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Moving and Estate Planning Documents What happens with your estate-planning documents when you move during Yes, it is worth your time and money to have new estate planning documents prepared for your new address However, the laws involving probate, property, trusts and estate taxes are different in each state. At the very least—even if your estate-planning documents are relatively new and you don’t want to go planning lawyer in your new locale and have him or her review your paperwork.

These will include things like estate planning and tax advice.

Among parents who had created a will, 61% of those with stepchildren and biological children planned An estate planning attorney can provide valuable guidance.

He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn if the will was done correctly by an estate planning attorney. There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase plan was done properly.

Some of the benefits of a 529 savings plan are that you can use the annual exclusion gift, now set at If you have three grandchildren, that’s $42,000 a year that you can exclude from your estate. If you put the funds in 529 plans, you still have control of them as the owner of the account, and you A 529 plan is only designed to pay qualified secondary educational expenses. An estate planning attorney can help evaluate if a trust is a better option all around.

Update your estate plan. Review your estate documents, including your will, your medical and financial powers of attorney and If you don’t have any of these documents, talk with an experienced estate planning attorney. retirement accounts, life insurance policies, and other assets to make sure they are in line with your estate planning.

According to a recent article from The Motley Fool entitled “Planning for Retirement When You’re Single Make plans to take care of your health. About 70% of adults aged 65 and older will require some type of long-term care at some point in their You need some estate planning and should draft a will and name your power of attorney and beneficiaries Reference: The Motley Fool (January 26, 2016) “Planning for Retirement When You’re Single” #Pearland

Contact the Texas Estate Planning Attorneys at Your Legacy Legal Care By working with a knowledgeable and experienced Texas estate planning attorney, you can better understand the estate planning process and develop a plan to ensure that your wishes for the future will be carried out. Legal Care, we understand the emotions, confusion, and frustration that can come from not having a plan for one’s estate.

A trustee is the person who will manage the assets that are in your trust. Many people choose to be their own trustee and can continue to manage their affairs as normal. Married couples can be named co-trustees. In that case, when one dies, the other can continue to make financial decisions without any other legal steps needed. You can also name a successor trustee. A successor trustee is the person who will take over your decision-making if you (or the co-trustee) are no longer able to do so. In some cases, several successor trustees are named in case the previous one is unable to serve. In other cases, people choose to select two or more adult children who will act together. Some people choose a completely unbiased corporate trustee, usually a bank or trust company, who will take over decision-making. The following list contains some of the responsibilities that are required of a trustee: Make decisions regarding assets in your trust. This typically involves managing the trust investments, property and making decisions that are in the best interest of the trust beneficiaries. Assets must also be managed according to the terms of the trust and governing law. Keep detailed records for all of the trust transactions.  All transactions need to be accounted for by maintaining a record of receipts and other documentation. Comply with all federal and state law requirements. It is critical that a trustee follows the terms of the trust documents and the trust creator’s instructions. Additionally, a trustee is responsible for complying with federal and state laws, meeting any reporting requirements, and filing federal and state taxes. Administering a trust is often complicated and confusing. The trustee not only has to manage the details of the trust, they are also dealing with emotions and conflicts that can arise among the beneficiaries of the trust. That is why many trustees contact us to assist. We can help you avoid all of this by walking you through the entire trust administration process. Doing so will relieve you of tremendous stress and might help you avoid litigation brought on by unhappy beneficiaries. #TrustAdministration #trustplanning #Trusts

pass down appreciating assets to heirs without incurring a hefty gift tax and to lower their overall estate-tax total pretax return that exceeds that hurdle rate, the excess return passes to heirs free of gift and estate A qualified personal residence trust will freeze the value of the property for gift-tax and estate-tax Meet with an experienced estate planning attorney to determine if these wealth transfer strategies make Reference: NASDAQ (December 23, 2015) “Estate Planning: How to Adjust to Rising Rates” #EstatePlanningLawyer

In addition, there are optional benefits you can select to add to a basic plan.

they’re doing really helps because they can tailor a strategy that fits with your overall financial plan It is best to work with an estate planning attorney in your state because state tax laws vary considerably Catch Up On Contributions: If you haven’t maxed out contributions to your 401(k) or 403(b) retirement plan some of your pretax salary for certain expenses, and 529 plan contributions. An estate planning attorney can help you with the details.