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Having a plan in place can ensure that your assets are distributed according to your wishes and your It involves creating a will, setting up trusts, and designating beneficiaries for your life insurance Estate planning ensures your children are cared for by those you love and trust. Beneficiary designations for your life insurance policies and retirement accounts ensure that the funds It is a process that should be reviewed and updated regularly to reflect changes in your life and circumstances

attorney for health care (also called a health care proxy), and an advance health care directive (“living Other financial assets like life insurance proceeds and funds from retirement plans are also automatically A living will describes how you want to be treated at the end of your life. estate attorneys can help you transfer property to heirs in the most tax-efficient way possible and ensure

Luckily, there are several strategies you can employ to bypass probate and ensure a smoother transfer Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living Life Insurance Policies: Term and permanent life insurance policies can have designated beneficiaries To use a Life Estate deed for real estate planning and probate avoidance in Texas, you will need to ensure that Life Estate deeds are legally recognized in your state and understand the specific requirements

a review of your estate plan and portfolio investments, tax planning, education funding strategies, insurance Coordinate your insurance with any that your employer offers. Life insurance should also be examined to provide for loved ones in case of your death. Long-term care insurance should be considered. Education. We are living longer, and planning for a long retirement is critical.

Investment accounts Stocks and bonds Life insurance and Annuity policies Deeds for properties you own

Ideally, we would like to help loved ones on both ends of the continuum of life: the younger generation You have likely worked hard with exactly these goals in mind. assisted living facilities for three years (or more) on average, the expense can be staggering. Certain assets are countable including bank accounts, stocks and bonds, property, cash value of life insurance policies, 401Ksand vehicles.

This includes those with behavioral disorders like alcohol or drug abuse. One solution is making them the beneficiary of a life insurance policy, payable to the heirs who have

With medical bills, special educational needs, therapy, and more, it can feel like there is just nothing For example, there are types of life insurance that can be purchased fairly inexpensively that can be This would likely not be the case if the parent simply planned to leave assets behind in a will. The cost of living increases, as does the cost of healthcare…but by how much? how much money should go into the trust in order to support the child for the remainder of his or her life

you signed doesn’t automatically terminate your ex’s beneficiary designation on separate documents like your employer-sponsored retirement accounts, IRAs, and life insurance policies. If your former spouse remains as the beneficiary on an account, he or she will most likely inherit those To ensure that this is the case, visit your estate planning attorney. Your attorney will help with terms like “per stirpes” and “per capita.”

Last Will and Testament and/or Living Trust A will is a document used to leave instructions about what Depending on your situation, a Living Trust may add another layer of protection and control to your planning Medical Power of Attorney or Living Will This document is different from the power of attorney described A living will also allows you to explain in advance what type of care you do or do not want in all types The list should include life insurance policies, annuities, pension or retirement accounts, bank accounts

A living trust lets you ensure that the property it holds can circumvent this process entirely after Many Texas grantors name themselves trustees to simplify control and reduce costs during life. Life insurance if avoiding estate tax is desired. Business shares or ownership stakes. Update property and casualty insurance policies. You simply file trust amendments with a Texas estate planning attorney whenever life events impact your

insurance to help take care of your family. As your life changes, you may find yourself needing to update the individuals you listed as beneficiaries Any time you are making a major life change (like getting married or divorced), you will want to reassess While you are at it, you should also consider your preferences for end-of-life care. This will allow the doctors to know your wishes when it comes to any life sustaining treatment you do