Phone: (956) 686-9400
The Creation of an Estate Plan is Essential
An "estate plan" is a general term to describe the combination of wills, trusts, and other essential legal documents to provide clear instructions for the management of your assets and the care of your family during incapacity or after death.
Services that we provide:
Advisement and Formation of:
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Wills
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Revocable Living Trusts
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Irrevocable Trusts
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Special Needs Trusts
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Qualified Income Trusts
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Durable and Medical Powers of Attorney
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Medical Directives
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Deed Transfers
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Disposition of Remains
What if I pass away without any form of estate planning?
If you pass away without a Will ("intestate"), the state will decide the distribution of your assets, without considering your wishes. In addition, the state will also decide how best to care for any minor or disabled children that you leave behind.
What if I have already created an estate plan for myself and my family?
You should review your estate plan every couple of years and after major familial changes- such as marriage, divorce, birth of a child, death of a family member named in such documentation, or major changes in financial circumstances.
Do I need a separate tax return for my revocable living trust?
As long as the living trust remains revocable, no separate tax return is required and all income derived from your assets would be reported on your own individual income tax return.
What is the difference between a Will and a Revocable Living Trust?
The basic difference between a Will and a revocable living trust is that a Will needs to be submitted to probate court before it can be deemed effective, while assets in a revocable living trust can be controlled by the Trustee(s) and Successor Trustee(s) and distributed to the deceased person's beneficiaries without having to go through the probate process. There are also many other benefits of a revocable living trust.
If there is a concern that a Will may be contested, a revocable living trust is a more valuable vehicle for an estate plan. If a Will is contested, regardless of whether it has merit, no actions may be taken regarding the deceased person's estate until the contest is resolved. If the assets are within a revocable trust, the Trustee(s) or the Successor Trustee(s) may continue to have access to the deceased person's assets and manage the trust on the behalf of the beneficiaries, unless the contestant successfully obtains a restraining order.
How do I know whether a traditional Will or a revocable trust is right for me?
During your consultation with one of our attorneys, we will review your estate and the goals you are trying to achieve in order to make the best recommendation to which estate planning option would be best suited for you and your family.
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Take the first step toward peace of mind—call our office today to schedule your consultation.