The Woodlands Estate Plan Update Lawyers
Many make the mistake of simply creating an estate plan and forgetting about it. However, estate planning is not a one-time event. Whenever a major life change is encountered, wills and trusts should be revisited. Changes to the laws that dictate estate plans also need to be considered, as they occur frequently. At Gauntt, Koen, Binney & Kidd, LLP, our lawyers are always updated on changes to the law, and are skilled at reviewing and updating estate plans.
Updated Estate Plans For New Texas Residents
People who move to The Woodlands or the surrounding area from another state for work or for any other reason should not assume that their estate plans will be effective in Texas. Estate planning laws are different in every state, and ours is no exception. Our estate plan update attorneys in The Woodlands are experienced in helping new Texas residents ensure that their estate plans are in line with our state’s laws.
Other Reasons For Updating Wills And Trusts
Wills, trusts and all other components of an estate plan may need to be updated for any of the following reasons:
- Birth of a child
- Death in the family
- Marriage or remarriage
- Windfall, major promotion or substantial asset increase
In some cases, it is not life that has changed, but the client’s goals. Perhaps someone was not included as a beneficiary who should have been, or vice versa. Perhaps the way that assets are to be distributed needs to be updated. We can assist with updating estate plans in Texas.
Estate Tax Planning Attorneys In The Woodlands
For those with high incomes or substantial assets, addressing estate tax is a critical component of estate planning. Estate tax is one of the most prominent threats to the amount to be passed on. It can take a sizeable portion of the inheritance intended for heirs. At Gauntt, Koen, Binney & Kidd, LLP, our estate tax planning lawyers in The Woodlands have decades of experience crafting strategies to help our clients avoid this threat.
Wealth Preservation Requires More Than Just A Will
Our attorneys are dedicated to wealth preservation. When clients come to us for the creation of an estate plan, they often know that it is going to take more than just a will to ensure that estate taxes do not chip away at the assets to be passed on to the next generation. Trusts are going to play an important role. We carefully design estate plans that include trusts designed to facilitate estate tax avoidance.
The Rules Change Frequently
It is critical that an attorney understand current laws as they pertain to estate planning and estate taxes. The rules change frequently in terms of the value at which an estate becomes taxable and other factors. In fact, not long ago Texas had its own estate tax, referred to as a pick up tax. Now, estate plans only need to address federal estate taxes. Our knowledge of the Internal Revenue Code and Internal Revenue Service practices allows us to create estate tax planning strategies that preserve what our clients have worked so hard to earn.
Talk To Our North Houston Estate Plan Attorneys
Contact our Texas law firm via phone at 281-367-6555 or via email.Schedule Your Free Consultation