Posted on February 08, 2023 in Estate Planning

Giving money to charity is a great way to leave a legacy and help others in need. Incorporating charitable giving into your Texas estate plan can have several significant benefits, both for you and the organizations that will receive your support. In some cases, thoughtful philanthropic planning can also reduce the amount of tax due on your estate.

When it comes to estate planning in Texas, there are several ways to incorporate charitable giving into your plan. Some of the most common methods include creating a charitable trust, donating through an estate plan beneficiary designation, and making a bequest in your will.

Exploring the Benefits of Charitable Trusts

A charitable trust is a legal document that establishes an account funded by your assets and held for the benefit of one or more charities. Charitable trusts allow you to donate a large sum of money to the organization(s) of your choice and receive significant tax benefits, as well as the satisfaction that comes with supporting the causes you believe in.

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 Posted on January 16, 2023 in Elder Law

Texas law allows an individual to become another person's guardian under certain circumstances. A guardian is someone who is legally responsible for taking care of another person's physical or financial wellbeing. In the case of an aging parent, a guardian may be needed if they are no longer able to make sound decisions on their own or manage their own property.

If your parent is getting older and struggling with cognitive decline or physical health concerns, you may be interested in exploring your legal options. Guardianship is a serious decision, and it is important to understand exactly what the process involves before making any decisions.

Basics of Adult Guardianship in Texas

There are two main types of guardianship in Texas. "Guardianship of the person" gives an individual authority over another person's healthcare. A guardian of the person is responsible for making decisions about medical care and living arrangements.

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 Posted on January 09, 2023 in Estate Planning

As the term "Autism Spectrum Disorder" implies, autism exists on a spectrum. Some individuals with autism may require minimal support, while others require substantial assistance with decision-making and everyday life activities. If you have a child with autism, a special needs trust (SNT) is an important tool that can help ensure their financial security into adulthood.

A special needs trust allows you to set aside funds that are used exclusively for the benefit of your child without impacting his or her eligibility for government benefits. This blog will explain the fundamentals of a special needs trust as well as the unique benefits it may provide to families with autistic children. 

Basics of a Special Needs Trust 

A trust is a legal document that defines how assets are to be managed and distributed. A special needs trust is specifically designed for individuals with disabilities, such as autism, who receive government benefits like Supplemental Security Income (SSI). 

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 Posted on December 16, 2022 in Elder Law

For many people, after working all their adult life and saving for retirement, the satisfaction when that last day of work finally arrives can be exhilarating. Once they retire, many people choose to split their time between states, depending on the seasons and weather. For example, some Denton County retirees split their time between North Texas in the warmer months and heading to warmer climates during the winter months. But just how does this splitting of residences impact a “snowbird’s” estate plan and which state laws should be followed? The following is a brief overview. For more detailed information about your particular situation, an estate planning attorney from our firm can help.

Establishing Residency

Each state sets its own estate laws, so where you live will determine which laws will apply to your estate it needs to be determined which state you actually live in. In some cases, this can be fairly easy. If you only own real estate property in one location, do your banking with one financial institution, and register your vehicle in one state, this would likely be your state of residence.

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 Posted on November 01, 2022 in Estate Planning

You may or may not have heard the term “incapacity planning” before. Incapacity planning is a part of estate planning. It refers to making a plan for your own care in the event that you become incapacitated later in life. People are living much longer lives today than in the past. While this can provide a wonderful opportunity for many older adults to spend time with their children, grandchildren, and even great-grandchildren, it also means that people are more likely to face age-related capacity issues. Alzheimer's, dementia, and other causes of mental decline related to aging are very common. It is important that people plan ahead for the possibility that they will face these or other medical concerns. An attorney can help you decide what documents you need and walk you through the process of making these very important decisions. 

What Documents Might I Use for Incapacity Planning?

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 Posted on April 12, 2022 in Estate Planning

The Texas probate courts facilitate the administration of any estates of those who have died as residents of the state. The probate courts help interpret and enforce state law and oversee the administration of estates to reduce mistakes and conflict.

Probate proceedings can have a negative impact on the total value of an estate. People may spend thousands of dollars on court and other probate expenses. Ultimately, those costs will diminish what heirs and beneficiaries receive from the estate.

For some individuals planning their estates, avoiding probate is a priority. When is probate necessary under Texas law?

Most estates require at least some probate oversight

Texas generally requires that any property owned by someone who died to pass through probate. However, there can be much more intensive probate proceedings when the estate contains bigger and more complex property, including real estate and businesses. Smaller, less complicated estates can qualify for faster proceedings with less court involvement.

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 Posted on January 04, 2022 in Estate Planning

An estate plan isn’t just your will. You can add documents to protect yourself, not just to name a guardian for your children and to distribute property to the people you love if you die.

Powers of attorney are documents that could help in the event of some kind of emergency. If you are unable to speak on your own behalf, make decisions about your medical care or manage your financial circumstances, powers of attorney will give someone the authority to handle those matters for you.

A power of attorney could help if you experience incapacitation due to Alzheimer’s or cognitive decline as you age. It could also protect you if you get hurt at work or in a car crash. When do you need power of attorney? 

When you have needs that no one can legally meet

Many people, like college students, don’t realize that they need power of attorney. A 19-year-old student headed off to school will probably assume that their parents can help them in the event of an emergency.

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 Posted on July 13, 2021 in Estate Planning

There are so many excuses people can invent to justify procrastinating about estate planning. Most people think that if they are getting ready to retire or don’t have hundreds of thousands of dollars in personal property that they don’t really need to estate plan.

However, there are many times in your life when having an estate plan is crucial for you and the people you love. Having a plan in place when you encounter any of the four situations below will do a lot to provide you peace of mind and protect your loved ones.

When you become a parent

Adding a new remember to your family through birth, marriage or adoption is an incredible experience. All of the joy of new parenthood also comes with the stress of parental obligations.

Your children will need a guardian if anything happens to you while they are still minors. They also will rely on you to leave some sort of legacy that can help them cover their living expenses and basic needs. Estate planning during pregnancy or after the birth of a child is very common.

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 Posted on April 13, 2021 in Estate Planning

For many people, trusts are synonymous with the incredibly wealthy. Many people overlook the potential benefits of integrating a trust to their estate plan because they assume that only someone with millions of dollars worth of assets needs a trust.

Trusts are actually powerful legal tools that can help people in everyday circumstances, including those planning their estate or those looking forward to the care they will need at the end of their life. What do people use trusts for?

People use trusts to have control over their legacy

People recognize a trust as a tool that helps people pass on their property to others and financially support their loved ones. Other people may use a trust to set aside resources for a charity.

Some people even use a trust to give property to the local government for the creation of a park or to a local university for a scholarship fund. If someone wants to leave a specific legacy behind, a trust can help by controlling the use of the assets used to fund it.

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