Regardless of your financial and personal situations, you need to become familiar with the benefits of creating an estate plan. For those who already have an estate plan, it is good practice to review your documents every so often.
If you live in the state of Texas and are faced with the estate planning process, you will likely begin to consider the finer details associated with wills, trusts and other documents.
No matter who you are, there will likely come a time when you begin to consider the estate planning and administration process.
We talk about the overall scope of estate planning quite often in our blog because we want our Texas readers to understand how important this is to their future.
Most Texas residents are interested in leaving some type of legacy for children or heirs. Though many individuals likely don't think of estate administration on a daily basis, it's important to plan ahead if you want to leave heirs financially sound. Estate planning isn't only for the wealthy. Planning ahead lets you choose how to distribute assets, but it also protects heirs from taxes or creditors.
When it comes to estate planning in Texas, discussing your intentions with your loved ones is of utmost importance. As difficult and awkward as this can be, getting your affairs in order while you are still able to do so is essential.
If you ever wanted a great trivia question to break out at cocktail parties, just ask what Gail Posner, Alexander McQueen, and Leona Helmsley all had in common. After getting past the quizzical looks you’ll probably receive, you can reveal that all of them (who were wealthy individuals) all created trusts for their pets. After they passed away, the trio left an average of $13 million for the care of their dogs.
As our readers gather for holiday celebrations and family events, conversations inevitably go towards the forbidden topics that make people uncomfortable (e.g. politics, financial advice, religious convictions). If your family is used to awkward conversations (or timely rebukes about forbidden conversations), it may still be appropriate to discuss estate planning.
The tales of former professional athletes burning through substantial amounts of money is nothing new. In fact, ESPN created a 30-for-30 documentary, “Broke”, that chronicled some the most painful (and troubling) tales of money lost during and after an athlete’s career is over. With 78 percent of former NFL players and 60 percent of former NBA players declaring bankruptcy within five years after their retirement, money mismanagement is arguably an epidemic.