The sun is out, the temperature has risen, and “For Sale” signs now line neighborhood lawns. It’s officially spring time which is the most popular season to purchase a new home. When purchasing any new property, whether it’s your first home, a larger one, or a vacation house, there are a few important things to remember. Get Copies of Credit Report Before you start house hunting, get copies of your credit report to Read More
What Happens to Bank and Brokerage Accounts After Death?
The first step is to determine what type of account you have. You can determine what type of account you have by contacting your bank or reviewing your signature card. Each bank will have specific terms associated with each account type. There are some industry standards but you should contact each financial institution to determine the terms of the accounts you own. Single Party Account If you have a single party Read More
Wills are Critical for People in a Second Marriage
Betty and George had been happily married for 15 years when he became ill. She stood by him as the illness progressed and eventually claimed his life. They did not have any children together but George had a son and daughter from his first marriage. Betty and her step children were friendly but not close. George died without a will. He and Betty had lived a modest life and he felt there was not enough there to Read More
Trusts Can be an Important Planning Tool for Non-Traditional Families
The use of a revocable trust can be an important estate planning technique for non traditional families and same sex couples. All estate planning should begin with the four key documents but non traditional families and same sex couples need to take that planning a step further. A revocable trust is established during a person’s lifetime and the trust document names a trustee and one or more successor trustees to Read More
Estate Planning for Business Owners
Business owners like all individuals should start with the basics. There are four documents that form the cornerstone of all estate planning. They are a will, durable power of attorney, medical power of attorney and directive to physician (living will). Non-traditional families and same sex couples should consider some additional documents to provide similar coverage available to married couples under the Read More
Life Changes that Impact Taxes & Estate Plans
Tax season is upon us and it’s time to dig out all of last year’s receipts and pay-stubs. While you’re organizing your finances it’s also a good time to review your estate plan. Any significant changes in your life may mean it’s time to update your Will or other important documents. Below are a few examples that should trigger a review of your estate plan. Increased Income Did your salary double from last year? Lucky Read More
The Importance of Beneficiary Designations for Non-Traditional Families
A comprehensive estate plan begins with a will and directives. But it would be incomplete without considering beneficiary designations. This enables every aspect of the plan to work together toward providing for your loved ones. A review of how all assets are titled and current beneficiary designations will ensure your goals are achieved. It is important to review beneficiary designations on life insurance Read More
What is a Probate Proceeding?
When a loved one has passed those left behind are often at a loss for how to proceed. What needs to be done? When must it be done? Can I delay the process to allow time to grieve? Following are some general guidelines to help answer these questions for residents of Texas. Since laws vary from state to state and change over time, you will want to consult an attorney to ensure you have information relevant to your Read More
Advanced Planning Documents that are Critical for Non-Traditional Families
Planning for all families begins with the same foundational estate planning steps. However, if you are a non traditional family or in a same sex relationship additional steps are necessary to ensure your loved ones are protected and your wishes followed. If you want your partner, instead of your biological relatives, to make decisions on your behalf additional steps need to be taken. The first step to consider is Read More
What Happens in a Property Transfer?
The death of a loved one can bring a great deal of stress and confusion into the survivor’s life. What is to be done with the home, furnishings, financial accounts and pets? Who is responsible and how does it get done? When someone dies any property owned must be transferred to a new owner. This transfer takes a variety of forms and which form depends in part on what the deceased owned. Some property can be Read More
