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Comprehensive Estate Planning & Asset Protection
Explore essential resources and tools designed to secure your family’s future and safeguard your assets with expert guidance.
Why Estate Planning Matters
Insights & Resources
Mistakes to Avoid When Planning a Special-Needs Trust in Texas
Planning a special-needs trust for a loved one in Texas requires careful attention. This type of trust helps a person with disabilities keep their eligibility for government benefits while getting extra financial support. However, some common mistakes can ruin the...
What Is a Lady Bird deed?
One lesser-known but highly effective tool in estate planning is the lady bird deed, also known as an enhanced life estate deed. Unfortunately, many who could benefit from this deed do not know how it actually works. As you start drafting your estate plan, you should...
What Do Trust Companies Do?
When managing your wealth and protecting your assets for future generations, trust companies play an important role. But what exactly do these financial institutions do, and how can they benefit you and your loved ones? Understanding the role of a trust company can...
What Issues Should Over-50 Couples Discuss Before Marrying?
Getting married in middle age or later is not just a significant personal event but also one of the most important financial decisions in your life. Understanding this emphasizes the necessity of a thorough discussion about financial matters before tying the knot....
Essential Legal Resources
Family Planning Tools
Estate Planning Organizations
Common Estate Planning Questions
Understanding estate planning can be complex. Here are answers to some of the most frequently asked questions to help guide you through the process.
What is estate planning?
Estate planning involves creating a plan for the management and distribution of your assets after your death or incapacitation. It ensures your wishes are honored and can help minimize taxes and legal complications for your heirs.
Why do I need a will?
A will is essential because it specifies how your assets should be distributed after your death. Without a will, state laws will determine the distribution, which may not align with your wishes.
What is a trust and how does it work?
A trust is a legal arrangement where a trustee holds and manages assets on behalf of beneficiaries. Trusts can help avoid probate, provide privacy, and manage assets for minors or individuals with special needs.
How can I protect my assets from creditors?
Asset protection strategies may include setting up trusts, forming LLCs, and utilizing insurance policies. These strategies can help shield your assets from potential creditors and lawsuits.
What documents are essential for estate planning?
Key documents include a will, trust, durable power of attorney, medical power of attorney, HIPAA authorization, and a living will. These documents ensure your wishes are followed and provide guidance to your loved ones.
How often should I update my estate plan?
It’s advisable to review your estate plan every few years or after major life events such as marriage, divorce, the birth of a child, or significant changes in financial status to ensure it reflects your current wishes and circumstances.
Get Personalized Estate Planning Assistance
Secure your family’s future with a comprehensive estate plan tailored to your needs. Contact the Law Office of Harvey L. Cox for expert guidance and personalized solutions. Our experienced team is ready to assist you in creating a plan that protects your legacy and provides peace of mind. Schedule a consultation today to get started.