Business owners like all individuals should start with the basics. There are four documents that form the cornerstone of all estate planning. They are a will, durable power of attorney, medical power of attorney and directive to physician (living will). Non-traditional families and same sex couples should consider some additional documents to provide similar coverage available to married couples under the Read More
The Importance of Beneficiary Designations for Non-Traditional Families
A comprehensive estate plan begins with a will and directives. But it would be incomplete without considering beneficiary designations. This enables every aspect of the plan to work together toward providing for your loved ones. A review of how all assets are titled and current beneficiary designations will ensure your goals are achieved. It is important to review beneficiary designations on life insurance Read More
What is a Probate Proceeding?
When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
Advanced Planning Documents that are Critical for Non-Traditional Families
Planning for all families begins with the same foundational estate planning steps. However, if you are a non traditional family or in a same sex relationship additional steps are necessary to ensure your loved ones are protected and your wishes followed. If you want your partner, instead of your biological relatives, to make decisions on your behalf additional steps need to be taken. The first step to consider is Read More
What Happens in a Property Transfer?
The death of a loved one can bring a great deal of stress and confusion into the survivor’s life. What is to be done with the home, furnishings, financial accounts and pets? Who is responsible and how does it get done? When someone dies any property owned must be transferred to a new owner. This transfer takes a variety of forms and which form depends in part on what the deceased owned. Some property can be Read More
Planning for Non-Traditional Families
While the need for proper estate planning is the same for both traditional and non-traditional families, some of the planning techniques used are different. Same sex couples are not treated the same as traditional married couples for many purposes and while these differences in treatment present challenges, they are not insurmountable with proper planning. Same sex couples, just like opposite sex couples, must have Read More
Define Your Estate
The most basic definition of estate is everything you own. This includes tangible items like a house, car, boat and furnishings. It also includes intangible items like investments, bank accounts, 401K’s and IRA’s. When defining your estate for planning purposes there are two categories of assets. They are probate and non probate. Probate assets are assets that come under the jurisdiction of the court at the time Read More
Estate Planning for Pets
In some households pets are key members of the family and any estate plan that doesn't address their needs would be found incomplete. An important first step in this process is to discuss your desires with the person you wish to care for your animals after you are gone. There are several questions you should ask yourself and discuss with the potential caregiver. Will you care for my pets? Is there a limit on Read More
Overview of Trusts
A trust is a separate legal entity created for a defined purpose. In estate planning that purpose is often to reduce a taxable estate or to care for loved ones who are unable to manage their finances. Trusts can be a great tool to accomplish your goals. The person who creates the trust is called the grantor or settler. The trust is created as either a revocable or irrevocable trust. If a trust is revocable the Read More
Difference Between Community Property and Separate Property
What is separate property? Separate property is property acquired before marriage. It is also property acquired during marriage by gift, devise, or descent; and recovery for personal injuries by a spouse during marriage except for recovery for loss of earning capacity during marriage. Property received by devise or descent is property received from the estate of a person who has died. For example, if a relative Read More
