Harvey Cox I have seen a lot of poorly drafted estate plans. Inexperienced attorneys wrote some of those plans. Financial planners and CPAs even wrote some of them. With the proliferation of wrong information on the internet, I have seen more than a few poorly written do-it-yourself estate plans from forms found on the web. It isn’t … Read more
Many Texas parents try to “make things easier” by adding a son or daughter to the deed of the family home. The goal is usually understandable: Unfortunately, this common shortcut can create serious legal, tax, creditor, and family problems that many people never see coming. In many cases, adding children to the deed is one … Read more
Many people assume that if they die without a Will or Trust, everything will “just go to my spouse.” In Texas, that assumption can be dangerously wrong. If you do not create your own estate plan, Texas intestacy law decides who receives your property, when they receive it, and in what shares. That plan may … Read more
Many parents with minor children have not acquired substantial assets, so they use life insurance to provide financial security for the children in case one or both parents die. If you name your minor children as beneficiaries and they are minors when you die, the insurance company cannot legally pay the life insurance proceeds directly … Read more
I discourage clients from planning their estates around specific assets. There may be a compelling reason to do it in rare instances, but in most cases, it can result in unintended consequences. Example: John is a widower with three grown children. He wants to treat his children equally. In his will, John divides his assets equally … Read more
In another post, I talked about why a Will is not the best tool to address your concerns for quickly transferring your assets, keeping your estate private, or properly leaving money to minors. A Trust, however, does address these concerns. Here’s how: 1. Asset Management If you have heirs who are minors, leaving their share … Read more
When people begin estate planning, they usually want four simple things: What Most Families Really Want 1. Keep Costs Down You want your assets to pass to your family without unnecessary legal expense. 2. Keep Family Matters Private You do not want your finances, property, and family decisions exposed to the public. 3. Avoid Delay … Read more