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You’ve owned and run your company for several years now, but the reality is that you’re getting older. You may not intend to go anywhere yet, but there is no harm in being prepared and implementing a business succession plan. You have several options for this, with...
Decanting a trust is a legal process in Texas that allows trustees to transfer assets from one trust into a new trust with different terms. It gives trustees flexibility in managing trusts to suit beneficiaries' needs better or address changes in circumstances....
Creating an estate plan involves thinking about several aspects of your life. One of the primary considerations is handing assets down to loved ones, but that’s not the only thing your estate plan can do. You also need to set up plans for what will happen if you...
Building wealth takes time, dedication and sacrifice. Naturally, you want to ensure your hard-earned assets pass to your loved ones with minimal erosion. In Texas, where probate can be time-consuming, and estate taxes can take a bite out of your legacy, trusts become...
One of the responsibilities of a personal representative is to communicate with beneficiaries. As a beneficiary, you should be informed about the estate and the probate process. Further, the personal representative should provide satisfactory answers when you ask a...
Most people in the U.S. have yet to address their estate plan. This means that if you have drafted one, you are ahead of the curve. Nonetheless, drafting an estate plan isn’t a one-time event. Your estate plan needs to accurately reflect your current wishes. Any...
Asset protection involves legally safeguarding your wealth from potential threats, such as creditors, lawsuits and unforeseen financial challenges. A robust asset protection plan can shield your assets, preserving them for your intended beneficiaries. Asset protection...
Texas has numerous wealthy residents who own valuable property or run successful businesses. These residents may live in Texas specifically because of the state's favorable tax rules. Texas is quite friendly to high-income individuals and businesses in various...
The legal process of validating a deceased person’s will, settling outstanding financial obligations and distributing the remaining assets to the estate’s beneficiaries is collectively known as probate. An executor plays a pivotal role in this process as they are...
A family business is more than a commercial enterprise. It's a testimony to years of hard work, dedication and shared experiences. Therefore, it becomes crucial to have a plan to ensure its legacy will continue for generations. Understanding succession planning Large...