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A well-crafted trust can offer numerous benefits to your legacy, including asset protection, tax efficiency and control over your estate, allowing you to specify how and when your beneficiaries will receive their inheritances. It also provides a smoother transition...
Successful professionals and those with family obligations often recognize that estate planning is important for them and their families. Some people take for granted that their loved ones can immediately inherit their property if they die. Inaccurate assumptions...
Although drafting your estate plan is a personal matter, if you are married, you need to discuss it with your spouse, as its provisions will affect them. But how can you hold the conversation effectively to ensure you are on the same page? Here are four tips that can...
Probably no one understands the concept of “pull yourself up by your bootstraps” better than a Texan. This is the state where the gentleman and wildcatter sit next to each other, having a drink and sharing tales. Hard-working Texans also understand the concept of...
If you have an estate that’s worth enough to trigger the federal estate tax, it’s crucial to take steps to reduce or even eliminate these taxes. They can take a big bite out of the assets you want your loved ones as well as charitable organizations to have after...
Parents often expect estate planning disputes between their children to revolve around major assets. For example, maybe they have a $1 million vacation property. They’re going to leave it to all of the children jointly, but it could cause conflicts if some of them...
A financial power of attorney (POA) in Texas grants an agent the authority to manage the financial affairs of the POA’s creator. This is an important document to set in place as part of the estate planning process because an agent can care for a POA creator’s finances...
Ten years ago, your first child was born, and you realized it was time to think about the future. You decided to buy a life insurance policy and name your child as the beneficiary. This way, if anything unexpected happens to you, your child would have a substantial...
The main goal of your estate plan is likely just to pass your wealth on to the next generation. You certainly can use it to do other things, such as making healthcare or medical decisions, but asset distribution is one of your top areas of focus. There are many...
Trusts are great financial vehicles for preserving generational wealth. But there are potential pitfalls of which those funding the trusts should be aware. One thorny issue that can create problems is the choice of trustee over the funds of your beneficiary. Read on...