Estate Planning
Two elements make estate planning difficult. The first is psychological. No one wants to think of his or her own demise, so matters dealing with our own death and its aftermath are often postponed. This avoidance, however, will do nothing to change its inevitability.
The second element is technical. A comprehensive estate plan requires the knowledge of many discrete sections of law, including Wills and estates, property law, tax, powers of attorney, trusts, and how to administer all of these elements together. James Law Firm, P.L.L.C., can help you develop an estate plan that will allow you to achieve your goals.
Why You Need an Estate Planning Attorney
Many people have heard that someone "has a trust," or got their estate planning completed. Many people believe that a "do-it-yourself" estate plan is adequate. Estate plans, even for straightforward estates, are never simple, because an estate plan covers much more than a single transaction. Texas has community and separate property, and estate planning addresses not only death but incapacity. Also, for persons with young children, who would take care of the children in the early death of the parents is a major concern in estate planning.
If you do not have a Last Will and Testament, Texas law has a disposition for your estate, and the method of distribution is undesirable and expensive. Rarely, has a client said, "I want my wife to have a life estate," and never has anyone said, "I want my wife to have a one-third life estate." However, those are some results in Texas law without a Will. Even if you have an heir who "knows the judge," the law does not know your heirs, and proof will be needed just to determine the heirs before even getting someone appointed to manage your estate.
If you become incapacitated, without a power of attorney, someone will need to get appointed as your guardian after thousands of dollars in legal and medical costs in a guardianship case. Yes, a simple document—a durable power of attorney—can avoid thousands of dollars in legal fees and possible heartache and strife among family members.
The Worst Case Scenario? Who will own a share of your business? Who will you be in business with if your business partner dies, divorces, or becomes incapacitated?
For example, a husband has two children from a prior marriage, but none with his current wife. He dies without a Will. His community property share—even the husband and wife’s own community property home, even if the wife owes money on the mortgage—is now owned 50% by the two children and 50% by the wife. If the husband owned any real estate before marriage, now the wife owns a 1/3 life estate in such real estate. Not many people decide to distribute their property in such a manner!
An Estate Plan Tailored To Your Needs
Our firm will help you create a plan that will work for your situation and will help you keep it updated for years to come. We meet with you, discuss your goals and assemble the necessary parts of your estate plan. It may include:
Every estate plan is different, and during the life of an estate plan, elements of it may change and need to be altered as your life, family, and business change.
Contact Our Firm for a Free Estate Planning Consultation
Two elements make estate planning difficult. The first is psychological. No one wants to think of his or her own demise, so matters dealing with our own death and its aftermath are often postponed. This avoidance, however, will do nothing to change its inevitability.
The second element is technical. A comprehensive estate plan requires the knowledge of many discrete sections of law, including Wills and estates, property law, tax, powers of attorney, trusts, and how to administer all of these elements together. James Law Firm, P.L.L.C., can help you develop an estate plan that will allow you to achieve your goals.
Why You Need an Estate Planning Attorney
Many people have heard that someone "has a trust," or got their estate planning completed. Many people believe that a "do-it-yourself" estate plan is adequate. Estate plans, even for straightforward estates, are never simple, because an estate plan covers much more than a single transaction. Texas has community and separate property, and estate planning addresses not only death but incapacity. Also, for persons with young children, who would take care of the children in the early death of the parents is a major concern in estate planning.
If you do not have a Last Will and Testament, Texas law has a disposition for your estate, and the method of distribution is undesirable and expensive. Rarely, has a client said, "I want my wife to have a life estate," and never has anyone said, "I want my wife to have a one-third life estate." However, those are some results in Texas law without a Will. Even if you have an heir who "knows the judge," the law does not know your heirs, and proof will be needed just to determine the heirs before even getting someone appointed to manage your estate.
If you become incapacitated, without a power of attorney, someone will need to get appointed as your guardian after thousands of dollars in legal and medical costs in a guardianship case. Yes, a simple document—a durable power of attorney—can avoid thousands of dollars in legal fees and possible heartache and strife among family members.
The Worst Case Scenario? Who will own a share of your business? Who will you be in business with if your business partner dies, divorces, or becomes incapacitated?
For example, a husband has two children from a prior marriage, but none with his current wife. He dies without a Will. His community property share—even the husband and wife’s own community property home, even if the wife owes money on the mortgage—is now owned 50% by the two children and 50% by the wife. If the husband owned any real estate before marriage, now the wife owns a 1/3 life estate in such real estate. Not many people decide to distribute their property in such a manner!
An Estate Plan Tailored To Your Needs
Our firm will help you create a plan that will work for your situation and will help you keep it updated for years to come. We meet with you, discuss your goals and assemble the necessary parts of your estate plan. It may include:
- Wills
- Trusts, such as Revocable Living Trusts
- Durable powers of attorney
- Advance directives or living wills
- Estate tax and income tax planning
- Advanced estate tax planning: intentionally defective grantor trusts (IDGT), spousal lifetime access trusts (SLAT), grantor remainder annuity trusts (GRAT), grantor retained unitrusts (GRUT), charitable remainder annuity and unitrusts (CRAT and CRUT), charitable lead annuity and unitrusts (CLAT and CLUT), and qualified personal residence trusts (QPRT), along with family limited partnerships (FLP).
Every estate plan is different, and during the life of an estate plan, elements of it may change and need to be altered as your life, family, and business change.
Contact Our Firm for a Free Estate Planning Consultation