Texans who are estate planning have long considered tax implications as a potential issue for heirs. The last thing that a person wants to do when crafting an estate plan is to leave the heirs with a huge tax bill. With the new presidential administration of Donald J. Trump, the estate tax - also referred to as the death tax - was a campaign issue and he asserted his intention to repeal it. Those who are crafting an estate plan should think about if and how to account for the repeal if it happens.
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If you sat down today to write a list of pros and cons regarding your journey as a business owner, hopefully, your pros list would be the longer of the two. Sure, creating, launching and growing a business to success is wrought with challenge, but it can certainly be a tremendously rewarding experience as well. Whether you've owned your business for only a few years or have held the reins for decades, there's something to be said for bringing a dream to fruition and keeping it going.
The idea of drafting estate planning documents and formulating strategies for the long-range future might be something that many Texans view as the responsibility of older people. However, younger people are well-advised to be aware of the need to craft an estate plan. While many are of the belief that this is contingent on having significant assets, it is not the case. The main goal behind any estate plan is to make certain that loved ones are cared for in the event of incapacitation or death. The creation of a cogent plan does not have to be complex. Being aware of foundational issues is key.
Texans who are planning for the future when they have passed on will want to cobble together a comprehensive estate plan that will cover all the bases. However, it can be difficult to know what aspects to focus on. This is particularly true when there is a certain amount of wealth at stake. Complicated estate planning can be difficult and knowing what to pay strict attention to and what is less important are keys to the process. The following are deemed to be imperative: tax and estate planning, family communication, listening to the different perspectives, having a strong educational foundation, and creating a plan and sticking to it.
Many Houston area residents will eventually get to the point where they realize that they need to have an estate plan drafted. There are many different reasons for why people finally get to this realization; perhaps a child has been born, or the family is beginning to realize that they have accumulated significant assets. Whatever the reason, it is always a good idea to have an estate plan in place. However, when creating your estate plan, it is very important to do so carefully, and with the help of a skilled attorney. A lawyer can help you avoid the pitfalls that plague many people who try to rush or go it alone when creating a plan.
Texans might be reluctant to think about estate planning due to the realization that it pertains to his or her death. However, it is imperative to put that negative feeling aside and consider the positives of doing so. Failing to move forward with drafting estate planning documents can cause family disputes and long-term problems after death. Remembering to take certain steps can remove the pain and fear from the process and be beneficial in the long and short run.
Many Houston residents are good at planning. They are organized, planning the events of their days to maximize their efficiency both at work and in their personal lives. So, why are there so many people who haven't started an estate plan yet?
For many different reasons, Texas residents avoid the issue of estate planning. For some, they just don't like the idea of making a plan for when they die. For others, it is just a form of willful neglect: they know they need to have a will or some other form of estate plan, but they just keep putting it off for another day. And then there are those who don't think they need an estate plan.
As our population ages, more and more of us are finding the need for long-term care such as that provided by assisted living facilities, home health aides, residential care communities and nursing homes. These types of caregiving, which range from minimal, part-time assistance provided by an in-home provider to full-service nursing home facilities with trained medical staff, can make a huge difference in the quality of life of both patients and their loved ones. The problem, of course, is that long-term care is notoriously expensive. Even lower-tier nursing home and other residential facilities can easily cost upwards of $10,000 per month. That kind of expense can quickly run through a person's entire life savings or leave their family destitute trying to pay for it.
Houston residents who begin the estate planning process want to get it right the first time. The problem is, most people who begin the estate planning process have quite a few questions about the options that are available. So, what are some of the best estate planning strategies that Houston residents should consider?