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

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

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

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

At 1st Estate Planning in Texas, we often receive questions about what happens to a trust after the grantor passes away. It’s an important aspect of estate planning that deserves clarity. Let’s dive into the essentials of trust administration after the death of the grantor. The Role of the Trustee in Texas Trusts After Death When you, as the grantor, pass away, the primary responsibility falls to the trustee you have appointed. This individual or entity then steps in to manage and distribute the trust’s assets according to the terms you’ve set. It’s crucial to choose a trustworthy and competen ..read more

When planning your estate, it’s natural to focus on what’s included in your will. However, it’s equally important to consider what happens to assets not covered in your will. As estate planning and asset protection professionals in Texas, 1st Estate Planning often needs clarification on these ‘unwilled’ assets. This article will explore how these assets are handled, ensuring you’re fully informed and prepared. Why Some Assets Aren’t in Wills The reason some assets are not included in wills can be multifaceted, particularly in Texas. Here are some key factors to consider: Designated Beneficiar ..read more

At 1st Estate Planning in Texas, clients are often curious about the benefits of opening a trust. Trusts are not just legal arrangements; they’re a proactive step towards safeguarding your family’s future. Let’s dive into why establishing trust can be crucial to your estate planning. Understanding Trusts A trust is more than a legal document; it’s a flexible tool for managing your assets. In Texas, trusts can be tailored to suit various needs, from protecting assets to ensuring your family’s financial security. They offer control over how and when your assets are distributed, making them essen ..read more

At 1st Estate Planning, we understand that overcoming the probate process in Texas can be challenging. Probate is the legal process through which a deceased person’s will is validated, and their estate is administered. An integral part of this process involves addressing any outstanding debts and taxes. We’re here to guide you through these complexities in a straightforward, approachable manner. Understanding Estate Debts During Probate Understanding how debts are handled during probate is crucial for executors and beneficiaries alike. When a person passes away, their estate may include variou ..read more

When it comes to estate planning and asset protection, understanding tax implications is crucial. At 1st Estate Planning in Texas, we believe in making complex legal concepts understandable. This guide will explore various aspects of estate taxes and how they can affect your estate planning decisions. Remember, effective planning can save you and your beneficiaries significant taxes. Estate Tax Basics in Texas The estate tax, often called the “death tax,” is a tax on your right to transfer property upon death. There’s no state estate tax in Texas, but federal estate taxes may still apply to la ..read more

Hello from 1st Estate Planning, your Texas-based guide in the complex world of estate planning. Today, we’re addressing a crucial question many of you might have: Can a will be contested? It’s a straightforward query, but the answer can be pretty intricate. In this post, we’ll explore the reasons and processes behind contesting a will in Texas, aiming to illuminate this often misunderstood aspect of estate law. What Leads to a Will Contest? Contesting a will involves legally challenging its validity in a probate court. This process is more common than many people might think, especially when t ..read more