Texas is a great place to raise a family but leaving your family without the proper estate planning in place can lead to trouble. This seems to be truer now than ever before. Once thought of as only applying to the rich, estate planning is now essential for virtually every family in Texas.
One of the more pressing reasons families need to consider how and to whom they wish to leave their assets has to do with the current state of the economy. It is no secret that many younger Americans will have a more difficult time accumulating assets as their parents did in the past. According to a survey done by New York Life, only 42 percent of adults with children felt their kids would have a standard of living that was better than theirs.
Many parents want the best for their children and grandchildren. One way to help is to put into place the various legal documents needed to avoid probate court. Wills and trusts are just two examples of how parents can help secure the future for their children. Some families may need to have guardianship papers drawn up or may need to have certain types of powers of attorney established.
A main goal of estate planning is asset protection. Texas families want to leave their hard-earned money and properties to family members, not to expensive probate court fees and government taxation. The good news is getting this work done is not as difficult as some might think.
For asset protection and to ensure that survivors avoid long, drawn out legal proceedings, a consultation with an experienced estate planning attorney may provide important answers. With the proper advice and foresight, an estate plan can be set in place to preserve assets and save on estate taxes. A Texas lawyer devoted to helping individuals and families provide for the future may help achieve long range goals.
Source: CNN, “Are you living the American Dream? Will your children?” Dave Schechter, Sept. 21, 2011