Most people do not have a difficult time determining what they want to happen with their property and assets after they pass away. You know who you want to have your stuff. For this reason, some people decide that they can make their own estate plans. They purchase a Will from an online source and fill in the blanks. However, there is a problem with that line of thought: estate planning is not about who you want to have your stuff. Estate planning is about how to go about giving people your … [Read more...] about Do Not Limit Your Options
Wills and Trusts
New IRS Regulations on Charitable Bequests
New IRS regulations make leaving money to charity in a Will or Trust a little bit more complicated. The Will or Trust now needs to detail the source of the money that is to be used for charitable purposes. To qualify as non-taxable, that income source must have an independent economic effect, which basically means that the contribution cannot merely be to avoid paying income tax on the money. The reason for the new rule is because of Charitable Lead Trusts. These are instruments that people … [Read more...] about New IRS Regulations on Charitable Bequests
After Getting a Revocable Living Trust
Getting a Revocable Living Trust is an important step in avoiding Probate hassles. However, it is only a first step and there are other things that you should do. Everyone's case is slightly different, but here are a few things to consider after getting a Revocable Living Trust: 1. Fund the Trust. This is the most important step. A Revocable Living Trust does not do any good if you do not transfer your assets to it. You do not have to transfer all of your assets to the trust, but your most … [Read more...] about After Getting a Revocable Living Trust
Divorce and Previously Drafted Wills in Texas
As a domicile of Texas, you may be able to rely on the state’s probate laws to a limited extent should you divorce. Almost all estate planning lawyers will recommend periodic reviews of estate planning documents. Your estate planning attorney will most likely ask you to review your estate plan during or after important life-changing events. One of these events is divorce. At least one time after your divorce, you should sit down with your estate planning attorney to review your estate plan. … [Read more...] about Divorce and Previously Drafted Wills in Texas
Updating Your Estate Plan in 2012
If you currently have an estate plan, you should visit an attorney to have it updated this year. The laws concerning the gift tax and the estate tax are currently scheduled to change at the end of this year. You need to make sure that your estate plan is up to date and conforms with any new laws. If you don't, then your family might not receive all of the inheritance that you thought you were leaving them. Estate planning attorneys have many different ways to lessen the gift tax and estate tax … [Read more...] about Updating Your Estate Plan in 2012
Famous Estates – Legacy Champ or Chump?
Dwight D. Eisenhower (1890-1969) - 34TH President of the United States, 1953-1961 Prior to his presidency, Eisenhower was a five-star general in the United States Army during World War II, and served as Supreme Commander of the Allied Forces in Europe. He had the responsibility of planning and supervising the invasion of North Africa in 1942-43, and the successful invasion of France and Germany in 1944-45. In 1951, he became the first supreme commander of NATO. Eisenhower defeated Adlai … [Read more...] about Famous Estates – Legacy Champ or Chump?
Procedures in Probating a Will in Texas: Part 3 of 3
Continuing the last blog within this three-part series, we will discuss proceeding with administration of the decedent’s estate using the Small Estate Affidavit. Unless the decedent’s assets fall within the small estate exception, the administration process involves appointing a personal representative to administer or oversee the distribution of the decedent’s assets pursuant to his or her will. If the decedent died without a valid will, you may be able to bypass the formal estate … [Read more...] about Procedures in Probating a Will in Texas: Part 3 of 3
Procedures in Probating a Will in Texas: Part 2 of 3
Continuing this three-part blog series, we will discuss what is necessary to probate your will in Texas. After the probate court establishes the authenticity of the decedent’s will or validity, you will have to administer the will. In Texas, the estate administration occurs after a court approves the decedent’s appointed executor. If the decedent’s will failed to appoint an executor, or if the executor is unable or unwilling to serve, the probate court must appoint a personal representative to … [Read more...] about Procedures in Probating a Will in Texas: Part 2 of 3
Procedures in Probating a Will in Texas: Part 1 of 3
This three-part blog series discusses the steps of probating a decedent’s will after he or she dies. If you are the decedent’s appointed executor or personal representative, you may be able to gain a cursory understanding of your probate duties during the next several months by reviewing these blog entries. If you are the personal representative of a decedent who died intestate or without a validly written will, your duties will also include locating the decedent’s heirs. Once you locate any … [Read more...] about Procedures in Probating a Will in Texas: Part 1 of 3
Not Everyone Needs a Trust
In the last post, we told you that everyone can have a Revocable Living Trust. They are not just for the wealthy. However, that begs the question, does everyone need a Revocable Living Trust? If you go online and read about what you should have for your estate plan, it is easy to come away with the impression that everyone should have a Revocable Living Trust. It might even seem that it's the world's greatest legal instrument given to us from above as a special gift. That's because many online … [Read more...] about Not Everyone Needs a Trust
