Wills, Trusts, and Estate Planning – Texas
Estate Planning is the process by which people develop plans that ensure that the assets they have worked so hard to accumulate during their lifetimes are protected and distributed to those they love. Estate planning is about the future of their families.
The attorneys at Hammerle Finley Law Firm have helped people plan their estates for over three decades. Our goal is to help clients make and implement plans that carry out their wishes regarding their families and their property. In so doing, we provide them peace of mind and the comfort of knowing that their assets will be preserved for the next generation.
We can help you implement a variety of strategies to minimize taxes and provide for your loved ones. Texas has some specific laws that make it easy to probate an Estate. Estate planning documents for Texas residents should be tailored to meet Texas law on wills & trusts.
Texas Estate Planning is about more than just tax and death planning. A true Estate Plan will encompass all stages of a person’s life. There are a number of documents, most Texas specific, that should be considered:
- Wills and Trusts
- Powers of Attorney
- Medical Powers of Attorney
- Guardianships
- Living Wills
- Life Insurance Trusts
- Family Limited Partnerships
- Living Trusts
- Educational Trusts
- Bypass Trusts
- Business Succession
- Medicaid Planning
- Special Needs Trusts
- Probate Administration
- Pet Trusts
- Miller Trusts (Qualified Income Trusts)
- Ladybird Deeds
- Will and Trust Disputes
- Probate, Estate Administration, and Guardianships
Basic Planning Documents
There are 7 basic documents that are considered important:
- Final Will & Testament
- Power of Attorney
- Medical Power of Attorney
- Directive to Physicians
- Designation of Guardian
- Burial Instructions
- Designation of Agent for Disposition of Remains
Composing a will helps to ensure that you control how your estate is divided. An estate that is not covered by a will is called “intestate”, and your belongings will pass according to state law, not according to your wishes.
A Power of Attorney is a written document that allows someone else to handle your financial matters for you. It can be “springing”, meaning that it only becomes effective on your incapacity, or it can be “durable”, meaning that it becomes immediately effective. The basic form is set out by Texas statute; however, there are certain additional powers that should be added to obtain the best taxable and practical advantages.
A Medical Power of Attorney designates a person to make medical decisions for you if you are unable to do so. The basic form is set out by Texas statute.
A Directive to Physicians sets out circumstances where you do not wish for extraordinary measures to be taken to prolong your life. The basic form is set out by Texas Statute, but most people like to tailor the document to include their specific wishes.
A Designation of Guardian sets out your wishes on who you want, and absolutely do not want, to serve as your guardian in the event one becomes necessary.
The form for burial instructions is used to convey your final wishes for disposition of your remains.
The Designation of Agent for Disposition of Remains authorizes one person to make all of the funeral and burial decisions after your death.
Depending upon the size and complexity of the estate and a client’s personal situation (former marriage, step-children, etc.), additional estate planning may be necessary. While not a comprehensive list, some common arrangements include the following:
- Trust
- Family Settlement Agreement
- Family Limited Partnership
- Buy-Sell Agreement
- Irrevocable Life Insurance Trust
One of the most common problems our Elder Law attorneys face is helping families to provide long term nursing home care for an elderly parent or other relative. We are here to help you plan to qualify for Medicaid benefits and to help you with your Medicaid application. The weapons in our arsenal include a Qualified Income Trust (Miller Trust) for those persons whose income is over the limit to allow them to qualify for Medicaid. Planning is essential to both qualifying for Medicaid and for protecting assets from Medicaid recovery.
Hammerle Finley has what you are looking for: a law firm with the practical knowledge to serve your legal needs today, and the vision to help you prepare for your legal needs tomorrow. Our firm is AV-rated under Martindale Hubbell’s Peer Review RatingTM process.
For a consultation with a lawyer at Hammerle Finley, please contact us online or call one of our offices:
Dallas 214 363-9300
Lewisville 972-436-9300
Denton 940-383-9300
Corinth 940-383-9300
Plano 972 -423-3000
