Most people in Texas and across the country spend a large part of their lives planning for their retirement. In an ideal situation, a person has more than enough to provide support throughout his or her retirement with perhaps even some leftover to leave to beneficiaries. However, some professionals warn that the recently passed Secure Act could have a significant impact on those anticipating an IRA inheritance.
When most people in Texas think of estate planning, the first thing that often comes to mind is tools such as wills and living trusts. While these documents are important parts of a plan, there are others that can also help provide families peace of mind should the unthinkable happen. Fortunately, the attorneys at Livens & Reed, PLLC have the necessary skills and experience to guide the creation of such documents, including granting someone power of attorney.
For many people in Texas, the process of planning for a future in which they are not present is a difficult task to undertake. However, creating a will and other estate planning documents often provides peace of mind to many people, because with it comes the knowledge that they have expressed their wishes and taken action to provide for minor children. But a will is not a static document and needs to be updated periodically.
To many people in Texas, the estate planning process is based solely on the creation of a will. While this document has an important job, such as naming a guardian for a deceased child, there are other tools that can be beneficial. For example, many people decide that a trust is a good option for managing their assets and providing protection for them.
There are many people in Texas who spend a great deal of time planning for their future. As such, they carefully consider how they want their estate divided upon their death and create a plan that explains their wishes. Unfortunately, certain mistakes during the estate planning process can ultimately mean that those wishes are misunderstood or susceptible to a legal challenge.
Most people in Texas are aware of the importance of creating a plan for the future. Many people have the misconception that estate planning is only for the time following their death and will determine how their assets will be distributed. However, a comprehensive estate plan also focuses on a time when someone is unable to make financial and medical decisions on their own due to an illness or injury.
If asked, most people would state that they recognize the importance of planning for the future. For many, this would include the estate planning process. Unfortunately, there are many misconceptions regarding the process that could skew how people in Texas and across the country view it.
People today are living longer than ever, which is wonderful, but also means that they need their savings to stretch further than before. While many seniors feel comfortable with their finances, there are those who want to take advantage of them and will go to great lengths to steal seniors' money, even when they are related to the victim. Worse still is that around a third of seniors don't know how to report the abuse, even when they recognize it. Experts say there are ways for financial advisors and others to pick up on potential elder financial abuse. Asset protection is vital for seniors in Texas and across the country who want to be certain that their assets last them through the end of their life.
When it comes to planning for the future, most people in Texas recognize the importance of estate planning. Despite this recognition, some people may find the task daunting. In fact, some people are even unsure what documents are important to include in an estate plan.
When people in Texas plan for a future in which they may no longer be present, they often have multiple decisions to make. Ultimately, the decisions that they make could impact how much of their estate their loved ones will have to enjoy. Because most everyone wants to ensure that the maximum amount of their estate goes to the intended recipient, those making such plans often consider whether gift giving in advance of their death is a necessary part of estate planning.