Helping Texans Plan For The Future And Protect Their Legacies
An effective estate plan can only be created if a lawyer understands the client’s assets, family and vision for the future. In other words, communication is critical.
At Gauntt Koen Binney & Kidd, LLP, our estate planning attorneys in The Woodlands start by listening to our clients. We gather the information necessary to formulate a plan that may include any number of components. We aim to help you plan for the unknowns and ensure the people you love are cared for if and when something happens.
What Does An Estate Plan Include?
An estate plan can include what you need it to. It should reflect your needs and wishes for the future. In your estate plan, you may want to include a:
Will
A will is a legal document that lists who you want to distribute your assets to after passing. That way, you can limit any confusion or conflict among family members. If a loved one decides to challenge the contents of your will, the disputes will typically take place in probate court. There are several types of wills: simple, pour-over, joint and living.
Trust
Like a will, a trust can serve as a tool to determine which assets you want to give to your beneficiaries after you pass. However, what makes a trust different from a will is that a trust can go into effect before you die. So, depending on your trust type, you can still manage the assets in that trust while you are still alive. Some trusts can also offer tax protections when passing down assets. While there are several different trusts to choose from, the main types of trusts people include in their estate plans are living trusts, revocable trusts and irrevocable trusts.
Power Of Attorney
A power of attorney is a legal document that allows you to name a specific person to manage your property, finances, health care decisions or other matters should you become incapacitated. Different types of power of attorney exist, including general, financial, health and durable. We can help you figure out which type best fits your circumstances.
Estate Administrator/Executor
After you pass, you want to make sure you have someone who can distribute assets and handle any issues that come up later on. This person should be someone who you can trust, is reliable, responsible with money and has the time to devote to managing your estate.
Guardianship Designation
If you are a parent with underage children, appoint a legal guardian to look after them if something happens. Much like appointing an estate administrator, you want someone who you can trust, is financially responsible, and has the time and capability to raise your children.
These are just a few essential things many people include in their estate plans. To learn more about what we can help you include in yours, call us at 281-868-4050.
What Is The Goal Of An Estate Plan?
The goal of estate planning is wealth preservation. Several threats must be considered when crafting an estate plan, particularly for high-asset estates. These threats could jeopardize the amount to be passed on. One of the most prominent is estate tax. For that reason, estate tax planning is a significant part of our practice.
An Estate Plan Can Be More Powerful Than You Think
When people think of estate planning, they often think only of passing their assets on to the next generation. With decades of experience, we ensure our clients understand everything an estate plan can do. For example, an estate plan can incorporate elements of elder law, nursing home planning and Medicaid planning. It can also establish contingencies for what to do in the event of an incapacitating injury or illness.
Estate Planning Is Not A One-Time Event
An estate plan should not just be created and forgotten. In the event of any significant life changes, such as relocation to another state, it must be revisited. Additionally, laws change frequently, including those that relate to estate planning. It is vital to have an estate plan reviewed by an attorney regularly to ensure it is aligned with current laws. We can assist with reviewing and updating estate plans. Whether you have lived in Texas your entire life or you are a newcomer, learn more about why you may wish to update your estate plan and how we can help:
Updating 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 differ 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 comply 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
- Divorce
- Marriage or remarriage
Sometimes, your life may not change, but your goals do. Perhaps someone who should have been included as a beneficiary was not 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.
Including A Trust In Your Estate Plan
For many, a will alone cannot accomplish their estate planning goals. A trust is a much more dynamic tool. It is more flexible and offers more options. At Gauntt Koen Binney & Kidd, LLP, our trust lawyers or attorneys in The Woodlands understand the value of trusts. With decades of experience, we know how to ensure our clients benefit from this tool when appropriate, based on the size of their estate and their goals.
Why Living Trusts Are Valuable
We typically create what are referred to as living trusts. These trusts take effect while the client is still alive, whereas a will only takes effect upon death. These trusts serve a similar purpose as a will. They provide instructions about how assets will be distributed to beneficiaries after death. They offer additional value by allowing the successor trustee to carry out instructions regarding finances, health care and legal matters in the event of incapacity.
Living trusts can be created in many forms, depending on the client’s needs. Some are general. Others may be very specific such as a special needs trust. Our lawyers are familiar with all the various permutations of living trusts, as well as their role in estate tax avoidance.
Elder Law And Trusts
Trusts are not just about planning for death. They can be important tools when planning for later years. For example, our attorneys frequently assist with the creation of Miller Trusts. These trusts are used as part of a strategy to protect assets when planning for life in a nursing home. They are designed to deal with Medicaid and Social Security benefits.
Estate Tax Planning Attorneys In The Woodlands
Addressing estate tax is a critical component of estate planning for those with high incomes or substantial assets. The estate tax is one of the most prominent threats to the amount passed on. It can take a sizable 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 will 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 will play an important role. We carefully design estate plans that include trusts 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 regarding the value at which an estate becomes taxable and other factors. Not long ago, Texas had its own estate tax, referred to as a pickup 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 hard to earn.
Talk To Our North Houston Estate Planning Attorneys Today
It’s never a bad time to start thinking about your future and how you’ll carry on your family legacy. Whether you are creating an estate plan for the first time or making adjustments to yours after significant life changes, we can help you maneuver every step with care, dedication and attention to detail.
Schedule an initial consultation at our office at The Woodlands today. Call us at 281-868-4050 or complete our contact form. We look forward to meeting with you.