Estate Tax in Texas

Posted by on Feb 13, 2013 in All Articles, Trusts and Estate Planning Estate Tax in Texas – “Texas Inheritance Tax” The good news is that there currently is no Estate Tax in Texas There is no estate tax in Texas currently, and there is also no Texas inheritance tax for estates  with the date of death on or after January 1, 2005.  Texas used to collect an inheritance tax, but it has been phased out.  However, laws constantly change, so...
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When Should You Get A Will?

Posted by on Jul 17, 2012 in All Articles, Life Planning Documents, Texas Last Will and Testaments, Trusts and Estate Planning When should you get a will?  When I explain that my law practice is fairly narrowly focused on Wills & Probate Law, people ask, “So, when should I get a Will?”  You shouldn’t wait until you’re elderly before thinking about estate planning, and estate planning is definitely not just for the rich. An article in the July 16 edition of Forbes outlines the common life...
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When Do I Need a Living Trust?

Posted by on Jul 10, 2012 in All Articles, Trusts and Estate Planning Potential clients frequently call my law office to ask about fees to set up a living trust.  My response, “Why do you want a living trust?”  Unfortunately, most people respond that they heard from a friend or seminar that everyone needs a living trust. That’s not true.  Everyone does not need a living trust, especially in Texas. Here Are Four Reasons NOT To Get A Living...
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Texas POD Account

Posted by on Jul 5, 2012 in All Articles, Trusts and Estate Planning An article by Paul Premack brings up an interesting point about bank accounts in Texas.  I’ve discovered that many of my clients weren’t aware that there are several different ways to allow access to bank accounts.  Each method has its own pros and cons…  Five Types of Bank Account That Allow Access By Multiple People: Single-Party Account With A Power of Attorney Set up...
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Advice from a Probate Attorney: How Do I Know If My Financial Planner Is Good?

Posted by on Jun 6, 2012 in All Articles, Trusts and Estate Planning An article on AARP.org gives 10 tips for how to make sure you have a good financial planner.  I think the article is worth a few minutes of your time. I would only add a couple things to the author’s list: Ask your other trusted advisers for recommendations.   If you have been using an estate planning attorney or CPA, and you trust this adviser’s opinion, then ask for...
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Unique Trusts

Posted by on Apr 25, 2012 in All Articles, Trusts and Estate Planning A trust is generally not advisable for the sole purpose of avoiding probate in Texas.  Many times, the cost of a trust outweighs the cost of probate. However, there are many reasons to have a trust beyond avoiding probate.  A recent law journal article summarizes many of the “oddball” trusts for estate planning clients’ unique goals. Here are several of the oddball trusts...
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