the person whose welfare they have been entrusted with. Texas Senator John Cornyn (R-TX) has co-sponsored, with Amy Klobuchar (D-MN), the Guardian Accountability and Senior Protection Act, which cleared the Senate Judiciary Committee on July 12, and is now headed to the full Senate for voting.
The estate of Thomas Kinkade, including original artworks left by the artist, is said to be valued at just over $66 million. With that amount of money at stake, an estate administration battle is currently raging between the artist's family and his former girlfriend.
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.
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.