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Estate Planning

Friday, August 16, 2019

Are Inherited IRAs Safe from Creditors?


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 . . .


Tuesday, August 13, 2019

If I Have a Living Trust, Do I Still Need a Will?


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.
Read more . . .


Friday, July 19, 2019

What Are the Duties of an Executor of an Estate?


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.
Read more . . .


Tuesday, July 16, 2019

How Can a Family Limited Partnership Help Me?


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


Read more . . .


Friday, June 28, 2019

What is a Holographic Will?


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.
Read more . . .


Monday, June 24, 2019

How do I Remove a Personal Representative of an Estate?


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 . . .


Thursday, May 23, 2019

New Tax Provisions Significantly Impact Treatment of Trusts in Divorce


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 . . .


Thursday, April 18, 2019

How Long Does Probate Take?


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.


Read more . . .


Thursday, April 11, 2019

Can I Create a Trust for my Pet?


For many people, their pets are a member of their family. They refer to them as their “four-legged children” or their “fur babies.” For many individuals, planning for their pet’s care after their death is an import element of estate planning. However, pets cannot inherit money or property. Therefore, if you want to provide for your pet’s care after your death, you may want to consult a
Read more . . .


Monday, March 18, 2019

Seven Essential Estate Planning Documents


Estate planning may not be a high priority for many people, but it should be for several reasons. A comprehensive estate plan helps you protect your property and provide for your heirs during and after your lifetime. Your estate planning documents also allow you to remain in control of important financial and medical decisions if you become incapacitated. Meeting with a


Read more . . .


Monday, March 11, 2019

What are the Most Common Types of Trusts?


People often use trusts as part of an estate plan. These arrangements can reduce your estate taxes and offer additional benefits that you do not get with a simple will. Trusts usually do not go through probate, so your beneficiaries might get to access the assets more quickly than they could through a will.

When you set up a trust, a third party, called the trustee, holds the assets as a fiduciary for the people you designate as beneficiaries. Because trusts are usually not filed with the court, the terms of your trust remain private.
Read more . . .


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