Why everyone should have a power of attorney
No one wants to think about or make plans for the end of life, especially if their end of life is seemingly years or even decades away. But while many aspects of estate planning handle what happens to your assets when you’re no longer around, a power of attorney (POA)...
Mistakes to avoid in creating an estate plan
Many people in Texas might not have estate plans, but it can also be dangerous to have a poorly prepared estate plan. A number of celebrities have made estate-planning errors, and people who are not celebrities can learn from those errors. Most people will not need to...
Do not overlook planning for long-term healthcare
When drafting an estate plan, many people forget to account for long-term healthcare. Though individuals may be in good health now, those aged 65 or older have a 70% chance of needing long-term health care. Without a plan to cover these costs, people risk losing their...
Estate planner use of intentionally defective grantor trusts
The elements necessary to establish good estate planning practices can change over time due to the variables that affect financial markets. Low interest rates and an expected decrease in the estate tax exemption are two major factors influencing the job of Texas...
Reduce family conflicts with transparent estate planning
The last thing that parents want after they pass away is for their children to fight about the will or estate plan. These conflicts can drive siblings apart or even compromise the family estate. Parents will always worry about the family after they are gone, but they...
Estate planning strategies that protect your assets from creditors
Creating an estate plan is not just about transferring assets to beneficiaries or saving on taxes when someone dies. It’s also about protecting you and your heirs’ property from any potential future creditors. Litigation tends to rise during times of economic turmoil....
Getting started with an estate plan
Texans may know what a will is, but not everyone is familiar with the concept of estate planning. Estate planning also includes trust funds to help someone pass on assets to an heir without requiring them to go through probate court first, which can be costly and...
Why an estate plan should be reviewed regularly
Once a person in Texas has created an estate plan, they should not put it away and forget about it. Estate plans may need regular review. As a person's life changes, their estate plan should reflect those changes. Family changes are common reasons to update For...
Avoid this common mistake when preparing an estate plan
Estate planning has soared in recent months. As people navigate the implications of the current coronavirus pandemic, many are using the moment to put together their estate plans. Although it is a great idea to get everything in order to increase your peace of mind,...
What are the implications of COVID-19 for estate planning?
With coronavirus affecting the lives of Americans in such a real way, more and more people are thinking about estate planning as they confront the idea of their own mortality. Some are creating plans for the first time. Others are taking the time to update their...
