This month marks the two-year anniversary of Prince's death. Despite the amount of time that has passed, his heirs have yet to receive a penny of his estate due to his lack of an estate plan. This reality plays out with estates large and small in Texas probate courts every day.
One of the most considerate things Texas residents can do for their loved ones is to make sure that their estate plan is in order. Creating an estate plan checklist can help with ensuring all of the necessary documents are in place.
Many changes affected federal estate taxes with the passage of the Tax Cuts and Jobs Act at the end of 2017. Some people have wondered if fewer individuals in Texas and across the country may choose to include philanthropy as part of the estate planning process as a result. The fact that charitable gifts made in a will are exempt from inheritance and federal estate taxes has helped to spur significant giving from donors over the years. However, including philanthropic giving as part of one's estate can also provide powerful intangible rewards reflecting social priorities.
Texas residents who are creating an estate plan should make sure their affairs organized. There is a physical and a financial component to this.
Many people believe that a will is the best way to provide for their loved ones once they’re gone. While a will offers many important benefits in establishing an asset management plan after death, there are some circumstances under which a trust is a better option for your loved ones.