The federal government may levy an estate tax on heirs based on the value of an estate at the time of the property owner's death. As reported by Kiplinger Personal Finance magazine, if a one-person estate holder dies in 2021, his or her heirs may expect a tax...
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Estate planning
Understanding the role of an executor in closing your estate
When you delegate responsibilities to your executor, you hope that he or she will acknowledge your wishes and live up to your expectations. Providing clear and concise instructions can facilitate the successful closure of your estate. Outlining specific...
Do you know these strategies for avoiding probate?
Either you or your older parents want to prepare your estate. While reading up on estate planning, you learn how long the probate process may take. How can you save your loved ones time? AARP offers tips for sidestepping probate. While some assets go through probate...
What should you know about estate plan reviews?
After creating an estate plan, you must then keep on top of it and ensure that it accurately reflects your life at any given point. This is where reviews come into play. Experts suggest you review your estate plan once every 3 years. This can feel overwhelming. But...
When a trustee breaches the fiduciary duty to a beneficiary
Your financial well-being as the beneficiary of a trust relies on the ethical management of the investments and other assets in the trust. Your trustee has a fiduciary relationship with you, meaning that you put confidence in him or her to act in your best interests...
Can I save on taxation by giving away part of my estate?
When it comes to your estate, you must think about everything that will happen once you die. This includes what your heirs may have to do to receive their inheritance. You probably created your estate plan to ensure things go smoothly, but did you consider the impact...
3 tips for choosing a guardian for your children
Choosing a guardian for your children is an important reason to create a will. If you have yet to create this document, you are one of many parents who have not named a guardian for their children. According to a survey produced by Caring.com, approximately 6 out of...
Marital property and your estate plan
Your marriage gives you the opportunity to share a lot of things with someone you love including assets accumulated as a couple. Discussing the fate of these shared benefits can play a major role in the determining structure of your estate plan in Texas. As your life...
What should you prioritize when reviewing your estate plan?
Reviewing your estate plan feels like an enormous task, especially if it has many components. This may seem even more daunting if you review your estate plan as often as experts suggest, which is every three or so years. But fortunately, there is a way to make it...
Will your estate require Texas probate?
When planning your estate you may have concerns about your descendants facing probate. While this process of settling your estate can be costly and time-consuming, you can take steps to ease the burden with your estate plan. Review the factors that determine whether...