The Livens Law Firm

Estate planning is critical for asset control and peace of mind

The federal estate tax does not kick in unless a person's estate is worth more than $5,340,000. Most people do not have to worry too much about the federal estate tax, therefore, when they do their estate planning. However, some states have an inheritance or death tax that applies to estates of a far lower value. Texas currently does not have an inheritance or estate tax, but there is always a possibility of change, so that it is advisable to check with an estate attorney to find out of whether there is an inheritance tax in the state.

For married couples, with proper estate planning, the federal estate tax will not kick in for estates up to $10,680,000. Regardless of whether your estate would be subject to taxes, there are other vital concerns that militate in favor of estate planning. For example, in order to protect your assets and needs for future contingencies, you should make a durable power of attorney, a living will and health care proxies now.

The power of attorney will allow your designated agent or agents to sign your name to checks, banking documents, contracts and all other legal transactions that require your signature. The health care proxies allow your agent to speak to doctors and make decisions with respect to your health care. The living will provides your personal wishes and instructions with respect to being maintained on life-preserving machines.

Estate planning in Texas also allows you to designate your wishes as to how your assets will be distributed, both during life and after death. This is done by living trusts made during life and by your last will and testament, which is made now but kicks in upon death. In order to decide whether you want to use revocable living trusts during your lifetime, and whether you need to make a will for distribution after death, the pros and cons for your particular situation will be best learned in a confidential consultation with an estate planning attorney.

Source: citizensvoice.com, "IN THIS CORNER: Estate planning strategies not for just wealthy", Christopher D. Ross, Dec. 14, 2014

No Comments

Leave a comment
Comment Information
EMAIL US FOR A RESPONSE

Schedule A Consultation With An Attorney

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

2516 Harwood Road
Bedford (Fort Worth), Texas 76021

Toll Free: 800-569-2663
Phone: 817-545-3425 (FW)
Fax: 817-545-9847 (FW)
Map & Directions

14135 Midway Road
Suite G-250
Addison (Dallas), Texas 75001

Phone: 972-685-5202
Fax: 972-685-5206
Map & Directions

Livens & Reed

Free Initial Consultation | Se Habla Español

Bedford (Fort Worth): 817-545-3425 | Addison (Dallas): 972-685-5202 | Toll-Free: 800-569-2663