Bryan College Station Estate Planning Attorneys
Comprehensive Estate Planning requires a detailed understanding of the client’s needs and goals. Every person is unique, which is why we take the time to listen to our clients in order to help guide them in determining their needs in creating an Estate Plan. We utilize a variety of estate planning techniques to address our client’s needs to ensure that their assets are preserved for the next generation.
No matter the size of your estate, we recommend each individual have in place an Estate Plan to control the disposition of his or her property when they die. Contact us today to schedule an appointment. We are glad to provide estimates of the costs of our services upon request.
An Estate Plan is commonly understood to mean a Last Will and Testament. However, there are many ways by which a person can plan in advance for the disposition of their property and their personal care in the event of death or disability. In every Estate Planning meeting, we discuss the need for a comprehensive Estate Plan. A Comprehensive Estate Plan should involve many of the following:
- Coordination of Probate and Non-Probate assets
- Retirement Benefits Planning
- Revocable Trusts and Irrevocable Trusts
- Durable Power of Attorney for Financial Matters
- Medical Power of Attorney
- Directive to Physicians (“Living Will”)
- Analysis of Income Tax considerations
- Analysis of Estate, Gift, Generation Skipping Tax, and other tax considerations
- Charitable Gift Planning
- Guardianship and Guardianship alternatives
- Asset protection planning
An Estate Plan is more than just a Will or a Trust, but includes documents that allow someone you trust to manage your financial affairs and make medical decisions on your behalf when you are not able to.
A well-drafted Estate Plan allows your estate to pass to those persons that you want to inherit your property. Without a Will or Trust, the Texas laws of intestacy will make that decision for you. An Estate Plan can both reduce the burden of the often lengthy and costly probate process and minimize or avoid estate taxes, income taxes and capital gains taxes.
For parents of minor children, a Will may nominate the persons that they wish to care for their children if they were to pass away.
Other reasons to create an Estate Plan are:
- to limit the possibility that beneficiaries will frivolously spend their inheritance when handed a large sum of money at once;
- to allow individuals with special needs to maintain their government assistance, but still receive the benefit of an inheritance;
- to protect your children’s inheritance from a new spouse and step-children in the event your spouse remarries; and
- to provide peace of mind to know that your assets will be distributed to care for those you love once you are gone.
Michael W. Middleton has been Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization since 1991 and has served on the Advisory and Examination Commissions for the Texas Board of Legal Specialization.