Revocable trusts and estate planning
Estate planning is an important part of strategizing for your financial future. This process is necessary as you acquire more assets, but estate planning is not just for the wealthy. Everyone should have an estate plan in place to protect their loved ones after they...
Private property is part of every good estate plan
It's important to include every valuable asset into your estate plan, which includes public or private property and all of the contents inside. If you own multiple properties in Texas, the process could become complicated, so familiarize yourself with the potential...
How can an irrevocable life insurance trust (ILIT) be used?
Insurance is an important asset to have as you build or prepare an estate. What the insured in Texas face, however, are taxable annuity withdrawals. Without something in place to shelter your payouts from taxes, you’re exposed to the full extent of the tax law. The...
Pros and cons of a corporate fiduciary
Texas allows you to assign a corporate fiduciary for your estate plan or trust. There are many reasons why you may decide a corporate fiduciary is best. You might not have a young, healthy and responsible person whom you can choose. Carefully weigh the pros and cons...
Basic estate planning steps everyone should take
Most Texas adults have some family members and some assets that are important to them. However, many people avoid the topic of estate planning because they don’t think it applies to them. Even if your financial portfolio is modest or uncomplicated, you should still do...
How to select a trustee
Estate planning in Texas can seem intimidating, especially since you won't be around to see how it all plays out. This is where establishing a trustee to manage your estate can give you some peace of mind. Trustees will act in your best interest to carry out your...
First steps to creating your estate plan
Estate planning is important for everyone in Texas, regardless of the size of your estate. The basic goal of any estate plan is to dictate how you would like your assets to be handled should you pass away or become incapacitated. With careful planning, you can also do...
Should each child be left an equal inheritance?
When you're part of a big Texas family, making every child feel equally loved is probably important to you. While you're creating your estate plan, it might make sense for you to leave each child an equal portion of your estate. However, dividing your estate between...
How a Medicaid trust can help secure long-term nursing care
Many middle-class Texas residents face a conundrum as they get older: they don't have enough money to pay for long-term care insurance, but they have too much income to qualify for Medicaid. How will they pay for long-term care expenses? One way to do it is to create...
Pros and cons of an irrevocable life insurance trust in Texas
In Texas, you have the right to transfer your assets to your family members or beneficiaries when you pass away. However, the state and the federal governments will impose taxes on the property you leave behind, ultimately reducing your beneficiaries' amount. Take a...