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17 May Comprehensive Estate Planning Services to Protect Your Future

Posted at 19:01h in Estate Planning by

Proper estate planning is a process, not a transaction. It involves identifying your values, goals, and vision for your future and that of your loved ones. It involves working closely with your trusted estate planning attorneys to create a framework for furthering your values and achieving the goals and vision you have identified.

It involves monitoring the plan to ensure that it remains fresh and relevant as your life, circumstances, and the laws change. When you need lawyers for estate planning, call Kearney, McWilliams & Davis, PLLC.

Why Choose Our Estate Planning Lawyers?

  • Hundreds of Clients Helped
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There are many tools at the disposal of an estate planning lawyer. Because no two clients have identical values, goals, and vision, each estate plan is a unique creation of the client, assisted by their estate planning attorney, along with their CPA, financial advisor, and possibly others.

What is Estate Planning?

Estate planning involves detailing how you want your assets to be distributed in the event of your incapacitation or death.

For most people, creating an estate plan means they can:

  • Enjoy and control their property while they are alive and well,
  • Provide for themselves and their loved ones if they become disabled,
  • Give what they have, to whom they want, the way they want, when they want, and
  • Minimize the effects of taxes, professional fees, and court costs.

Our estate planning attorneys believe that creating an estate plan is essential for any adult.

Some traditional estate planning techniques include:

  • Owning property jointly
  • Designating a beneficiary
  • Executing a will

 

Why Traditional Estate Planning Techniques Often Fail

Often, estate plans are lacking some fundamental protections. This occurs when the plans:

  • Do not provide for your disability
  • Do not necessarily give what you have to whom you want, the way you want, and/or when you want
  • Do not avoid probate
  • Do not keep your affairs private

Our estate planning attorneys’ primary objective is providing you with peace of mind that your legacy will enhance the lives of your beneficiaries, rather than creating problems for them. This may include providing for minor children to be cared for according to your wishes, charitable planning, business succession planning, income/estate/gift tax planning, and asset protection in the event of divorce, disability, addiction, bankruptcy, lawsuits, and the myriad of other issues that often plague families who fail to properly plan.

Our estate planning services include:

What Does Estate Planning Involve?

Estate planning involves multiple steps to ensuring your vision and goals are accomplished. A few of the steps include:

  • Take stock of your tangible and intangible assets.
  • Go over your beneficiaries and make sure there is a plan in place for all of it.
  • Make sure to consider your family’s needs (do you have a guardian in place for your children or is your life insurance enough?).

Those are just three steps in an extensive process. The biggest thing to remember is that you will most likely need to reassess your estate plan at some point. Even if nothing in your life changes, it’s still good to ensure no laws have changed.

Texas State Law and Estate Planning

Estate planning is often closely tied with state law, and Texas has its own laws regarding estate planning.

Notably, the state of Texas does not have estate or inheritance taxes, though there is still a federal tax for incredibly high-value estates. This can greatly decrease certain complications in the planning process.

Additionally, probate is generally not required in Texas for estates valued less than $75,000.

Finally, it is important to note that Texas does recognize common-law spouses as well as adopted and illegitimate children as having the same inheritance rights as legally married and related spouses and children.

These are just a few examples of nuances in Texas estate law that can affect your estate plan. Our attorneys have the understanding of both state and federal law needed to help you draft a comprehensive and legally sound estate plan.

 

Benefits of Estate Planning

Having an estate plan set up not only benefits a person, but their entire family. Estate planning leaves nothing to chance and prepares for the future. The advantages include the following:

  • Avoid the probate process
  • Ensure your children are taken care of Provide for your loved ones
  • Seamless retirement
  • Distribute your assets in a timely manner
  • Prepare for incapacitation
  • Asset protection

Estate planning ensures you and your family are taken care of. Our experienced estate planning attorneys at Kearney, McWilliams & Davis, PLLC are here to help guide you through the process and plan for your specific needs. Call us today to discuss your options.

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