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An updated will. A properly drafted will can play a crucial part in minimizing your estate’s exposure to taxes. If you should die without a legally proper will, the probate court may wind up making decisions about your estate, regardless of your best intentions. Review your will regularly. Owned property. If you are married and own property you intend to gift, ask your estate planning attorney to check state laws to see how they may impact your estate. There are states where property owned prior to marriage is treated as separate property belonging to just one spouse, and there are community property states in which all property acquired prior to or during marriage is deemed to be owned by both spouses. Review your property and make sure it is set up the way you want. Beneficiary statements. Review your beneficiary designations, and make sure they’re as you want them. This includes retirement plans (401(k)s, 403(b)s, etc.), IRAs, bank accounts, and insurance policies. Remember that your named beneficiaries take preference over those named in a will, so it’s important to regularly review beneficiaries, particularly after major life changes like marriage or the birth of children or grandchildren. Health care directive and living will. It’s important to be prepared for the unexpected with your health, whether an accident, illness, or other reason. Draft a health care directive that provides guidance on the extent of the medical treatment you want to receive based on your condition. Power of attorney. You should give an individual the authority to make decisions on your behalf in the event you are unable to do so. A “durable” power of attorney will act as your agent, making medical and/or financial decisions for you when needed. Digital accounts. Make certain that loved ones know how to find all required information, including passwords, to access your online accounts—your financial accounts, social media accounts and household accounts like your cable and electric. Consult with an experienced estate planning attorney for help in creating this documentation as part of your estate plan. He or she can review your estate goals to make certain your legacy intentions are consistent with your overall financial strategy. Reference: Sonoma County Gazette (March 1, 2016) “6 Basic Steps to Legacy Planning” #HealthCareDirective #AssetProtection #IRAs #ProbateAttorney #401k #HoustonWills #ProbateCourt #ClearLakeProbate #CommunityProperty #Inheritance #LivingWill #DigitalAccounts #Beneficiaries #HoustonTrusts #PowerofAttorney #LeagueCityEstatePlanningLawyer

patients even claim to be better and try to convince their loved ones to change their power of attorney, revoke

These findings were highlighted in the Barron’s article, “Preparing for Inheritance: How to Avoid Losing It All,” which also notes that smart financial, tax, and estate plans by themselves don’t create good stewards of wealth. Senior generations have to teach their heirs about the legacy they’re going to inherit, uniting the family unit around its accomplishments and civic engagement. When it does this, it has a better chance to preserve the family fortune as well as the family bond. Communication lets heirs have an understanding of their predecessors’ values, responsibilities, and choices. This may reveal ideals, beliefs, values, and shared visions that might otherwise have been left unsaid and allows the family to foster a common vision to support a common purpose for future generations. Annual family meetings should be scheduled with a goal of promoting family harmony. Eventually the family’s principal advisors, including those for legal, tax, and financial concerns, should receive a copy of a “heritage statement.” This is a formal document of the family’s story, values, and vision, and when it’s updated, the advisors should also get a new copy. A heritage statement should sharpen the family’s vision as it is to be shared outside the family. With a clearly defined vision, advisors’ recommendations can be coordinated with the family’s goals, beliefs, and values. Your family can up its chances of maintaining wealth rather than destroying it with the use of family meetings and the heritage design process for wise financial and estate planning. Contact a qualified estate planning attorney to assist you. Reference: Barron’s (November 7, 2015) “Preparing for Inheritance: How to Avoid Losing It All” #AssetProtection #HoustonEstatePlanning #HeritageStatement #Inheritance #HoustonEstatePlanningLawyer #TaxPlanning #HoustonProbate #HoustonTrustsandEstates #HoustonProbateAttorney

One strategy is gifting into a Grantor Retained Annuity Trust (GRAT), which lets you, in effect, loan savvy year-end strategies” #CapitalLosses #HoustonAssetProtection #EstateTax #IRAs #CharitableGiving #TrustsandEstates

Many people believe that, unless they own huge sprawling mansions or complicated trust funds, they have

insurance benefits will go to the beneficiaries you indicated when you purchased the policy, not the trust

But our firm can show you how to put assets into a trust that your loved ones can tap into after you

Multi-million dollar estates Disabled Children/Individuals with Special Needs Who May Require a Special Needs Trust

If you just had your estate planning attorney draft a trust without changing the deed to your real estate to reflect ownership by that trust, most states would not let the real estate pass through your trust A trustee can list the house for sale within hours of your passing, but an executor of your will must

Having a capable, trustworthy elder lawyer can be invaluable in protecting older loved ones from the attorneys who are also well-credentialed in estate planning can assist you plan for retirement, establish trusts

and the deadline is fewer than two weeks before the start of a scheduled jury trial over control of a trust The trust assets include nearly all of San Antonio-based Lone Star Capital Bank, 50% of five auto dealerships was nothing left to discover in the case since Renee has owned all the Shirley Benson Testamentary Trust The purpose of the litigation is to establish a new trustee for the Shirley Benson trust. Antonio Mayor Phil Hardberger and estate planning lawyer Art Bayern as temporary co-receivers of the trust

Some funeral homes put that money in a trust fund or buy an insurance policy naming itself as beneficiary of “unknowns”, an alternative (and sometimes better option) is to work with an attorney to create a trust