As with any roll call, it is important to make sure that everyone is present and accounted for. Similarly, when assessing an estate plan, several legal tools, or documents, should be in attendance to accomplish the goal of a complete and comprehensive plan. You have likely heard the term estate planning, but you may not be […]
When tackling estate planning, adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set up. […]
Joint trusts are beneficial for many married couples, especially if they have a stable relationship, do not have many creditors, and do not live in a state where their estate may be subject to a state death tax. Compared to separate trusts, they are easier to fund, allow the surviving spouse to have complete control over […]
Whether you are reviewing your existing trust or creating a new trust, you should understand the important role that trustees play not only in handling trust matters but also in providing for and protecting your loved ones. What is a Trust? A trust is an agreement between an owner of accounts and property (Trustmaker/Grantor) and another […]
When you create an estate plan, it is an admission of your mortality. But even if you accept that you are not going to live forever, you may be slower to face the possibility that you could become incapacitated before you die. Although it can be an uncomfortable topic, incapacity is an essential but often overlooked […]
Like any other complex subject, estate planning has its share of myths and misconceptions. Understanding the top three estate planning myths will help you to create and maintain a plan that will work the way you expect it to work when it’s needed. Myth #1 – You Don’t Need an Estate Plan Because Your Spouse Will […]
Life is full of contingencies. While some outcomes are relatively certain, other events are more difficult to predict. This uncertainty can create estate planning challenges. Because life changes quickly and sometimes unexpectedly, your estate plan needs to be flexible. You can make changes to your estate plan when you are still alive, but when you pass […]
When people create estate plans, they typically focus on handing down their money and property to their children, grandchildren, and other living heirs. But some people want to leave behind a more enduring legacy. For those interested in multigenerational wealth transfer, dynasty trusts could be the answer. Dynasty trusts are relatively new to Texas. Up until […]
