For many parents, it can be difficult to think about how their children will have to take care of them in their old age—and how they will have to pick up the pieces once they pass away. Because of this, many parents will avoid including their children in the estate…
There is more to an estate plan than just a will. Other assets are included in estate plans, including financial accounts. Most financial accounts function the same for estate planning purposes. However, health savings accounts—often referred to as HSAs are treated differently in estate plans and from a tax perspective.…
When people focus on creating or updating their estate plan, many wait so they have certainty about their tax situation. Because laws are constantly being passed that may impact their taxes—both now and in regard to their estate plan—individuals assume it is best to wait to review the plan until…
Over time, people have recognized the differing needs individuals have when it comes to estate planning. While they may know that no two people will have the exact same estate plan, depending on the person’s livelihood, relationship with loved ones, and even their sex. This is surprising to most individuals.…
The estate planning process can be complicated for those just beginning since there is a lot to learn. Because of this, most people do not know how probate can impact estate planning overall. Probate is the court administration of an individual’s estate—which occurs after they have passed away. Depending on…
As a younger generation, many individuals assume that millennials do not need an estate plan yet—mainly because they are far from needing to use it. However, this is not always the case. Millennials are creating estate plans at a record rate. They recognize the importance of planning for the future…
Life happens, we get it. Therefore, most individuals put off estate planning. However, there are major downsides when this is avoided for too long and they unexpectedly pass away. When someone dies without a will, it is called dying intestate. There are many consequences dying intestate in Texas, including that…
Divorces are often emotionally difficult and draining—big life changes are occurring, which are stressful enough on their own. But when people are going through this process, often the last thing on their mind is updating their estate plan. However, estate planning nightmares may occur if individuals do not update their…
As their parents get older, many millennials are having to step in and become caregivers. Because of this, many millennials are becoming interested in estate planning themselves—seeing its benefits and their need for the future. For many of them, they are not only taking care of their parents but also…
As the weather starts to get warmer, people begin planning for their summer vacations plans. For those individuals with a vacation, or second, home, these vacation plans might seem easier. There are many benefits to owning a vacation home: always having a place to stay and long-lasting family memories. However,…