Estate Planning Insights

Estate planning is the process of arranging a plan of how you want your estate to be handled during life and after death. Many people are not aware of the importance and benefits of having an estate plan, nor do they realize how soon they should set one up.

Blended families can face many challenges if there is no estate plan. It is important to address the financial obligations and responsibilities that come with having a blended family, making sure children from different relationships are taken care of in the event that a spouse or parent dies.

While tangible assets are a very important part of your estate plan, digital assets cannot be ignored. When most people think about assets that they need to address in their estate plan, they include their home, cars, bank accounts, etc. They often overlook their digital assets.

On June 6, 2024, the U.S. Supreme Court ruled in Connelly v. United States, affirming the ruling of the Eighth Circuit. In short, the Court held that “a corporation’s contractual obligation to redeem shares is not necessarily a liability that reduces a corporation’s value" for estate tax purposes.

In my experience, more and more individuals are investing in rental properties. Rental properties—real estate that is rented out to other individuals for a period of time—can have multiple benefits, including: wealth development, tax benefits, etc.

In my experience, many people are generally familiar with the term “estate planning,” but most people do not seem to know the far-reaching benefits of implementing a comprehensive personal estate plan.

For many people, creating a trust is an important step in the estate planning process. Having a trust is beneficial because (depending on the type of trust) it can manage an individual’s assets both during life and after death.

In the previous article, we addressed several questions related to estate planning and taxes. Listed below are additional questions about estate planning and estate taxes.

Many people have questions about estate planning and federal taxes. Listed below are common questions about estate taxes, gift taxes, forms to file, etc. Every person should know what to do when someone dies, and the tax consequences that are involved.

A trust is a legal entity that is set up to manage property or assets for the benefit of a third party. There are several types of trusts, and it is important to know which one is right for you.

The recent terrible event in Allen, Texas, has prompted several conversations with friends and family related to safety, security, and estate planning. These conversations have yielded several questions and inquiries that I have distilled into a 10-part series: Estate Planning Considerations...

This is the second blog in our Estate Planning Considerations series. In the previous blog, we discussed the essential estate planning documents every individual should have. In this blog, we will address an equally important aspect of estate planning: determining the optimal timing for...

This is the third blog in our Estate Planning Considerations series. In the previous blog, we discussed the timing for establishing and reviewing your estate planning documents. In this blog, we will discuss the topic of revocable living trusts and when it is appropriate to establish one as part...

This is the fourth blog in our Estate Planning Considerations series. In the previous blog, we discussed the topic of revocable living trusts and when it is appropriate to establish one as part of your estate planning strategy. In this blog, we will address whether you should share your estate...

Creating a will and estate plan is an important part of protecting your family and your assets. However, life events such as the birth of a child, a death in the family, or changes in your financial situation can all necessitate changes to your will and estate plan. It’s essential to know when to...

This is the fifth blog in our Estate Planning Considerations series. In the previous blog, we addressed whether you should share your estate plan with your family. In this blog, we will explore essential questions to discuss with your family before meeting with an estate planning attorney...

Estate planning is a complex process that can be intimidating to many. The complexity of the process, combined with the abundance of myths and misinformation floating around, can make it difficult for individuals to properly plan their estate. Let’s look at some common misconceptions about estate...

This is the sixth blog in our Estate Planning Considerations series. In the previous blog, we discussed essential questions to discuss with your family before meeting with an estate planning attorney. In this blog, we will address the decision of whether a family member should serve as executor...

When it comes to estate planning, there are many misconceptions and myths that can lead to misunderstandings. In my previous blog, I addressed three common myths of estate planning: I don’t have enough money to need estate planning, estate planning is only for the wealthy, and estate planning is...

Estate planning can be a confusing and often overwhelming process, especially if you are unfamiliar with the types of planning opportunities available to help you protect your assets. One such opportunity that can be very useful for creating an effective estate plan is a revocable living trust...

Estate planning is an important part of making sure that your wishes are honored, and your legacy is preserved. Including certain medical documents can help ensure that your needs and preferences will be respected if you ever become unable to make decisions for yourself. Below are key medical...

This is the seventh blog in our Estate Planning Considerations series. In the previous blog, we addressed the decision of whether a family member should serve as executor or trustee. In this blog, we will explore various options for including charitable giving in your estate plan. Charitable...

Estate planning is an important step for individuals and families to take when it comes to protecting their assets and providing for loved ones. For many, estate planning can seem like a daunting task. However, having a qualified estate planner in Texas can help make the process smoother and...

Estate planning is not just about distributing assets after death; it also encompasses protecting those assets during your lifetime. Asset protection is a crucial aspect of estate planning that ensures your hard-earned wealth is safeguarded from potential risks, lawsuits, and creditors. As a Texas..

This is the eighth blog in our Estate Planning Considerations series. In the previous blog, we explored various options for including charitable giving in your estate plan. In this blog, we will discuss common non-probate assets in Texas. When planning your estate, it is essential to consider not...

This is the ninth blog in our Estate Planning Considerations series. In the previous blog, we discussed common non-probate assets in Texas. In this blog, we will explore important factors to consider when selecting a guardian for your children. As a parent, one of the most critical decisions you...

This is the tenth and final blog in our Estate Planning Considerations series. In the previous blog, we explored important factors to consider when selecting a guardian for your children. In this blog, we will address various options for storing your estate planning documents. After executing...