What is Estate Planning?
We provide comprehensive estate planning for individuals and families regardless of net worth.
Estate planning involves important family considerations of whom will receive property and in what form. We provide guidance on how to achieve your desired goals and make transfers by gifts, outright or in trust, to your spouse, children and subsequent generations.
Our estate planning experience and knowledge allow us to identify potential planning pitfalls that may lead to conflicts and strife amongst your family members and beneficiaries. Estate planning to avoid these conflicts reduces the chance that your estate will end in litigation and prevent your family from incurring unnecessary legal fees.
Comprehensive estate planning is not complete without addressing potential tax issues including federal and state income taxes, federal gift taxes, and generation-skipping transfer taxes imposed on gifts.
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Yale Law Firm’s founding attorney, Glen A. Yale has written extensively on preparing the Form 709, Gift Tax Returns, has presented professional programs nationally through the University of Miami School of Law Heckerling Estate Planning Institute and the American College of Trust and Estate Counsel.
For most Texas their Will is their main estate planning document. Your will may:
- Make gifts of cash, personal and real property
- Cancel Debts
- Establish a trust
- Appoint executors, and trustees
- Appoint Guardians for Children
- Disinherit family members.
There are many types of trusts and none are one-size fits all. Based on your specific situation, we will recommend and draft the right type of trust to protect and transfer your assets.
- Revocable management Trusts
- Irrevocable life insurance trusts
- Section 2503(c) trusts (for gifts to minors)
- Charitable remainder trusts
- Charitable lead trusts
- Qualified terminal interest property (QTIP) trusts
- Grantor retained annuity trusts (GRAT)
This is not a complete list. Contact us to find out what the type of trust is right for you.
Comprehensive estate planning includes planning for the unfortunate event of your incapacitation or inability to handle your financial affairs and make medical decisions. In Texas, there are distinct advantages to appointing agents and guardians before the onset of incapacity.
- Statutory Durable Power of Attorney- names an agent or attorney in fact to handle financial and nonmedical affairs if you become incapacitated.
- Medical Power of Attorney- names a health care agent to make health care decisions if you are unable to make them for yourself.
- Directive to Physicians- sometimes called a “Living Will” this document instructs your physician to remove life support systems if you become unconscious, there is no hope for recover, and you are being kept alive by machines.
- Declaration of Guardian- designates who will be appointed as your guardian in the event of long term incapacity
Most property can be transferred outside of probate saving your family thousands of dollar by avoiding a formal probate administration.
- Lady Byrd Deeds
- Joint Accounts with Right of Survivorship
Provides an orderly transition of your closely held business to your next generation, business partners, or to you so the business will continue when the original owners are no longer able to continue the business.
Family Limited Partnerships
Pass important business assets on to the next generation; Primarily for asset protection and reduced estate tax liability