Hayes & Wilson, PLLC
Houston Texas
Go To
  1. Driven by a compassionate, team approach.

832-409-0089 Houston Texas

Estate planning: Unique in each case, with varied considerations

As has been noted by more than one financial commentator, many Americans seemingly spend more time on their vacation plans than they do thinking about estate planning and optimally ensuring that their loved ones will be provided for in the future.

The reasons for that, whether in Texas or anywhere else in the country, are certainly variable. One person might mistakenly believe that a will provides for every contingency. Another might feel overwhelmed and procrastinate or entrust the important matter of wealth protection to an individual or business entity poorly equipped to handle it.

As noted in a recent media article on estate administration and probate, being proactive and smart in this area is vitally important to ensure the achievement of financial goals and promote family security over the long term.

Fortunately, realizing that aim is far from insuperable with the help of an attorney commanding experience over both the "tax" and "non tax" considerations of estate planning. A proven lawyer in this area will probe deeply to understand the needs of an individual and family, with an estate plan being precisely tailored to fully promote the best financial interests of a client.

An effective estate plan will encompass close scrutiny of these and related considerations:

  • Insulation of assets/property from estate taxes in the future, possibly through use of a trust that is funded by an amount up to the exemption level legally allowed a deceased spouse
  • Ongoing and timely assessment of life insurance policies to ensure validity, appropriateness and competiveness vis a vis other products
  • Protection of inheritances by using trusts that shield assets from third-party claims
  • Proper treatment of a family business, including ownership, management and control
  • Beneficiary identities, which need to be clear to avoid ambiguity and potential litigation

A careful estate planning attorney will also make sure that all other applicable concerns are addressed and properly attended to. These can include the need to periodically review assets held in a revocable trust; ensure that documents such as Health Care Powers of Attorney and Durable Powers of Attorney are in place to address incapacity before death; and incorporate the flexibility into trust provisions necessary to ensure that they will remain viable as time goes on and circumstances change.

Source: WRAL Tech Wire, "Top 10 'non-tax' estate planning recommendations," Stuart B. Dorsett, Jan. 2, 2013

  • Our firm understands that the estate planning needs of every person and family are unique, and we attend carefully to every consideration that arises in an estate administration matter. We invite readers to visit our Houston, Texas, Estate Planning page for further information.

No Comments

Leave a comment
Comment Information
  • Greater Height | Area Chamber Of Commerce
  • Cy - Fair Houston Chanmber Of Commerce