Estate planning is essential for everyone and even more vital for those who have acquired significant wealth or assets. If you are a Texas resident with a vacation or second home, you may be wondering how you should pass it down to your loved ones someday. According...
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How does debt affect survivors after your death?
Most people have some debt, and when they die, that debt does not automatically go away. You may wonder if you will leave your loved ones with a pile of bills to pay after your death. According to CNBC, what happens with your debt depends on the type of debt, your...
How does probate work in Texas?
When planning your estate in Texas, you should understand how the state handles probate. Some of your assets may go through this process, which involves the court supervision of property distribution, tax payments and creditor claims. Review the laws about Texas...
What is a simple will?
It is never too early to start estate planning. Many people believe that they do not need to consider starting an estate plan until they are nearing retirement; however, the reality is that many people would benefit from having a will in place at a much younger age....
What is a reason family business succession may fail?
You may be the owner of a business and hope someday to have a family member succeed you as owner and manager. Not all family business successions work out, though. To help ensure that you can someday transition your business to your child or family member, it may help...
When should you begin creating estate plans?
Perhaps you are young and just out of college or newly retired but feeling as good as you did 20 years ago. Estate planning may not be on your mind much, if at all, because death seems like a distant prospect. This mindset, however, could become rife with problems...
Is a QTIP trust good for my blended family?
Many people in Texas get married after having been previously divorced or widowed. The chance at a fresh start for a happy marriage and life is something to celebrate indeed. However, blending families may not always be easy and some of the issues that couples in...
Will my spouse have to pay my credit debt after my death?
There is nothing more final than death, which means you probably assume that when you die, your debts will as well. That is not always true when you have a spouse. Your creditors could hold him or her responsible for your debt in a couple of situations. According to...
An estate plan may include instructions for managing a business
For many entrepreneurs, starting and growing a business is like raising a family. Although estate planning tools provide resources for ensuring the financial stability of a spouse and children, they may fall short when providing for the long-term care of a...
What is intestacy?
Most people understand the importance of having a comprehensive estate plan. However, there are thousands of people in the United States who die each year without a will. Dying without a will is dying "intestate." When this happens, it may end up with the estate in...