When you die without a Texas estate plan, you relinquish control over what happens to your legacy after your death. Many people forgo making estate plans for various reasons, and some neglect to do so because they do not have kids and therefore do not feel as if it is...
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Estate planning
Choosing a responsible executor for your estate
Choosing an executor makes a difference when it comes to your estate plan. You might have the perfect plan in place, but an incompetent administrator might waste it. According to the Texas Estates Code, an executor has the authority to make any purchase, payment or...
How can you retire as a small business owner?
While owning a small business can provide you with financial stability, you still have to plan for your future and retirement. Many business owners do not start planning until they are ready to retire and unfortunately, they may not have as many options as the person...
Estate planning matters to remember
A good estate plan will let you care for your loved ones even after your death. You can also use it to ensure that your assets go to all of the right places and get used in the right ways. Having an estate plan is important as a first step, of course. It is also...
Should you review your estate plan?
When you write an estate plan, that is not the end of dealing with it. An estate plan needs to reflect your current life situation, which means you will have to keep it updated. So when should you review your plan in order to update things? And how often does this...
What does a special needs trustee do?
Federal, state and local governments provide a comprehensive social safety net for individuals who cannot work because of disabilities or other special needs. Still, the benefits these programs dole out each month tend not to cover more than housing, food and basic...
What duties must executors fulfill?
Executors hold a large amount of power when it comes to a person's estate plan. Every other figure involved in the plan, such as financial advisors or attorneys, will answer to the executor to some degree. What are the exact duties executors need to fulfill? How...
Consider the impact of a generation-skipping transfer tax
When you run a business, you can amass a significant number of assets over your lifetime. However, these assets could potentially be a hindrance to your family after your death. They may have to pay federal taxes because of the size of your estate. As you put together...
Why do siblings fight over estate plans?
Estate plans can evoke a lot of hostile feelings from the beneficiaries involved. Hurt feelings and the sensation of getting slighted are not uncommon couplings with estate planning. This is especially true among siblings who have to deal with the estate plan of a...
Ways of incorporating your business into your estate plan
If you own a company, you need to include it in your estate plan. These documents solidify what will happen should you expire or become incapacitated. There are various tools available when building an estate plan. The following legal mechanisms limit the amount of...