In general, estate plans are either will-based or trust-based. Both wills and trusts are powerful estate planning mechanisms (and each has its own advantages and disadvantages). BUT DOES IT EVER MAKE SENSE TO HAVE BOTH A WILL AND TRUST IN YOUR ESTATE PLAN? THE ANSWER IS…YES. Our trust-based estate plan packages always include a “pour-over” will to provide for the distribution of any...
Continue ReadingIf you don’t have an estate plan, the state of Texas will ultimately decide who receives your property after your death, and a judge will decide who cares for your children (and pets). If this scenario makes you uncomfortable, consider making a comprehensive estate plan. There are many reasons to make an estate plan. The three reasons most commonly...
Continue ReadingThe “laughing heir” (one who inherits property and laughs all the way to the bank because his relation to the deceased is too distant to warrant grief) is a common conceit in television and movies. A woman opens the mail to find a letter explaining that one of her long-lost relatives has died and, as the relative’s only surviving...
Continue ReadingMost people don’t spend much time thinking about planning their estate. It’s complex, daunting, and quite boring. (Editors’ Note: We actually find estate planning incredibly fascinating! But we understand that’s not normal.) Here are some of the top excuses people make for not devising an effective estate plan… Estate planning is for wealthy people. This is a common misconception...
Continue ReadingA common misconception is that estate planning is only for wealthy people. In reality, there are a multitude of reasons for ordinary people have an effective will. Let’s consider a hypothetical example. Anna is a secretary who lives in Cedar Park and works in Leander, earning $40,000 per year. She is 29 years old, married, and has two daughters. Here are...
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