Irrevocable Trust

Importance of Coordination of Life Insurance and Estate Planning

Importance of Coordination of Life Insurance and Estate Planning

With every client we discuss the important of Life Insurance as well as its non-probate character, in other words, as long as a beneficiary is named other than the estate, the policy will pay out directly to that beneficiary, rather than passing according to will (and waiting for the Court’s…

Will I Automatically Inherit my Husband’s House?

Will I Automatically Inherit my Husband’s House?

  Many married clients assume that the surviving spouse will automatically inherit the real estate of their deceased spouse. Without a Will however, the Texas Intestate Succession rules govern. For example, in the case of a married couple with children from their marriage only, the surviving spouse will inherit the…

One in Three Americans will Receive an Inheritance – Is Yours is Protected?

One in Three Americans will Receive an Inheritance – Is Yours is Protected?

One in every three Americans will receive an inheritance during their lifetime, according to a study by Ohio-State researcher Jay Zagorsky. Unfortunately, much of that windfall is lost through spending or bad investing. Mr. Zagorsky offers four steps for handling an inheritance: (1) assess the current financial situation; (2) figure…

What Happens to my Mortgage at my Death?

What Happens to my Mortgage at my Death?

Did you know that no one is required to take possession of a property (and mortgage) unless they want to do so?  Simply leaving a mortgaged property to your heirs does not necessarily subject them to your debts. However, if your heirs want the property, they must either take over…

Take the Stress out of Estate Planning

Take the Stress out of Estate Planning

For many clients, thinking about estate planning is about as enjoyable as scheduling a root canal. Thinking about death and making decisions in the event of later incapacity is difficult, stressful and often a process that many put off.  On the other hand, making a decision to create an estate…

Fall is Time for Estate Planning

Fall is Time for Estate Planning

Our long, hot summer is now over and while we look ahead to the holidays,  it is a good time to think about your future and, if you have children, their future. Do you have a Will? Does your Will reflect your current family situation? Have you already planned for the…

Trusts vs Wills, which do you need?

Trusts vs Wills, which do you need?

You may have heard that trusts are better than wills, or vice versa. Both estate planning tools are used to distribute assets and property, and each has its advantages and disadvantages. Some of the differences between Wills and Trusts are highlighted below: Privacy: Once filed with the county probate court, a Will becomes…