Texans who are considering the value and utility of moving forward with comprehensive estate planning need only look at the current news reports regarding the mistakes made by well-known people who failed to protect themselves, preserve assets, account for tax implications and detail their asset distribution in the event of death. Whether it is a wealthy person or one of more modest means, having a plan for the estate is an imperative. The case of the deceased entertainer Prince is a prime case study as to why this is paramount.
Posts tagged "estate planning"
With 2017 in full swing, many of us are working on some resolutions we want to complete this year. Some of us may have already broken a resolution or two. But it’s not too late — or too early — to start thinking about ways to make this year better than the last.
It is understandable for individuals in Texas to want to avoid talking about end-of-life matters. However, discussions about these issues are important since medical advances today are making it possible for people to prolong their lives more than ever before. With estate planning documents known as living wills, people can ensure that things happen according to their wishes at the end of their lives.
People in Texas and other states often focus on increasing their financial wellness but neglect one important area: developing an estate plan. The estate planning process is not the same for everybody, as people are in different family and financial situations. However, it is critical for people of all ages, health statuses and wealth levels.
For some individuals in Texas, the thought of developing an estate plan is emotional and stressful. It brings up fears about discussing subjects that people naturally find uncomfortable, such as disability and death. However, estate planning is a necessary process for protecting one's assets and wishes in the event of death or incapacitation in the future.
Some people in Texas think they do not need estate plans until they have accumulated more wealth. Others believe that estate plans are unnecessary until they have had children. In reality, people in Texas can benefit from estate planning at all stages of life and at all income levels.
Children who are 18 or older are legally viewed as adults in Texas and other states, which means their parents do not have the same rights regarding their children that they used to have. This can pose challenges for the parents, especially when it comes to the children's finances. However, estate planning might help parents of young adult children remain involved in their children's financial lives, whether they have entered the workforce or are attending college.
The most recent U.S. census, which includes Texas, indicates that just 26 percent of households in America are comprised of married couples with children. Unmarried couples have unique monetary needs, which means they also have unique estate planning needs. A few tips may help these individuals to create estate plans that effectively address the issues pertinent to them.
Completing and implementing an estate plan is just the first step when trying to plan for death or incapacitation in the future. The second important step of estate planning in Texas is to thoroughly review it. Conducting a review is wise about every five years.
The thought of dying is uncomfortable for many individuals in Texas, which is why making plans for one's estate is often placed on the back burner of people's priorities. However, estate planning is necessary to protect one's assets when one dies. It also helps to prevent infighting among family members after one's death.