ESTATE PLANNING

QUESTION: I know you may have probably been thinking for some time now about putting in place an Estate Plan.  You may have even started to take the necessary steps to move this forward. But now I want to ask you a pointed (and perhaps undiplomatic) question:

            “Are you satisfied with what you have done about it?”

 Don't let the state of Texas or the courts tell you where your assets should go. I’m going to show you how you can easily take control of your assets and protect your loved ones.

Wouldn’t it be nice to not lay awake at night worrying if you have everything in place?...Worrying if you have done the right thing to protect your family. You have worked hard your whole life. Very hard. Take a look around you. You have done well and in turn, may have accumulated things like:

• A home. You may even own more than one home, or land
• Cars
• Life Insurance
• Investments like stocks, bonds, and mutual funds
• Bank Accounts. Sometimes multiple accounts.

What if one day all of this were gone? 

What if you wanted to make sure all of these things you have worked so hard for went to the people you truly care about in your life, but the courts or the government instead decides where it will go? 

What if all of your assets were tied up in probate for months or years before they could be passed on to your loved ones?

For instance, your house would have to remain unsold until probate was finalized. In the meantime there may be mortgages and property taxes due, month after month that someone must pay for

What if 40% or more of your estate went to the government in estate taxes

Wouldn’t it give you peace of mind to know that there is a solution to these problems?  Did you know there is a way you can:

·         Avoid Probate? (More on what probate is and how it works later…)

·         Pass on property to the person or people of your choice?

·         Greatly minimize or avoid estate taxes all together?

·         Put restrictions on when and under what circumstances a child or grandchild can receive property? For instance restrictions such as attending college and maintaining a certain Grade Point Average to inherit part of your estate? Or maybe you want to make sure an 18 year old isn’t driving around in a new Corvette because he or she blew their entire inheritance while driving past the Chevy dealership

There is a solution. The solution is planning. Estate Planning to be exact. Estate Planning will ensure that your hard earned assets and property pass smoothly and easily to your loved ones. If done right, it can be done without the hassle nd expense of probate and potentially avoid or limit estate taxes.

WHAT IS AN ESTATE

Let’s start with the basics of what exactly an estate consists of.  The term "estate" consists of all the property a person owns or controls at their death. It does not matter if it’s held as your own property, community property, or some form of joint ownership. It includes things like:

• Real property such as houses, condos, and land
• Personal property such as cars, home furnishings, and bank accounts
• Collectibles such as art, antiques, and jewelry
• Life insurance
• Investment accounts such as 401k, IRA, and brokerage accounts
• Business interests such as corporations, partnerships etc.

…and the list goes on.

As you can see-really anything you have is part of your estate.

IF EVERYTHING IS A PART OF MY ESTATE, THEN WHAT EXACTLY IS AN ESTATE PLAN?

Estate planning is really just a process of setting up several types of very fact specific documents to help you determine where your hard earned assets will go and who will help control them.

 It is a way to determine a series of “what if” scenarios and working through those scenarios.  Then, everything is simply laid out in writing, so that when you are gone, or if you have become incapacitated in some way, someone you have named to handle your estate can clearly, and easily understand your wishes.

That person can then step into action and handle your affairs, taking care of you according to your wishes while you are alive, and then, when you have died, passing your property on to your loved ones with minimal hassle. If done properly, this can be done with no interference from the courts or the government.

So often however, people think that a proper estate plan only takes care of “what happens to my property when I die?” The larger question, and one that most attorneys are unprepared to deal with is “what happens if I outlive my assets?

Both questions must be answered, and it is critical that your wishes are clearly spelled out in your estate planning documents of what you would want if you became incapacitated. That’s what sets Willie Elder Law apart. We view estate planning from all perspectives and focus on making sure you are comfortable and taken care of while you are alive.

Wills

Trusts

Probate Avoidance

Life Planning

Powers of Attorney

CONTACT US TO GET STARTED TODAY!