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Preserving resources and maximizing what people inherit are often top priorities during the estate planning process. Those who have enjoyed financial success during their lives usually want to share that good fortune with their loved ones. They don't want outside...
People who are creating an estate plan often want to ensure that future generations in their family are taken care of. One option for doing this is by establishing a trust, but it’s critical to choose the proper type. A dynasty trust is meant to provide the creator...
People who create an estate plan have several options that they can use to pass assets to their beneficiaries. One of these is to set up trusts and fund them so the trustee of the trust can pass the assets to the beneficiaries. Some trusts are irrevocable, which...
People who start or take over successful businesses have many responsibilities. One of their obligations is the preservation of the company for future generations of owners and for the long-term well-being of employees. The structure of the business and ownership...
You've worked hard to build your business, but have you thought about what might happen if something unexpected occurs? Without a proper estate plan, your company could be left in a legal limbo burdened by tax liabilities or even forced liquidation. A well-structured...
A no-contest clause is designed to prevent will challenges. When someone drafts an estate plan, they can include a no-contest clause stating that anyone who challenges the will automatically forfeits any inheritance they would have received. For instance, suppose a...
In Texas, the rugged land of opportunity, there is more to wealth preservation than cattle and oil. For those keen on safeguarding their assets for future generations, trusts can offer a savvy and strategic approach. Below we explore four types of trusts that Texans...
Chances are your loved ones are already familiar with your business, perhaps your children learned about it growing up, or they currently work at the company. Nonetheless, you should hold a conversation focused on succession if you want them to take over. How you...
Trusts make a good investment vehicle for those in the higher income brackets. However, all trusts are not equal, although they perform the same basic functions. Today, we will discuss incentive trusts and the pros and cons of funding one. What are the pros? We’ve all...
A Family Limited Partnership (FLP) is a type of business structure in which families pool assets such as businesses, real estate or investments. It typically serves as a wealth transfer tool, but it can also be a good way to manage and protect family assets...