Residents of Texas should use Texas-specific estate planning documents to ensure compliance with state laws. Key trust provisions protect homesteads under Section 41.0021 and qualify for tax exemptions under Section 11.13(j)(3). Wills must include the Texas self-proving affidavit to avoid probate issues. Generic documents can lead to legal and financial complications.
When facing legal or financial challenges, asset protection becomes a top priority. Texas is known for its debtor-friendly laws, providing robust protections for certain types of property. Beyond these legal safeguards, tools like the Texas Family Will and Trust Plan offered by Texan Wills and Trusts can ensure your assets are not only protected but […]
The estate tax is a key consideration for families planning their financial future. In 2017, the Tax Cuts and Jobs Act (TCJA), sometimes referred to as the Trump Tax Cuts, significantly increased the federal estate tax exemption, making complex tax planning unnecessary for many Americans. However, these provisions are set to expire at the end […]
When you think about estate planning, you might hear about a revocable living trust and how helpful they can be. These trusts offer great benefits, like keeping your estate out of court, helping if you become unable to manage your affairs, and keeping your plans private. But some people mention potential downsides. Let’s take a […]
When creating a will in Texas, it’s essential to follow specific legal requirements to ensure the document is valid. One of the most common questions about wills is whether they need witnesses and a notary. The answer depends on the type of will and the approach taken to validate it. Here’s what you need to […]
Widowhood is an emotionally devastating experience, often accompanied by significant health and financial challenges. Research published in the Annals of Epidemiology sheds light on the “widowhood effect,” which refers to the increased mortality rate among surviving spouses. This phenomenon is particularly pronounced in the first three months after a spouse’s death, with a 66% higher […]
Estate planning takes on unique considerations when oil and gas interests are involved. These valuable assets, whether they are mineral rights, royalties, or working interests, require careful planning to ensure they are managed and distributed efficiently after your death. Using a trust in your estate plan can help streamline the transfer of these assets and […]
Your revocable trust doesn’t need to change every time you add or remove assets. However, there are a few exceptions and important details to understand to ensure your estate plan remains effective. Assets are Tied to the Revocable Trust on the Asset Side, not on the Trust Side When you add an asset to a […]
Inflation and high cost of living was clearly an important issue the United States’ 2024 Presidential Election. People are looking for ways to reduce costs any way they can. Creating an estate plan may seem like an expense that can be pushed off for later, but the reality is that a well-structured plan can save […]
In 2008, the U.S. House of Representatives passed H.Res. 1499 (110th Congress), officially designating the third week of October as National Estate Planning Awareness Week. This resolution aims to highlight the importance of proper estate planning and encourage Americans to take steps to secure their financial and personal legacies. Many people mistakenly believe that estate […]
When people hear the word “probate,” it often brings to mind lengthy court battles and legal headaches. While the process can be frustrating, Texas has a relatively streamlined system compared to states like California and Florida. Still, dealing with a will in court is something most people would rather avoid. So, is the Texas process […]