Estate Planning

Conventional wisdom tells us that a will is an essential legal tool, yet the majority of us postpone confronting this delicate and often stressful issue, sometimes indefinitely. The good news is that drafting your will with the help of our estate planning attorneys can be a fairly simple and straightforward process.

To begin, you should know that a will is the foundation of any Texas estate plan. Due to the current estate tax laws, the disposition of a small or moderately-sized estate can typically be handled with a simple will. Everyone benefits from the protection afforded by a will – even a person with a small estate. This is primarily because a will is much more than an allocation of assets. A will is your final voice, a way to elect who will carry out your wishes, and who will take care of your children. It is also the final say in important issues such as a minor's inheritance and how the distribution of family heirlooms will be handled.

We will help you evaluate whether your estate planning needs should include tax planning and how your unique circumstances can be addressed with other estate planning tools. In addition to giving your wishes the authority of law, having a will streamlines the probate process for your loved ones.

In order to work properly, many estate plans require the incorporation of some type of trust. There are several types of trusts that can be incorporated into your estate plan to further protect your interests and effectively pass on your assets to those you love. It's important to note that these are complex legal instruments and that in order for them to be effective, you should consult one of our attorneys who can thoroughly explain them to you and advise you on how they can serve your specific needs.

All of these tools work together to build a solid plan that can (1) ensure your property is in the right hands — either during your lifetime or upon your death, (2) guarantee that your money and property are used for the purposes you intended, (3) potentially save your estate a significant amount in estate taxes, and (4) ensure your loved one qualifies or continues to receive public assistance monies for which they become eligible.

These types of trusts help a loved one preserve his or her right to need-based public benefits in Texas such as Medicaid or SSI despite an inheritance. In situations where the beneficiary of an estate is disabled or suffers from chronic illness, a special needs trust is a way of ensuring that if they were to receive an award, settlement or disposition of assets through the death of another, they do not inadvertently disqualify themselves from receiving the public benefits to which they are otherwise entitled. A special needs trust will allow you to put your assets into a self-funded trust or give assets to someone you love through a third-party funded trust either during your lifetime or upon your death. In essence, this type of trust allows the special needs person to have many of the "extras" that the government will not otherwise pay.

The truth is we all hope to remain as independent and self-sufficient as possible during our lifetimes. Today, people are living well into their golden years and modern medical science is giving us all ever-increasing chances of surviving even the most devastating illnesses and accidents. That's why advanced planning is more important now than ever. Without the proper legal instruments, if you become incapacitated, a court may determine that you need a guardian and appoint someone you may not have chosen yourself. Plus, the associated costs, bond premiums and ongoing fees would be paid from your assets at the court's discretion. Fortunately, there are several documents, such as medical power of attorney, financial power of attorney, and directive to physicians to avoid that difficult and expensive process and plan for the management of your property should you become unable to do so for yourself.

Planning for your future together? Marital property agreements are powerful tools for couples looking to define their individual and shared assets. Whether you're planning a marriage or are already in one, these agreements can clarify ownership, outline financial responsibilities, and prevent future disputes. Our estate planning attorneys are able to draft these documents for you, or review and edit an already drafted version.