Hayes & Wilson, PLLC
Call to Schedule a FREE Appointment
832-409-0089
Houston Texas
Practice Areas

Houston Estate Planning Law Blog

Do men and women differ in charitable giving?

People can vary considerably from one another in their goals for what will happen with their wealth as they get older and when they pass away. Thankfully, there are a wide range of different goals estate plans can be configured towards. Thus, estate plans can be customized to a person's particular wealth goals.

One wealth-related thing that people can differ quite a bit on is the priority they put on charitable giving.

Can a guardianship be modified in Texas?

All sorts of things could change after a guardianship has been put in place for an adult here in Texas. Some such changes could impact how well-suited for circumstances the initially set terms of the guardianship continue to be. Examples of such changes include shifts in the condition of the person the guardianship is for, such as a bettering or worsening of their mental condition. 

Thus, one thing a person may wonder is whether guardianships can be changed in response to these sorts of shifts in circumstances.

IRAs, beneficiary designations and trusts

The typical way retirement assets are passed on after a person's death is through beneficiary designations. As we discussed in a previous post, one of the options individuals with retirement assets generally have when it comes to beneficiary designations is to name a trust as the beneficiary. It is important to note though that there are certain retirement assets for which this beneficiary designation option can raise some special concerns.

Take individual retirement accounts for example. A variety of issues can arise in relation to naming a trust as a beneficiary for an IRA. For one, making such a beneficiary designation, when done without proper care, could end up triggering some rather severe tax consequences.

Could tax deductions for charitable giving have health effects?

Here in the U.S., there are tax benefits, such as deductions, available in relation to charitable giving. One of the main goals of tax benefits for charitable giving is to encourage such giving. A recent study indicates that such tax benefits may also have positive health impacts.

The study looked at survey data regarding charitable giving and health status to see if there was any connection between amount of tax benefits for charitable giving and health levels. From the analysis of the data, the study concluded that increases in charitable giving tax subsidies were associated with increases in health scores.

Do wills avoid probate?

One estate planning goal some individuals have is probate avoidance. Why might a person not want their assets to end up in the probate process when they pass away? The probate process can sometimes be complicated, emotionally-draining and time-consuming. Thus, one of the common hopes with probate avoidance is that it will help make things easier for one’s loved ones.

One thing individuals might wonder is if wills can help with probate avoidance. While wills can help with a variety of different estate planning goals, probate avoidance is not one of them. Wills are subject to the probate process, so including an asset in a will would not take it out of probate. 

The versatility of irrevocable trusts

Some may assume that, because an irrevocable life trust generally can't be changed once it has been set up, such trusts are fairly limited in their uses. However, irrevocable trusts are actually a fairly versatile estate planning device.

One reason for this is that, while the terms of an irrevocable trust generally become fixed once the trust is established, there is a great deal of flexibility in the types of terms a person can select to have for the trust when setting it up. Thus, there are many different types of irrevocable trust set-ups for individuals to choose from. A list of some of the different kinds of irrevocable trusts can be seen on our irrevocable trusts page.

Survey: many underestimate retirement costs

It is common for people to give a fair amount of thought to what their retirement will be like, such as what sorts of things they will do during their retirement. It is also important for a person to give careful thought to what sorts of expenses they would likely face in retirement.

One pitfall a person can fall into when it comes to considering likely retirement expenses is underestimating such expenses. A recent survey indicates that falling into this pitfall is rather common.

Do millennials view charitable giving differently?

One desire many people have is a desire to help the world be a better place. There are many different ways individuals go about trying to achieve these sorts of altruistic goals. One such way is giving money to charities that they feel are making a positive difference in the world.

Charitable giving is a very popular form of supporting charitable efforts here in the United States. In a recent NBC News survey of 2,650 individuals, 70 percent of respondents said they donated money to charity in the past year.

Keeping family discussions about estate planning from going off the rails

Important things often require great care. Take discussions with the family about estate planning issues for instance. Talking with one's family about one's estate plan can be a very important thing. It can help create clear expectations within a person's family regarding what will happen asset-wise when the person passes away. It can also help bring potential issues and concerns regarding such matters within a family to the front early, thus giving a family a chance to properly address them. These sorts of things may be able to help things go easier for a person's family during the probate process after the person has passed away. 

It is, however, possible for such discussions to go awry. Discussions on estate planning can touch on some sensitive issues for a family, and thus could rather easily go into troublesome territory when not handled with careful thought. An estate planning discussion with one's family going badly could have many negative implications, including hurt feelings and increased difficulty in having constructive conversations about these topics in the future. 

How Can We Help You?

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Our Location

Hayes & Wilson, PLLC
1235 North Loop West
Suite 907
Houston, TX 77008

Phone: 832-409-0089
Fax: 713-880-9990
Map & Directions

Board Certified | Texas Board of legal Specification
Visa | MasterCard
FindLaw Network