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.
Every person is unique, which is why we take the time to listen to our clients…
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:
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.
Trusts are a versatile tool used in estate planning, wealth preservation, charitable contributions, and tax planning. While the benefits are many, the consequences of a poorly drafted trust can be significant.
Each Trust has at least three parties: (1) Grantor: the individual or entity that funds the Trust with property to be owned by the Trust; (2) Trustee: the individual or entity to manages the property owned by the Trust; and (3) Beneficiary: the individual or entity that has the beneficial interest in the property owned by the Trust.
The Trustee can be one or more persons, or even a Trust Company that specializes in serving as Trustee. Beneficiaries can be one or more individuals or charitable organizations that receive the benefit of the Trust property during the term of the Trust.
Middleton & Middleton has extensive experience in the area of drafting, administering, and advising on the proper uses of Trusts. Below is a list of some of the areas in which we serve our clients:
Some of the benefits to creating a Trust include: