Many Texas residents believe that a simple will is sufficient to ensure that their wishes will be honored after their passing. However, estates often land in the probate process when a will is disputed. This process is very time-consuming and can be very costly. Experts offer some suggestions to help one's heirs potentially avoid probate litigation.
Try to avoid probate litigation
Things to keep in mind when estate planning
A professional with many years of experience in the financial and trust fields has shared her suggestions regarding planning for the future. She has offered recommendations on best practices for estate planning and administration. Understanding what is successful and what is not when making plans for an estate is important for Texas residents and others around the country.
Long-term care issues important to investors
As the average age of the population in the nation continues to increase, many Texas residents are concerned about what will happen to them in their retirement years. Plans for having sufficient income when someone retires is a major consideration. Another topic frequently discussed is the availability and cost of long-term care. A recent survey conducted by financial advisors reveal that this topic was of great concern to affluent investors. However, experts acknowledge the topic is important to everyone.
Avoid hidden estate planning mistakes
Many Texas residents and others throughout the country don't have a will. They have given little to no thought about estate planning, perhaps because they don't think it is necessary. However, even those with modest assets can benefit from having a plan in place. It is equally as important to carefully review an estate plan to avoid potential problems in the future.
Willy Wonka and long-term care lessons learned
There are many issues for Texas residents to consider when planning for retirement. Although they are expensive, long\-term care policies are valid options for individuals to consider in investment portfolios. A tax professor who also advises on retirement and estate planning recently shared his thoughts on how a scene from a popular children's book/movie confirmed the importance of long-term care insurance policies. He shared the details of a scene from "Charlie and the Chocolate Factory" (or the original, "Willy Wonka and the Chocolate Factory") involving Charlie and his grandparents.
