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If you have worked hard to build your wealth, you likely want to leave as much as possible to your loved ones. Seeing it erode before it reaches them can feel devastating. This blog explores how assets may decline and how Texas law can shield them. What asset erosion...
Asset protection planning can be part of the estate planning process. It can also be an entirely separate consideration. Some people worry about protecting their resources long before they start thinking about their own mortality. There are numerous reasons why...
Creating a will and other estate planning documents is only the first step in the estate planning process. Testators also need to routinely review and update their paperwork to ensure it provides adequate protection. Many people understand that they need to reread...
We recently discussed how it is important to update your estate plan if you are going through a divorce. Marital changes are an important time to think about the future. Not only do you need to make updates when you are getting divorced, but you may also want to alter...
Nobody wants their estate to cause family conflict after they die. However, wealth can make some people do things they wouldn't normally do. To discourage disputes, some people add a no-contest clause (also known as an "in terrorem clause") to their will. If it's...
What would your loved ones do if they inherited a large sum of money from your estate? Would they use their inheritance to start their own business? Would their inheritance be used to travel the world? Would a loved one go to school and use their inheritance to pay...
In Texas, a living will is a legal document also known as “Directives to physicians.” This key estate planning tool holds advance instructions about your medical and end-of-life care. This means that if you fall into an irreversible state or reach the end stage of...
When your wealth grows, so do the responsibilities that come with preserving it. An estate plan that once fit your needs may no longer reflect the scope of your assets, business interests or family dynamics. For those with investments, real estate holdings or...
Financial obligations can noticeably reduce the value of an estate. Personal representatives have to repay debts and cover certain taxes using estate resources. In some cases, those obligations exist prior to estate administration. The decedent might owe income taxes...
Are you planning to leave a significant inheritance to some of your beneficiaries? Are you worried that they may simply receive the money and then step away from their careers? This is a common concern for high-asset individuals who are making an estate plan. For...