Few people in Texas really enjoy talking about death, especially when they are trying to enjoy their lives. However, if a person dies without a will, he or she may end up causing loved ones more grief than intended. The family members would already be grieving over the person’s life, and having to helplessly allow the state to decide how left-behind assets will be divided is like salt in the wound. There are some tips that will help a person to engage in estate planning successfully.
Producing a will can be a complicated task, especially for families that have high-value assets. The fact that tax and estate laws change with time only complicates matters. When trying to participate in estate planning, a person should always think beyond the present: This means that people should base their estate plans on financial projects of future earnings and assets gained, not just what is currently owned.
People can also provide gifts to family members, which can help to minimize estate taxes. Further, revocable living trusts can help a person to effectively manage assets. This is particularly true if that individual is facing health problems or simply wants to steer clear of probate.
Especially for a wealthy individual, creating a will can be a complex, multi-faceted process. However, it is an essential one to go through, allowing a person to have control over how his or her assets are divided in the event of his or her death. Understanding current laws can help individuals in Texas to ensure that their estate planning truly does make the most of tax benefits and reflects their wishes as far as what their beneficiaries will ultimately receive.
Source: financial-planning.com, Estate Planning Dangers & Inconsistencies, Martin Shenkman, Nov. 1, 2013