There are two different types of estate taxes, which are federal and state taxes. In most cases, Texas beneficiaries are able to sidestep estate tax on a federal and state level. However, those in other areas face states taxes of up to 19 percent.
Trustees can avoid state estate tax in Texas
Texas estate planning: Prepare to tax changes
The end of the year is coming and it's a perfect time for those who have assets to appoint beneficiaries and keep up-to-date on new laws. Estate planning plays a vital role in the future of Texas consumer's assets. For those who already have a plan in place, it can be important to review and update pertinent information in regard to tax changes.
Estate planning advice: Trustee discretion
When Texas residents are planning their estate, many choose to create a trust in order to hold wealth intended for one or more beneficiaries. In doing so, they must also appoint a trustee, who is the individual responsible for administering the trust according to the wishes of the deceased. Doing so, however, can be a challenging aspect of one's estate planning, as there are a variety of choices available as to what level of discretion can be granted.
Probate can have negative outcomes in Texas
Do Texas beneficiaries need to probate a savings account?
A well-drafted will is an important part of estate planning. Even with a will in place, there are certain aspects that may be missing which may lead to probate. However, there are some exceptions to the rule and Texas beneficiaries may be able to participate in small estate administration.
