Initially, the primary goal of your estate plan may be to simply create a roadmap for the distribution of your estate assets after your death. However, a comprehensive estate plan can accomplish far more by including additional estate planning tools and strategies. Asset protection is among the various goals and objectives you may wish to include in your overall estate plan. With this in mind, how do you know if you need to include asset protection planning in your estate plan? Reasons to … [Read more...] about Do You Need to Include Asset Protection Planning in Your Estate Plan?
Asset Protection
If You Own Significant Assets in another Country You Might Need an International Will
In the 21st century, travel between countries, whether for business or pleasure, is commonplace. Consequently, the number of people who own property in more than one country has also increased significantly in recent decades. You no longer have to be among the super-rich to own a vacation home in another country, for example. As the world gets smaller, “international” families are also more common, frequently resulting in property owned in two or more countries. As a U.S. citizen, owning … [Read more...] about If You Own Significant Assets in another Country You Might Need an International Will
What to Do After Winning the Big Lottery Jackpot
You may have heard that a recent lottery made millionaires out of some people. Because the jackpot was a record $64o million it was actually difficult to avoid news about it. You may have dreamed about what you would do with the money if you ever won that much in the lottery. But, have you ever considered what the first thing you should do is? The first thing you should do is to speak to an attorney experienced in financial planning and estate planning. The state lottery agencies like to make a … [Read more...] about What to Do After Winning the Big Lottery Jackpot
Divorce and Estate Planning for Texans: Part 2 of 3
In Texas, divorcing couples should consider how their divorce settlement agreements may affect their future estate planning rights. Family laws and probate laws overlap in many situations. In Texas, a surviving spouse has a right to certain community property and non-community property, including a homestead right to a life estate. If a divorce property settlement agreement contemplates otherwise, does a former spouse with a life estate right still have the legal right to live in the former … [Read more...] about Divorce and Estate Planning for Texans: Part 2 of 3
Divorce and Estate Planning for Texans: Part 1 of 3
Another important consideration with life insurance beneficiary designations concerns spouses who are not required to carry life insurance policies as part of their divorce settlement agreements but fail to substitute beneficiaries. For example, imagine husband and wife divorce in 2010. Following the divorce, husband forgets to name a different beneficiary in his life insurance policy. Under Texas law, if Husband forgets to change his life insurance beneficiary designation, his former wife … [Read more...] about Divorce and Estate Planning for Texans: Part 1 of 3
Estate Planning & Asset Protection
Are you interested in pursuing asset protection planning for your estate, your assets and your properties? There tends to be a lot of controversy surrounding the topic of asset protection, and with good reason. Do you have assets and properties you wish to protect during your estate planning process? Have you read about asset protection plans that were not created correctly, and are now concerned regarding if you should put one into place? This is not an uncommon concern and, I can assure you, … [Read more...] about Estate Planning & Asset Protection
Estate Planning & Asset Protection
Are you interested in pursuing asset protection planning for your estate, your assets and your properties? There tends to be a lot of controversy surrounding the topic of asset protection, and with good reason. Do you have assets and properties you wish to protect during your estate planning process? Have you read about asset protection plans that were not created correctly, and are now concerned regarding if you should put one into place? This is not an uncommon concern and, I can assure you, … [Read more...] about Estate Planning & Asset Protection
Estate Planning and Asset Protection
Asset protection is an important aspect of completing a comprehensive estate plan, but exactly what is it and what can it do for you? Many consider asset protection to be a strategy used by those in professions that are exposed to litigation, such as a doctor, to protect their assets from potential claims. While this may be one aspect of asset protection, estate planning considers asset protection for other purposes as well, such as: Protecting family assets from claims of creditors of … [Read more...] about Estate Planning and Asset Protection
Five Things You Must Do To Get Your Affairs in Order
No one likes to think about it, but it's a fact of life. At some point, we will all need to have our financial affairs in order because everyone passes away. Making decisions early will allow you to have some semblance of security that your loved ones will be taken care of and will go through less grief when it comes to your financial affairs. Here are five things you can do to get your financial affairs in order. First, you should really consider having life insurance especially if you … [Read more...] about Five Things You Must Do To Get Your Affairs in Order
The Living Trust Checklist
Before setting up a living trust as part of your estate planning process, you need to think through some of the things that should be included. First, you need to figure out whether you want an individual or shared trust. If you are in a domestic partnership or you are married, then look to see if most of your property is jointly owned. If so, a shared trust might be the best way to go. Next you want to decide who will inherit your property under the trust. This is typically family … [Read more...] about The Living Trust Checklist