Houston Estate Planning and Elder Law Attorney BlogUnder Texas law, individuals (testators) may create a revocable living trust which allows them to use their assets during their lifetime and subsequently securely transfer them to their designated beneficiaries after the testator’s death. These trusts protect the testator if they become mentally incapacitated. With a revocable living trust, the testator’s assets are controlled, owned, […]
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Advantages of a Revocable Trust in Texas
In Texas, a revocable living trust, also known as a trust, is a legal entity designed to control one’s assets. Trusts are created when one person, referred to as the trustor, settlor, or grantor transfers a property interest to a trustee to be held for a beneficiary. Trusts creator during the trustor’s lifetime are intervivos […]
Texas Estate Planning as You Reach Retirement
While retirement and estate planning are distinct areas that contribute to financial stability, there is significant overlap between these considerations. Texas estate planning typically involves creating a system and plan for transferring the creator’s estate. In comparison, retirement planning refers to establishing retirement income and taking steps to accomplish these goals. Retirement and estate planning […]
Implications of Selling a Business on a Texas Trust or Estate
Estate planning requires individuals to take an inventory of and consider what they wish to do with their bank accounts, homes, car, and other personal belongings after they pass. In addition to these contemplations, Texas business owners must undertake strategic decision-making to pass on or dispose of their business interests correctly. Selling a business is […]
Strategies to Reduce Texas Estate Taxes
Many worry that their estate will be left with significant taxes when they pass. Fortunately, Texas is one of 38 states that do not have an estate tax. However, residents may still be subject to federal estate tax laws. Other states’ inheritance laws may apply to a Texas resident. Thus, it is advisable that those […]
Risks of Handwritten (Holographic) Wills
There are two primary types of wills under Texas law: 1) holographic and 2) non-holographic wills. Non-holographic wills are typed, witnesses, and attested wills. In contrast, holographic wills refer to entirely handwritten wills. In Texas, holographic wills are only enforceable when the entire document is written in the testator’s handwriting. While holographic wills might be […]
How Estate Planning Can Help Women Overcome Retirement Risks
Most Texans are under the misassumption that estate planning is similar for all people—regardless of socio-economic status, gender, age, and other factors. However, this is not the case. While estate planning is critical for everyone, the type of estate plan and the strategies taken will depend on the person’s unique situation. This is why no […]
Texas Estate Planning for Families with Special Needs Children
Because every family and their situation is unique, no two estate plans are the same. When families begin to create their estate plan with the help of an attorney, they will take their situation and family dynamics into account when deciding what to include in the plan. So for families with a special needs child, […]
Rising Long-Term Care Costs in Texas
With more Americans than ever reaching retirement age, the number of people requiring long-term care will only intensify too. According to the Department of Health and Human Services, 7 in 10 seniors are now expected to need long-term care before they pass away. However, the price of long-term care has only been increasing, making it […]
Preparing for Death-Related Expenses in Texas Estate Plans
Many Houstonians have taken the laudable first step of creating an estate plan, so their assets can be passed off after their death. However, people will often forget to include provisions to handle the expenses that occur at the end of a person’s life. If these costs are not incorporated into a person’s estate plan—by […]