Planning for retirement can already seem intimidating: it can be seen as time-consuming, stressful, and expensive. For parents of special needs children or adults within their care, retirement planning may seem impossible. Retirement planning usually involves analyzing income, expected income, and assets and planning those inflows against expected outflows, or…
Many of the same tools used in ordinary estate planning apply to high-net-worth individuals. Estate planners of all income and asset levels should consider utilizing a last will and testament, guardianship designations, trusts, life insurance policies, planning for incapacity, and various powers of attorney documents. In addition, the complexity and…
The short answer: Yes. Nearly everyone needs an estate plan, regardless of income level or family structure. Even for young people without substantial assets or children, medical and financial powers of attorney, among other estate planning tools, can help protect your wishes in the event of incapacitation or emergency. For…
In an ideal world, parents remain connected to all of their children and feel confident and comfortable equally dividing their assets among them. Unfortunately, real life is not always ideal—relationships can become strained, or parents may have other compelling reasons for giving their children varying amounts in their wills. A…
In a perfect world, every individual would have a clearly defined estate plan and a will before they pass on. Unfortunately, life circumstances and the unexpected can get in the way of perfect planning. In Texas, state intestate succession laws define the way your assets will go to your closest…
When a person passes on, many of their assets will have to go through probate. Understanding probate, or the process through which a court legally recognizes the death of a person and facilitates the distribution of their assets and the payment of their debts, is crucial to smart estate planning.…
Conservatorships have been thrust into the public spotlight in recent years because of one high-profile legal battle involving pop star Britney Spears. While many people may now understand the broad strokes of the legal mechanism because of this highly watched and followed case, it can be a complex tool best…
It’s no question that estate planning can seem daunting. Beyond your last will and testament, there are a bevy of other documents that may seem unnecessary, duplicative, or just plain overwhelming. You may think making beneficiary designations, or forms that allow you to transfer assets directly to individuals without dealing…
For many business owners, the future of your business and life’s work is at the forefront of your mind. Business succession planning should also be at the forefront of your estate planning. Beyond the complexities of regular estate planning, business succession planning must carefully consider unique tax implications and asset…
Individuals thinking about estate planning may already be considering their spouses, children, and even important charities and foundations that are meaningful to them. It is important for planners to also consider implementing estate plans for their beloved cats and dogs. While you cannot leave money to your pet in your…