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Livens & Reed, PLLC

Posts tagged "Estate planning"

Advance directives are a vital part of estate planning

Taking steps to provide for and protect loved ones is a noble effort, but who will be there for them if something happens? Texas residents need to consider what will happen to them if they become incapacitated or otherwise unable to make decisions for themselves. By including advance directives into the estate planning process, both the individuals doing the planning and their families can enjoy some peace of mind.

Why having a will is not always enough

Estate planning is important, which most adults in Texas can probably agree on. Agreeing on what should go into those estate plans might be a little more difficult. This is partly because everyone's estate planning needs are different. However, it is important to not make assumptions about one's own needs, especially if an estate plan only consists of a will and nothing else.

Living trusts can have various benefits depending on the type

When looking into estate planning options, some Texas residents may want to rearrange some of their assets. Living trusts can help them transfer ownership of those assets before their passing and help give them more control over the distribution of those assets later. Plus, trusts can lessen the delays that beneficiaries may encounter when waiting on their bequests.

Still possible to make estate planning resolutions for 2020

It's not easy to think about things that could happen in the future, and for this reason, it's common to delay the process of getting certain plans in place. Estate planning may seem unnecessary for those who are young, in good health and/or with moderate assets, but it is actually a beneficial step for everyone. For this reason, all Texas adults may want to use the start of a new year as an opportunity to craft a plan that suits their needs. 

New law could affect IRA inheritance

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.

Help creating power of attorney, advance directives in Texas

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.

When does a will need to be updated?

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.

What is a trust?

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.

An experienced attorney can help prevent estate planning mistakes

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.

Estate planning is about more than asset distribution

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.

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