One of the first decisions you’ll make when creating an estate plan is whether to rely on a Will or to use a Revocable Living Trust. There’s no correct answer. The right choice for you depends on your goals, your family, and how you want things handled if something happens to you. Understanding how these […]
Does Every Estate Have To Pay An Estate Tax?
Most clients I work with voice concern about the amount of federal estate taxes that their families will have to pay after their death. They have heard about the “death tax” and worry that the government will end up with their hard-earned wealth, or that their estates won’t be liquid enough to pay those taxes, […]
Can Minor Orphans in Texas Select Their Own Guardians?
In Texas, minor orphans who’ve reached the age of discretion, usually 12 or older, can ask the court to appoint the guardian they prefer. The law gives children a voice in deciding who will care for them and who will manage their estates, especially when the person originally named as guardian may no longer be […]
Can My Husband Give His Children Our Homestead If He Owned It Before We Married?
I received a note from a concerned wife. Her husband had purchased the home in which they resided two years before they were married. Throughout their marriage, she contributed to paying the mortgage and paying bills associated with its upkeep. However, she discovered that he wrote a Will that gave the home to his children […]
What Happens to Social Media Accounts after a User’s Death?
I know someone who uses Facebook as somewhat of a digital diary. She regularly shares photos and stories that document her daily life, major life events, and milestones. Her feed is a historical record of her life. An estimated 295 million Americans use social media, some more prolifically than others, and for family members, these accounts provide an enduring […]
Should I Name my Minor Children as Beneficiaries of my Insurance Policy?
If you’re like most parents, your beneficiary designation on your life insurance probably lists your minor children as the secondary beneficiaries of your life insurance policy, behind your spouse in the following way: Primary Beneficiary: Spouse Secondary Beneficiary: My Children This is a mistake. What Happens When a Beneficiary is a Minor? Children under the […]
What is a Lady Bird Deed?
A “Lady Bird Deed” is another name for an enhanced life estate deed, which allows a property owner to transfer property at death without the necessity of probate. People call it a “Lady Bird Deed” because, according to legend, President Lyndon B. Johnson conveyed some land to his wife using this type of deed, although […]
Who Will Take Care of My Pets After I Die?
My dog’s name is Jilly. My family adopted her several months after Elway died. We weren’t really looking to adopt another pet so quickly, but we happened to visit the shelter, and saw her. The shelter estimated she had been a stray for at least six months. Her fur was overgrown and matted, and she […]
Keeping the Peace from Beyond the Grave
It’s every parent’s dream to maintain close relationships with all their children as they age. But sometimes, things don’t turn out as parents plan. The reasons vary. A conflict with a child’s spouse or a misunderstanding can strain relationships with the child. Sometimes, it’s not a conflict or disagreement, but distance and time that creates […]
Prepare for the Death of the Stretch IRA
No laws affecting retirement plans are final yet, but there are certain changes on the horizon that may require tweaks to your estate plans. The Setting Every Community Up for Retirement Enhancement (“SECURE”) Act recently passed the House with enormous bipartisan support (417-3!). If adopted by the Senate, it will significantly alter the way retirement […]