Getting The Full Value Of Your Estate Planning Tools
At Huckaby Hicks PLLC, we know that estate planning is not a “one size fits all” pursuit. This is why we offer à la carte tools; to better meet your needs. Our tailored approach is what sets us apart. Experience the difference that working one-on-one with an estate planning professional makes. Have a question about the process or what is needed to get started? Call our Buda, Texas, office at 737-309-2231. We offer a free consultation to answer your questions.
What Estate Planning Involves
Estate planning entails making a map of your wishes for your loved ones to be carried out by the people you trust. A large facet of estate planning is identifying which assets will be transferred upon your death. Doing this now takes the burden off your relatives. Having a will ensures that your wishes are known. Otherwise the distribution of your assets is left to the state. Good estate planning can also ensure that your estate need not go through the Texas probate process
Estate planning typically entails:
- Creating a will that assigns power of attorney
- Documenting your health care wishes
- Appointing an executor for your estate
- Determining who will be the guardian of your minor children
- Establishing a trust to protect your assets
As estate planning attorneys, we can help you prepare the documents that you need to ensure that your assets pass to your loved ones in the most financially efficient manner to minimize the potential tax consequences.
When To Include A Guardianship In Your Plan
Adult guardianship is a legally recognized relationship between an individual who needs assistance managing their personal or financial needs due to incapacity or illness. Texas recognizes both guardians of the person and the estate. These guardianships can be limited based on the facts of each case. Guardianship can be an extensive and lengthy process. There are other ways to plan that involve alternatives such as including a power of attorney and health care proxy in your will.
The Guidance You Need On Many Trust Types
A revocable living trust (‘living trust”) is an estate planning tool that allows a person to transfer ownership of their assets into a legally recognized entity. A living trust is a viable alternative or an addition to a will for those who want to ensure their assets pass to their heirs in a certain manner.
A living trust allows the trustor to retain control of the assets during their lifetime. It offers future heirs the opportunity to avoid the probate process. This will keep the contents of the estate and terms of distribution private. We can advise and counsel on revocable living trusts and many types of trusts including:
- Family limited partnership
- Life insurance trust
- Charitable trust
- Limited liability company
Many people are pleasantly surprised to learn of the many benefits and protections a trust can offer. If you own a business, consider creating an estate plan with this specifically in mind.
The Guidance You Need To Create A Solid Plan
We provide focused attention and service for all your Texas estate planning needs. Call our Buda, Texas, office at 737-309-2231. Ask a question or set up a time to get together and talk about your situation, goals, and vision for the future. Your initial consultation is free. You can also reach us via our online query form. We serve the estate planning needs of clients across Central Texas including Travis, Williamson, Hays, Caldwell, Comal, Burnet, Llano and Bastrop counties.