As Texas residents make plans for their futures, they often have to ponder some difficult scenarios. They have to think about the possibility of no longer being able to take care of themselves independently or to make competent decisions on their own. Determining who will provide that care and make those decisions is a major component of the estate planning process. Certainly, everyone would like to think they would choose someone who would look out for their best interests. Unfortunately, that is not the case in every circumstance.
Estate planning: Name the right people to safeguard your interest
Who can initiate probate litigation to contest a will?
Not everyone will be satisfied with how a Texas resident decides to distribute his or her estate upon death. Some will feel as though they should have received something or received more, but not everyone can initiate probate litigation, and certainly not simply because someone did not receive the inheritance he or she expected. Contesting a will can only occur under certain circumstances and by certain people.
How will the new tax laws affect estate planning?
April 15 is likely not a favorite day of the year for most Texas residents and others across the nation. Many taxpayers delay filing their federal income tax returns until the very last possible minute. This year in particular, the Tax Cuts and Jobs Act has presented numerous changes to which those filing must adhere. The new regulations have implications for individuals as well as corporations and estates. Experts have weighed in on how the new tax law has affected the estate planning process.
What happens if someone doesn't want to accept an inheritance?
When most Texas residents and others around the country learn that they have been included in someone's will, they begin dreaming of what they will receive one day. It may be something of monetary value, such as property, cash or a business interest. On the other hand, items of sentimental value can be just as meaningful. However, what happens if a person is not happy about receiving an inheritance?
