"We must reject the idea that every time a law's broken, society is guilty rather than the lawbreaker. It is time to restore the American precept that each individual is accountable for his actions. " - Ronald Reagan

Texas Estate Planning

Estate planning is the planning for someone’s estate at death, the term involves not only the creation of Wills and Trusts but also the creation of powers of attorney, living Will, and any tax planning provisions that may save estate taxes at death and help dictate the administration and divestment of assets upon the event of ones death.

A well-drafted Will plans around federal government imposed taxes for savings and it is important to evaluate whether or not strategies exist to save taxes at death.

The creation of powers of attorney is extremely important. Powers of attorney allow someone to designate another person to make medical and financial decisions for them in the event that they are incapacitated. These documents are relevant only when someone is still alive, but they are currently incapable of making appropriate decisions for themselves. In most cases, people designate a spouse and/or trusted family member or friend to make these decisions.

In the wake of the Schiavo case, and others like it involving incapacitation due to a medical condition, many people feel the need to have a Living Will, which is also known as a Directive to Physicians. This document is a directive to your medical doctors on whether to apply or hold back life sustaining treatment in the event that you are either terminal or in an irreversible condition, most notable life support situations.

When considering your estate planning, it is important to consider each of these elements. Each element is important, and they all need to be addressed and incorporated as part of a comprehensive estate plan.

 

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