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One of the most common times people start thinking about estate planning is when their first child is born. This is a logical time to create a will and set up other estate planning documents. After all, estate planning often focuses on passing assets to the next...
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...
Individuals with substantial personal resources often have a goal to preserve as much of that wealth as possible. They want to enjoy a comfortable standard of living themselves and to enrich their loved ones by sharing their good fortune after they die. Estate...
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...
If you have a collection of art or other valuable items, such as vintage vehicles or artifacts, it is crucial to think about them when making your estate plan. They may require more consideration than the purely financial aspects of your estate, such as stocks or...
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...
Family members may potentially have questions about the legitimacy of a loved one’s estate plan. In some cases, documents may be quite outdated. Other times, family members may believe that a particular person inappropriately influenced the testator to include terms...
Estate taxes can take a significant portion of the assets you intend to leave your loved ones. The larger your estate, the greater the impact taxes can have. As such, it helps to do what you can to reduce the tax burden when the time comes. Texas does not have estate...