Avoid these common estate planning mistakes
Estate planning is not something you should take lightly. Mistakes can render ineffective the careful plans you have made for your estate after your death, putting your legacy at risk. This may also lead to confusion and disputes among your loved ones, which is not...
Millennials need to pay more attention to their estate plans
If you are a millennial, also known as a member of Gen Y, chances are you don't have a will. However, that is essential for all Texas residents as they age. Yet, responsibilities, including taking care of aging parents, have led some individuals in this age group to...
Why reciprocal wills are better for couples than joint wills
Many couples who put off their estate planning until their senior years do so because they dread the thought of it. Yet, as tough as getting started can be, it’s still important for people to at least put a will in place. When someone dies without one (which is called...
How to prepare for future estate tax changes in Texas
While Texas currently boasts no inheritance taxes, the future remains uncertain. With potential changes looming, it's a great idea to be proactive in estate planning. Here are some tips for preparing for future estate tax changes in Texas. Understand the current laws...
What to look for in a guardian for your child
If you’re making an estate plan as a new parent, one of your major areas of focus may be on choosing a guardian for your child. If something unexpected happens, you want to know that someone is there to care for them. Perhaps this is even what spurred the estate...
Does your estate plan need updating?
Some people create an estate plan, put it somewhere safe, and never look at it again. Unfortunately, having an out-of-date estate plan can be almost as bad as not having one at all. Your life changes, and your estate plan needs to reflect those changes. Here are the...
Estate planning goes far beyond asset distribution
It is true that estate planning often starts with asset distribution. You may be making your plan because you want to leave financial assets to your heirs and beneficiaries. You also want to divide things like sentimental assets or tangible items that you own. It’s...
Why is estate planning so important for seniors?
Estate planning is important for all adults. But seniors, in particular, need to address the question of estate planning with utmost seriousness if they don’t already have an updated estate plan in place. This is because it's not merely a financial task; it's an act...
What is the best way to update your will?
Having your estate plan reviewed regularly helps you identify any gaps or deficiencies in your will and other documents. It helps ensure that you have time to update your plan and repair its flaws before they cause problems. You generally have two options when...
Learning about a QTIP trust and if it’s right for you
Establishing a trust could be an effective way of managing your Texas estate. That said, depending on your situation, some trusts are more beneficial than others. A qualified terminable interest property (QTIP) trust has a few distinct advantages, especially for...