INFORMATIVE MASTERCLASS
How Planning NOW Can Create a Lasting Legacy While Protecting What Matters Most:
Family, Wealth, and Property.
Reserve Your Spot Now

Kendall and Bexar County Estate Planning

Texas Estate Planning Blog

Why you need an estate plan
Shawn McCammon
Shawn McCammon

Here’s Why You Need an Estate Plan

February 11, 2019
No matter what line of work you are in, estate planning has facets that apply to everyone, and it comes down to documenting wishes and avoiding probate and unnecessary taxes. Too many people put it off, but, in general, the sooner you do it, the better.

It’s always the right time to do your estate planning, but it’s most critical when you have beneficiaries who are minors or with special needs, says the Capital Press in the recent article, “Ag Finance: Why you need to do estate planning.”

While it’s likely that most adult children can work things out, even if it’s costly and time-consuming in probate, minor young children must have protections in place. Wills are frequently written, so the estate goes to the child when he reaches age 18. However, few teens can manage big property at that age. A trust can help, by directing that the property will be held for him by a trustee or executor until a set age, like 25 or 30.

Probate is the default process to administer an estate after someone’s death, when a will or other documents are presented in court and an executor is appointed to manage it. It also gives creditors a chance to present claims for money owed to them. Distribution of assets will occur only after all proper notices have been issued, and all outstanding bills have been paid.

Probate can be expensive. However, wise estate planning can help most families avoid this and ensure the transition of wealth and property in a smooth manner. Talk to an experienced estate planning attorney about establishing a trust. Farmers can name themselves as the beneficiaries during their lifetime, and instruct to whom it will pass after their death. A living trust can be amended or revoked at any time, if circumstances change.

The title of the farm is transferred to the trust with the farm’s former owner as trustee. With a trust, it makes it easier to avoid probate because nothing’s in his name, and the property can transition to the beneficiaries without having to go to court. Living trusts also help in the event of incapacity or a disease, like Alzheimer’s, to avoid conservatorship (guardianship of an adult who loses capacity). It can also help to decrease capital gains taxes, since the property transfers before their death.

If you have several children, but only two work with you on the farm, an attorney can help you with how to divide an estate that is land rich and cash poor.

Reference: Capital Press (December 20, 2018) “Ag Finance: Why you need to do estate planning”

Request a Consultation
Share This Post
Request a free, in-office consultation today!
We will do whatever it takes to make your business grow and family thrive.
Request a Consultation Now
Stay Informed
Subscribe To Our eNewsletter to Get News and Updates Sent To Your Inbox
Subscribe Now
McCammon Law PC logo
We offer honest answers & free consultation appointments

Estate Planning Law Firm in Texas

Boerne/San Antonio Office

138 Old San Antonio Rd.
Suite 504
Boerne, TX 78006

McCammon Law, P.C.

138 Old San Antonio Rd., Suite 504
Boerne, TX 78006

Get Directions
IMS - Estate Planning and Elder Law Practice Growth Advisors
Powered by