In Texas and nationwide, many persons in private industry had to make adjustments to their estate planning over recent years as their pension plans took a hit from the recession and other economic pitfalls. The problem is now surfacing with respect to some veterans and their military pensions. VA benefits may be denied or discontinued under new rules, thereby making it imperative for some veterans to revise their estate planning strategies accordingly.
The federal estate tax does not kick in unless a person's estate is worth more than $5,340,000. Most people do not have to worry too much about the federal estate tax, therefore, when they do their estate planning. However, some states have an inheritance or death tax that applies to estates of a far lower value. Texas currently does not have an inheritance or estate tax, but there is always a possibility of change, so that it is advisable to check with an estate attorney to find out of whether there is an inheritance tax in the state.
Men and women alike could benefit from estate planning. The tools and strategies available for men and women are roughly the same, but there are often special elements in estate planning for Texas women to consider for retirement. A report by the United States Census Bureau suggests that the amount of widowed women over the age of 65 is at 36 percent.
When Texas residents are planning their estate, many choose to create a trust in order to hold wealth intended for one or more beneficiaries. In doing so, they must also appoint a trustee, who is the individual responsible for administering the trust according to the wishes of the deceased. Doing so, however, can be a challenging aspect of one's estate planning, as there are a variety of choices available as to what level of discretion can be granted.