What is integrated estate planning?
Integrated Estate Planning & Asset Protection Integrated Estate Planning also involves incorporating an asset protection component into the overall estate plan. An FLP will typically hold assets that require active management such as securities and cash accounts.
What is the difference between living will and estate planning?
Simply put, an estate plan is a broader plan of action for your assets that may apply during your life as well as after your death. A will, on the other hand, dictates where your assets will go after you die, who will be the guardian of your children and more.
What is the average cost for someone to do the process for estate planning in Texas?
| Single Person | Married Couple | |
|---|---|---|
| Fee for Basic Estate Planning Package: | $725.00 | $1,350.00 |
| ** Will for Non-Taxable Estate (couple – each has own Will) | $350.00 | $600.00 |
| Statutory Durable Power of Attorney | 75.00 | 150.00 |
| Medical Power of Attorney with HIPAA Authorization | 150.00 | 300.00 |
What are the main goals of estate planning?
Having worked with clients to develop estate plans, there are some common basic goals that are considered. This includes providing for loved ones, mitigating or avoiding probate, minimizing taxes, providing for the orderly distribution and stewardship of assets, protecting assets, and planning for incapacity.
Can you have both a will and a living trust?
A Will is a legal document that speaks from the point at which you pass away. It cannot be implemented whilst you are alive. A Trust can be created either in a Will or during your lifetime.
What happens when someone dies without a will in Texas?
If a you are single and die without a will in Texas, your property will be distributed as follows: Your estate will pass equally to your parents if both are living. If one parent has died, and you don’t have any siblings, then your estate will pass to your surviving parent.
What are the most important things to put in a will?
What are the Most Important Things to Put in a Will?
- Personal Information. This should go without saying, but your will should include basic information about you to be official.
- Last Will and Testament Verbiage.
- Property and Assets.
- Beneficiaries.
- Executor.
- Guardianship.
- Signatures.