Many individuals and families in Texas use trusts as part of their estate plans due to benefits such as minimizing probate costs/paperwork, maintaining the confidentiality of family wealth, and offering tax benefits based on the trust’s structure. However, various kinds of trusts can have disadvantages that individuals and families should consider when including a trust…
When you create an estate plan to document your wishes, you may worry about the potential cost of estate planning. Although estate planning can involve upfront costs, a tailored, comprehensive estate plan can save you and your family considerably more money. Factors That Affect the Costs of Estate Planning Some of the factors that may…
Estate Plans often incorporate revocable and irrevocable trusts. Regardless of the type of trust created or the reason for its creation, naming a suitable trustee to administer the trust requires careful consideration. After all, the trustee acts as the gatekeeper for the trust, doling out distributions pursuant to the terms of the trust agreement using…
On December 14, 2022, President Biden signed the Respect for Marriage Act (the “Act”) repealing the Defense of Marriage Act (“DOMA”). The Act mandates that all states, United States territories and possessions, the District of Columbia, the Commonwealth of Puerto Rico, and the federal government (hereinafter “States” or “State”) must recognize as valid any marriage…
Happy Valentine’s Day! While Valentine’s Day typically focuses on celebrating romantic love, love comes in many forms and all should be celebrated. Everyone, regardless of their status or feeling about the holiday, should commemorate the holiday by creating (or updating) an Estate Plan! Estate Planning offers a practical and easy way to show your loved…
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