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Recent Blog Posts
Should You Include An ILIT in Your Estate Plan?
When planning your estate in Texas, one of your main goals may be to protect your loved ones and minimize taxes. An Irrevocable Life Insurance Trust (ILIT) is a powerful tool that can help you do both. It can be especially appropriate if you have a large life insurance policy or want to ensure your assets are used wisely after your death. Understanding how ILITs work and when they make sense can help you make informed decisions about protecting your family's financial future. An experienced Flower Mound, TX estate planning attorney can help you incorporate an ILIT into your estate plan.
What is an ILIT?
An ILIT is created to own and control life insurance policies during your lifetime and manage the proceeds after your death. Once established, it is irrevocable, meaning that you generally cannot change or revoke the trust terms except under very limited conditions. The ILIT becomes the owner of the life insurance policy, and the trust itself is typically named as the beneficiary. This separation removes the policy from your taxable estate.
Estate Planning to Avoid Texas Guardianship
The prospect of a guardianship being set up to make decisions about your life could be unnerving and concerning. Guardianship can also be time-consuming, expensive, and potentially stressful for families who may already be struggling with a difficult situation if you have been incapacitated and are unable to make decisions. This is where careful estate and long-term care planning can make a big difference to help you avoid guardianship in the first place and maintain control over your future. An experienced Denton County, TX elder law attorney can help you devise an estate plan that avoids guardianship.
What Is Guardianship?
Guardianship is a legal relationship that occurs after a court appoints someone to make decisions about health care, finances, or daily living needs for a person who is no longer able to make them on their own. While guardianship is sometimes necessary, it can also create problems. The process involves court hearings, attorney fees, and ongoing supervision. It can also take control away from your loved ones and give it to someone the court chooses, not necessarily the person you would have wanted.
How Can You Incorporate Charitable Giving Into Your Estate Plan?
Having an estate plan is essential for safeguarding your assets and protecting your family and yourself against future unforeseen worst-case scenario events such as incapacitation. There is another key role that estate planning can fulfill, and that is providing a way to ensure your values and legacy live on via charitable giving. Many different instruments can be used to incorporate charitable giving as part of a comprehensive estate plan. Besides their role in cementing your family’s legacy and giving you a chance to give back after you have passed, they can offer great tax savings for your estate. An experienced Denton County, TX, estate planning attorney can help you incorporate charitable giving into your estate plan.
What Are Some Common Ways to Incorporate Charitable Giving Into Your Estate Plan?
Beneficiaries of Retirement Accounts
Estate Planning Considerations for Military Families
Estate planning can help grow your assets, but it is also a way to put in place a plan to protect you and your family against future unexpected events. It can help ensure that your wishes are honored in the event that the worst happens and you face incapacitation or death. Every family should draft an estate plan to protect themselves, but it is especially crucial for members of the military to do so, given the risks and sacrifices that come with military life. Additionally, there are special estate planning tools available to servicemembers and veterans that can help military families meet their goals. An experienced Flower Mound, TX estate planning attorney can work with members of the military to create a comprehensive estate plan that suits their needs.
What Estate Planning Tools Should Military Families Use?
There are many ways to structure an estate plan, and they are best suited based on the specific needs of the individual. However, there are a few key estate planning tools that military families should consider, either alone or together:
Can I Disinherit a Family Member in My Texas Estate Plan?
Deciding who gets what after you pass away can be one of the most emotional and complicated parts of estate planning. Sometimes, that decision includes leaving someone out entirely. Whether it is due to strained relationships, financial responsibility, or deeply personal reasons, the choice to disinherit a family member must be handled carefully. By working with a Texas estate administration lawyer, you can ensure your intentions are clearly stated and legally upheld.
Is Disinheriting a Family Member Legal in Texas?
Texas law allows you to disinherit most family members if you clearly state your intentions in a valid will. Texas is a community property state, which means that spouses have some protected rights, but for the most part, you have the legal right to leave your property to anyone you choose.
Can You Contest a Will in Texas?
When a loved one passes away, his or her will should reflect his or her true wishes. However, in some cases, family members or heirs may believe the will is not valid. Maybe the will unexpectedly favors someone, leaves out close family members, or appears to have been created under suspicious circumstances. These types of disputes are emotionally and legally complex, but a Texas probate lawyer can help you take the right steps to protect your interests and ensure your loved one’s intentions are honored.
What Are the Legal Reasons for Contesting a Will in Texas?
Texas law allows people to contest a will if they have real grounds to believe it is invalid. According to Texas Estates Code § 256.204, a will may be challenged for several reasons, such as:
Three Reasons You May Need To Update Your Estate Plan
Estate plans are not set in stone. On average, major life events happen as often as every three years, and that can mean an estate planning revisit is in order. Everything from a change in relationship status to an increase in investments calls for reevaluation. An experienced Denton County, TX estate planning attorney will explain the nuances of Texas law that apply to your situation and help ensure your future and the futures of your family members are secure.
Changes in Your Relationships
Failing to update your beneficiaries after a change in marital status can cause significant complications later. For example, if you get married, you likely want to designate your new spouse as a beneficiary. Similarly, you may want to remove an ex-spouse from documentation following a divorce.
When a person dies without a will, Texas law typically distributes the estate to the surviving children or spouse. If you have a will with outdated beneficiaries, the wrong person may have the power to make medical decisions for you or may inherit assets you would prefer someone else receive.
End of Life Planning with a Terminal Illness
A terminal illness diagnosis is overwhelming, not just emotionally but also in terms of practical decision-making. While no one wants to think about the end of their own life, having a solid estate plan in place can provide peace of mind for both you and your loved ones.
Proper planning ensures that your assets are distributed according to your wishes, your medical preferences are honored, and your family is spared from unnecessary stress. At Colbert Law Group PLLC, our Texas estate planning lawyer helps our clients plan for these sensitive times with a compassionate and forthright approach.
Estate Planning for End-of-Life Considerations
One of the most crucial aspects of end-of-life planning is ensuring that your financial affairs are in order. This includes having essential legal documents in place to clarify your wishes and protect your loved ones from unnecessary legal hurdles.
How to Protect a Special Needs Adult Child After You Pass Away
Planning for the future of adult children with special needs is one of the most important steps you can take to ensure their long-term care and financial security. As a parent, you have been your child’s primary advocate, but it is essential to put legal protections in place so they receive the care and support they need even after you are no longer there to provide it. Estate planning for special needs individuals requires careful consideration of guardianship, trusts, and help from an experienced Texas estate planning lawyer to safeguard your child’s future.
Create a Letter of Intent
A letter of intent is a non-legal document that serves as a guide for future caregivers, guardians, and trustees who will oversee your child’s care. While not legally binding, this document provides valuable insight into your child’s daily routines, medical history, and long-term goals. When drafting your letter of intent, consider including:
Which Assets Go Through Probate?
If you are navigating the probate process in Texas for the first time, you probably have many questions. One of the most common things people wonder about probate is exactly which assets must go through probate and which ones can transfer directly to heirs. Understanding how this works can help you prepare for the legal steps ahead and avoid unnecessary delays in settling your loved one’s estate. Our Texas probate lawyer can give you the help you need and ensure that your loved one's estate is handled correctly.
How Does Probate Work?
Probate is the legal process of settling a person’s estate after they pass away. It involves verifying a will (if one exists), finding assets, paying off any debts, and distributing remaining property to heirs or beneficiaries. If there is no will, Texas intestacy laws determine how the assets are divided. This means that state law says who inherits assets based on their relationship to the deceased.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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