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individuals incapable of fully attending to their own needs, either because they are children whose parents have If you have been named as a guardian or a ward, or someone to someone who is a ward, it is important In such cases, the would-be guardian must have the required certification under the Certification Requirement sizable assets, the guardian is also a fiduciary and has to undergo a criminal background check and have The guardian must give an annual accounting to the court and the court is authorized to remove a guardian

Generally, high-net-worth individuals in Houston have assets and income exceeding $1 million or more. Minimizing estate taxes — Estate taxes can take a significant bite out of your assets, reducing the amount estate planning can help you minimize these taxes and ensure your beneficiaries receive the maximum amount You can use trusts, LLCs, and other entities to shield your wealth and ensure it is passed on to your Liquidity — High-net-worth individuals often have significant assets, but not all may be liquid.

beneficiaries Add additional beneficiaries if new descendants are born Permit amendments to the trust to account and estates attorney can help you define these duties and ensure that the trust protector does not have

Many clients have asset protection due to high-risk jobs such as attorneys, dentists, nurses, doctors If you are a parent to children who are not financially responsible, it is wise to have asset protection For the most part, almost everything can be protected as long as you do not have a pending lawsuit. The best time to start planning for asset protection would be if you have an inheritance or money in Usually, investment accounts are also at risk.

Prior to the discussion conduct your own research so that you have a clear understanding of the options that it is important for your parents to have in place. important because they give a designated individual the legal authority to make legal, financial, and health If your parents do not have them, an elder law attorney can help to draft them. It is also equally important that your parents review any retirement account information, insurance policies

will distribute your assets by applying the state’s intestate succession laws, which may not be the same An estate plan should also have provisions for passing your values to your heirs, like your religious important documents, titles, deeds and policies and get them set in one secure place (like a fireproof safe Have an estate planning attorney draft these estate planning documents for you.

Both running a successful business and having a successful marriage require commitment and hard work. challenges, but being devoted to one another as spouses and as business partners can bring higher levels of accountability individual tax return (e.g., 50 percent each if you co-own the business equally) and pay the appropriate amount In other words, they do not have to treat their business as a partnership. And even during good times, it is best to have everything in writing.

receiving child support within the Texas Family Code, a recent amendment to the law may increase the amount Basically, it was time to increase the cap to account for inflation and the increased cost of living Prior to Sept. 1, 2013 only $7,500 of that total amount was taken into consideration by the court when Now, with the new law in effect, an additional $1,050 is counted, which means the parent receiving the Whether you are paying or receiving, the amount will not change unless one party specifically requests

Maybe that can be used as your opener: “Did Irvin Favre have a will? Whether or not you’re a Packers fan, you should have information about several important things. Ask your parents if they have a health care power of attorney, a will, a financial power of attorney (or a durable power of attorney), and an advanced health care directive (or a living will). open the subject for discussion, to see whether your loved one has given this adequate thought, to save

They managed the risk with life insurance and saving six months’ worth of expenses for an emergency. If you have a spouse or minor children, you have loved ones relying on you financially.

We have all seen the ads online for free or inexpensive estate planning. example: A woman wants to split her estate between her two children, but because her home and investment accounts are worth about the same amount of money, she bequeaths her home to her son and her investment account Five years later, after increasingly large medical bills, the woman has nearly depleted her investment accounts When she dies, her son gets the house, and her daughter gets what is left of her accounts.

Coincidentally, an administrator and an executor have the same job to do. claims or challenges Keeping accurate records of all estate transactions and expenses Providing periodic accountings the same job to do. The fee amount varies widely depending on the type of estate and the complexity of tasks involved In While these terms are often used interchangeably, they have distinct legal meanings and can impact how