Estate Planning

The goals for an estate plan of any size are typically protecting assets for heirs, avoiding the probate process whenever possible, providing for loved ones, charitable giving, and avoiding estate and gift taxes. High-net-worth estate planning poses several challenges for an individual. However, working with a Texas estate planning attorney to develop a strategy using various estate planning tools can accomplish your goals for an estate plan.
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It’s a good practice to review your estate plan after a major life event, including marriage. Newlyweds who have estate plans when they get married should review those plans to ensure that the plans still reflect their desires now that they are married. For newlyweds who do not have an estate plan, working with a Texas estate-planning lawyer to develop an estate plan is an important step in preparing for their future lives together.
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Many people think of digital assets in terms of bitcoin or other digital forms of currency. However, your digital assets encompass a wide variety of accounts, including accounts related to banking, shopping, entertainment, emails, and social media. What happens to your digital assets when you die? Unfortunately, without an estate plan, these assets could be lost forever. A Read more . . .

Federal bankruptcy exemptions and most state bankruptcy exemptions protect most retirement funds from creditor claims. Many states also have laws protecting retirement accounts from creditor claims outside of a bankruptcy case. However, inherited IRAs may not always qualify for the same protection from claims. A Read more . . .

A living trust can be a valuable estate-planning tool that can meet many of your estate-planning goals and needs. With a living trust, you can protect assets, avoid probate, reduce the taxable value of your estate, and provide for loved ones. A living trust may also provide other benefits depending on your situation and needs. However, you should also discuss a will with a Texas wills and trusts lawyer.

Why Do I Need a Will If I Have a Living Trust?

There are a few reasons why you need a will, even though you have a living trust.
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If you are the executor or personal representative of an estate in Texas, you have several important duties. The executor has a fiduciary duty to perform the tasks necessary to probate the state and to protect the best interests of the heirs. If you are unsure of what you need to do as an executor, a Texas estate planning lawyer can help you.
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A Family Limited Partnership (FLP) is a valuable estate planning tool for many individuals and families. An FLP is not limited to wealthy individuals and high-net-value estates. With an FLP, you can accomplish many of the estate planning goals that are important to you with one estate planning vehicle. A

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A will is one of the basic estate planning documents that every adult should have to ensure their final wishes are carried out after their death. Also, a will prevents the State of Texas from deciding how to distribute a person’s property after that person’s death. An individual may want to consult a Texas wills and trusts lawyer when drafting a will to ensure that the will meets all legal requirements for a valid will in Texas.
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A personal representative is an individual who is appointed to manage a probate estate. If a person does not have a will that nominates a personal representative (or the person nominated in the will is unwilling or incapable to serve), the court chooses an individual to serve as the personal representative. In most cases, a family member petitions to court to serve as the estate’s administrator.

However, what happens if the family members or other interested parties believe the removal of the personal representative is necessary? In most cases, seeking the advice of an experienced Read more . . .

The Tax Cuts and Jobs Act (TCJA) has impacted many areas of law other than how much we owe in income taxes. Estate planning and divorces have also been impacted by some of the provisions of the TCJA. One of the most significant impacts of the TCJA on divorces is that alimony payments are no longer deductible for the payor or taxed as income for the payee. However, an overlooked provision of the TCJA that also impacts divorce settlements is the treatment of grantor trusts under the new tax laws. These types of issues should be addressed by an experienced Read more . . .

Many different factors will affect how long probate will take in Texas, but the short answer is that probate is not usually a fast process. Probate involves many steps, and each phase can take weeks or months, even years. To determine how long your loved one’s probate process will take, you must speak with an experienced Texas probate lawyer.

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