1st Estate Planning Blog
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If you examine the services offered by most law firms, you will find estate planning and asset protection among a long list of practice areas as diverse as family law and divorce, personal injury, collections, litigation, criminal defense and real estate law, to name a few.
1st Estate Planning Blog
6d ago
Estate planning is a crucial step in making sure your family is protected, no matter what the future holds. In Texas, where laws can be unique, it’s important to have a plan that fits your family’s needs. At 1st Estate Planning, we’re dedicated to helping families like yours create an estate plan that ensures peace ..read more
1st Estate Planning Blog
1M ago
When a loved one passes away, distributing their personal property can become a significant concern for families in Texas. At 1st Estate Planning, we’ve seen firsthand how the distribution of individual items, from family heirlooms to simple keepsakes, can lead to disputes among family members. Our approach is to guide you through the probate process ..read more
1st Estate Planning Blog
4M ago
Planning for the future is paramount when caring for a loved one with special needs. At 1st Estate Planning, we understand the unique challenges and considerations that come with this responsibility. A crucial aspect of special needs planning involves understanding guardianship and conservatorship—two terms that can significantly impact the care and support of individuals with special needs. Let’s break down these concepts in a friendly, approachable manner, ensuring you have the information you need to make informed decisions.
What Are Guardianship and Conservatorship?
Guardianship and conser ..read more
1st Estate Planning Blog
5M ago
As a business owner, your company is not just a source of income; it’s a part of your legacy. At 1st Estate Planning, we recognize your unique challenges in protecting your personal and business assets. Trusts offer a versatile solution for business owners looking to safeguard their hard-earned assets and ensure a smooth business transition to the next generation. Here’s why incorporating trusts into your estate plan is a smart move for business owners in Texas.
The Role of Trusts in Asset Protection
Trusts are not just for the wealthy; they’re a critical tool for any business owner aiming to ..read more
1st Estate Planning Blog
5M ago
Many parents prioritize minor children’s well-being and financial security in estate planning. Trusts offer a flexible and powerful tool to achieve this goal, especially in Texas, where the laws and regulations surrounding trusts can significantly impact how they are set up and managed. At 1st Estate Planning, we’re here to guide you through creating a trust that serves the best interest of your minor children, ensuring they are cared for and protected financially.
Why Trusts are Essential for Minor Children
Trusts are fundamental to estate planning, transcending socioeconomic status to provid ..read more
1st Estate Planning Blog
5M ago
As parents, we know that nothing is more important than the well-being of our children. While wills are often associated with the distribution of property, for many people, a will protects something far more valuable—your children. If you have minor children or plan to have children, you can use your will to nominate a guardian to care for them in case the worst should happen.
A will is a legal document that outlines your wishes for the distribution of your assets and the care of your children after your death. In Texas, you can create a will on your own or jointly with your spouse. Importantl ..read more
1st Estate Planning Blog
6M ago
In the heart of estate planning and asset protection, there’s a concept that often causes many to pause – probate. Specifically, for smaller estates in Texas, probate can seem daunting. But here at 1st Estate Planning, we aim to demystify this process, making it approachable and understandable for everyone. Let’s dive into what probate for small estates in Texas entails and how it can impact you.
What Exactly is Probate?
Probate is the legal process that takes place after someone passes away, which involves:
Submitting the deceased person’s last will to a probate court.
Identifying and apprai ..read more
1st Estate Planning Blog
6M ago
Life is full of changes, some expected and some that catch us off guard. Major life events like marriage, the birth of a child, divorce, or the loss of a loved one can significantly impact your estate planning needs. At 1st Estate Planning, we understand that these changes can be challenging. That’s why we’re here to remind our friends and clients in Texas that updating your will after these significant life events is crucial for protecting your legacy and ensuring your wishes are honored.
Why Updating Your Will is Crucial
Your will is a living document that reflects your current wishes and ci ..read more
1st Estate Planning Blog
7M ago
At 1st Estate Planning, we’re your primary source for all matters concerning estate planning and asset protection in Texas. This post will explore a pivotal element of estate planning: the funding of a trust. If you’re seeking guidance on guaranteeing a seamless and efficient transfer of your assets, you’ve found the ideal resource.
Understanding Trust Funding
In estate planning, a trust stands out as a powerful instrument that allows individuals to exert control over the management and distribution of their assets. This control extends at incacacity during their lifetimes and after passing, o ..read more
1st Estate Planning Blog
9M ago
Dear Client,
Creating a business entity is a common strategy for business owners and as part of estate planning. This correspondence is intended to advise you regarding a new law called the Corporate Transparency Act (CTA). The new law now requires business owners to identify all individuals defined as “beneficial owners” to the federal government. We are reaching out to help you better understand the CTA and your potential obligations.
What is the Corporate Transparency Act?
More specifically, the information required must be reported to the US Department of the Treasury’s Financial Crimes En ..read more