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November 2018 Archives

Make Estate Planning a Priority Regardless of Estate Value

Creating an estate plan can accomplish several goals, such as providing financial stability for a spouse, minimizing expenses, preserving assets for future generations, and ensuring that chosen, trusted individuals can make decisions on your behalf in the event of incapacity. Oftentimes, people misunderstand the goals of estate planning and perceive the process as unnecessary if your estate is monetarily irrelevant. However, this misperception will cause more harm than good, creating expense, uncertainty, and confusion.

When can you modify a child custody plan?

Imagine you have a 50-50 child custody plan that allows your child to live with you half of the time each week. However, you just got hired by the local fire department as a firefighter. It's an excellent opportunity, but your work hours are anything but normal and your current child custody schedule isn't going to work anymore.

Is Your Estate Eligible for the Death Tax?

Although Texas does not enforce a state estate tax, also known as a death tax, if your taxable estate is worth over the lifetime exemption amount-$5.6 million for individuals in 2018-then your estate will be subject to the federal estate tax. And even though most Americans fall far below the tax's reach, the estate tax has been a point of contention throughout most presidential elections, as candidates often have differing views on its importance to our nation's economy.

Revocable Living Trust v. Will: Which Is Right for You?

Choosing between a revocable living trust and a will for your estate plan depends on your personal concerns and goals. The main difference between the two estate planning options is the necessity of probate. A will requires probate, which is a court-supervised process that administers your estate to your heirs and beneficiaries. On the other hand, a revocable living trust does not require the court-supervised probate process. Consequently, this option obtains more privacy by creating a trust agreement between the trust creator, or grantor, and the trust entity. The grantor often serves as the trustee, managing the property placed within the trust, until he or she dies and a successor trustee takes over, distributing trust property per the trust agreement.

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