There are times when an adult adoption is important, like if you need to take care of a relative with a disability or want to make sure someone you aren't related to is able to obtain trust funds without those funds going to your friends or family members first. The trouble is that some adult adoptions won't protect the person you care about in the case of your death, and they may not help him or her obtain the assets you wanted to leave behind.
Estate planning is important if you want to make sure your loved ones receive as many assets as possible after you pass away. This is particularly important in cases where you have a blended family. For example, if you have children from two marriages, you'll want to have an estate plan and will that accounts for the needs of each child, regardless of who their mother or father is.
While we have heard studies chronicling the cost of raising a child to age 18 (more than $200,000 by today's estimates) there is arguably no price we can put on a child. This adage is especially applicable when we consider the chances of an aging parent spending extended time in a nursing home.
Many individuals pride themselves on having their estate plan documents in order. But in actuality, estate planning is a dynamic process that must undergo periodic reviews and modifications to keep up with one's changing lifestyle.
Texas residents may be aware that creating a trust is one way to ensure asset protection. However, when one gets down to sorting out the details in creating a trust, it may be easy to get daunted by the different types of trusts and the tax and legal consequences of each. Understanding the basic types of trusts can go a long way in comprehensive estate planning.
When it comes to estate planning, Texas residents likely have different goals they wish to accomplish. There are many different things you can accomplish in the estate planning process. Sometimes, it is possible to minimize family conflicts and confusion following a person's passing. This can be accomplished through trusts, financial and medical powers of attorney, designation of guardians, wills and other estate planning documents.
Building a family business from the ground up is a dream for many entrepreneurs in Texas. Unfortunately, while many people with successful family businesses take steps to ensure their business's well-being during their lifetime, they may avoid thinking about what will happen to their business should they become incapacitated or pass away.
Since you have an estate plan already, you probably know that having one is a good idea for anyone with a spouse, children or other people depending on them. If you own a home, have a job that provides life insurance, or receive income from a structured settlement, you need one.