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

When you have created your plan, save aggressively, in your retirement accounts and elsewhere, and invest As morbid as it sounds, it’s critical to plan now so as not to leave your loved ones in the lurch. Talk to an experienced estate planning attorney and have your will drawn up.

In the past, the only way single people could avoid having their home avoid probate—without adding someone to the title while they were still alive—was by creating a trust. This could be time-consuming and expensive. Starting in 2016, homeowners who want to use the new option will simply sign an instrument called a Simple Revocable Transfer on Death Deed. This will name who will receive the property. They must have it notarized and record it with their county within 60 days but can change their mind and revoke the deed at any time. This new law expires January 1, 2021 in order to allow time to study its effects. Transfer on death deeds that are executed between now and then would not be impacted, but would still be in effect and could be revoked at any time. However, new ones can’t be executed after that date unless the law is extended. The law requires the California Law Revision Commission to study and make recommendations regarding the new deed to the Legislature by January 1, 2020. Reference: The San Francisco Chronicle (November 9, 2015) “Californians have a new way to keep homes out of probate” #AssetProtection #ProbateAttorney #HoustonEstatePlanning #LeagueCityTrustsandEstates #SimpleRevocableTransferonDeathDeed #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn 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 meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn 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 meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

In addition, you can ask your estate planning attorney to help you with the process. If something changes, contact your estate planning attorney to change your guardian choice.

is a poignant reminder that there are laws dictating what will happen if you fail to make an estate plan It is a stark look at the current intestacy system, and a reminder that without an estate plan in place After someone has died without an estate plan in place we can’t guess what they would have done in an alternate universe where they executed an estate plan. If you are ready to make sure your estate planning wishes are respected, we are here to help.

percent of children expect to receive something from their parents, only 40 percent of parents have such plans 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

The power of attorney is a powerful legal tool that requires careful consideration and planning.

Situations where formal estate planning would have provided some certainty and protection from pain, Making A New Plan We figure out what sort of care you will realistically need in the coming years, how It is the same sort of analysis we do when anyone comes into our office for estate planning advice, but Contact us today to schedule a meeting with our experienced team of estate planning attorneys.

As Texas-based estate planning attorneys, we have seen firsthand the pitfalls people face as they administer