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with his initial campaign promises, though, President Biden is no longer proposing an expansion of the estate Despite this change, the plans – if enacted – could have major implications for estate planning. These changes must be factored into your estate plans to avoid any unpleasant surprises. The elimination of the step-up in basis policy could also have serious implications for estate plans Planning Implications Estate planning always hinges on your specific assets and goals, but there are

It is no surprise that estate planning is often an avoided part of financial planning. Estate planning is not just the distribution of assets to your beneficiaries. Even if your estate is below the federal estate tax exclusion rate, which for 2020 is $11.5 million per regarding estate plans is family conflict. to talk to an attorney who specializes in estate planning.

When you are tasked with executing their estate, the feelings of grief and responsibility can quickly This is especially true if this is the first time you have ever had to administer an estate. or other estate plan in place, it is important to get your hands on it as soon as possible. your loved one’s estate and how to best carry out their wishes. plan and have to go through the process of administering their estate.

someone who lived such an extraordinary life, or who died so long ago, would have radically different estate Second: I bequeath by entire remaining estate to my beloved wife Margaret, and our children, and I desire Persons and Estates during minority;  But should a wise Providence, through its inscrutable decrees , or of my Estate. Done at Huntsville, the Second day of April 1863 Sam Houston It is remarkable how little estate planning

There is no doubt about it: pets are members of the family. Whether you are a cat person, a dog lover, or prefer the company of birds or guinea pigs, most people can agree that these furry friends are indeed precious and are treated like children. As you plan for the future, you may be wondering: what will happen to my pets should I become incapacitated or pass away? Thankfully, there are several options available to ensure the best possible outcome for your beloved pets. Pets in Your Will If you feel passionately about what happens to your pets after you pass away or become incapacitated, you may want to spell out your preferences for them in your will. For instance, if you are experiencing health issues and are concerned about what might happen to your beloved “fur baby” should you pass, you can list a preferred caretaker in your will. Such a clause might also outline how your fur baby’s feeding and veterinary costs will be covered. While you can bequeath the caretaker with money intended to pay for these expenses, they will not be legally required to use those funds as you intended them to be used for your pet. Trusts for Pets Eager to secure a fund for your pet’s care after you pass? You may want to weigh the benefits of creating a trust for your pets. With a trust, you can create a legal obligation to care for the pet as described in the provisions that are drafted throughout the trust. A trust also provides accountability for the money you will leave the caretaker to be sure it is used for your pet’s benefit. Such a document will even allow you to create a caretaking plan that goes into effect the moment you become incapacitated. Pet trusts are a more secure option than wills, but they are also quite inflexible. Should circumstances need adjusting, caretakers may struggle to make changes to the way your pet is cared for. Regardless of whether you make arrangements for your pets in your will or in a trust, you will want to include secondary caretaker designation, just in case situations change over time. Other Arrangements What if you do not have a trusted friend or family member to take care of your pets? You can also make plans to leave animals in the care of your preferred shelter or charity organization. There are rescues dedicated to helping rehome pets in this exact situation. By making a plan ahead of time, you can ensure a seamless transition for your furry friends and ensure they are taken care of even upon your passing. Your Legacy Legal Care has experience planning ahead for the well-being of your fur babies. To find out how to protect your pets, call us at (281) 885-8826 or click here to schedule your complimentary strategy session today.

When establishing your estate planning documents, you want to be able to consider all the angles, but Unless you have had a discussion with your children, it may be wise to treat them equally in your estate However, before you get overwhelmed and give up on estate planning altogether, you need to consider the The best way to approach estate planning is to think through all of the questions you may have, and then

Americans are reconsidering their estate planning strategies following Joe Biden’s presidential election Biden made his desire to raise estate and capital gains taxes well known on the campaign trail, leaving No matter what your plans are, keep these considerations in mind ahead of inauguration day: Gift and Estate Taxes This year, the gift and estate tax exemption amount remains at $11.58 million per person, or a To ensure your assets are protected and your estate taxes are minimized as much as possible, contact

In the absence of alternatives and if there is an immediate danger to the parent or their estate, a court petition for emergency guardianship may be necessary to protect a parent or their estate. Understanding the Emergency Guardianship Process in Texas Texas Estate Code allows temporary emergency prove there is an imminent threat of danger to their person or estate. of the Ward and also file annual accountings for the Ward’s estate.

You may need to reevaluate some elements of your estate plan in light of the coronavirus pandemic, especially There are unique aspects of this crisis that your current estate planning documents may not be suited The language in some estate planning documents that is acceptable under normal conditions may cause additional Before revoking and/or updating your current estate planning documents, be sure to consult with your at Your Legacy Legal Care to ensure your powers of attorneys, healthcare directives, and your other estate

Spears’ Conservatorship & How It Can Happen To You , we discussed the importance of having the proper estate durable power of attorney would have helped Britney prevent her father from getting control over her estate Having even the simplest estate plan in place could help prevent you from ending up in a situation like If the answer is no, then you need to speak to an estate planning attorney. Our team at Your Legacy Legal Care is dedicated to ensuring that you, your loved ones, and your estate

the laws they knew with them, so an Americanized version of English Common Law is the basis of most estate In the estate planning world, the distinction between community and separate property is important for The second reason the distinction between separate and community property is important in estate planning This means that whenever you give someone a gift, or if you remember someone in your estate plan, the important if the person you give a gift or bequest to gets divorced or they themself die and their estate

As a Harris County will and trust lawyer, I realize that those of us in the estate planning industry if you have a large estate.  estate planning terms that you will hear more than any other; trust and will .  You cannot create a guardian for your children in a living trust. Creditors can only bring claims against your estate for a certain period of time.