Experienced Central Texas Estate Planning Lawyer

You've worked hard your whole life. After your death, you want to ensure that your wishes are honored. Without a will or some other form of estate planning device, the distribution of your estate will occur by trust order based on Texas law of descent & distribution, which may not be what you want at all.

In addition, estate tax laws change frequently. Proper planning is necessary to avoid getting hit with an onerous tax burden. A little advance estate planning now will pay considerable dividends down the road.

To protect your right to select who receives your estate and keep your property out of the government's coffers, speak with an experienced estate planning attorney. In Texas, contact Michael R. Miller, Attorney at Law, P.C.

Our Experience

At Michael R. Miller, Attorney at Law, P.C., we help our clients plan for the distribution of their assets after they're gone. We prepare:

• Wills
• Trusts
• Medical powers of attorney
• Property powers of attorney (also known as statutory durable powers of attorney)
• Health care directives (living wills)

Wills and Trusts

Having a valid will in place will ensure that those you choose will receive your assets.

You can avoid going through probate by establishing a living trust. In a trust, property you identify will reside in a financial institution for a fixed period of time, and the person you select as the trust's beneficiary will receive annual interest or other distributions. In addition to avoiding the probate process, establishing a trust may be useful to save your beneficiaries a significant amount of taxes.

We'll advise you whether setting up a trust is appropriate in your circumstances. If so, we'll prepare the trust documents to meet your objectives.

Property Powers of Attorney

If you are going to be away for a time, or if you become incapacitated, a power of attorney is extremely helpful to you because with it your named appoint can take care of things for you. It provides for banking, insurance, real estate, investments, and such.

Health Care Directives

If you were unable to communicate your wishes, would your loved ones know what degree of medical care you would want? A health care directive, also called a living will, lets you identify the type of care and treatment you want medical professionals to apply and directs them to the person who choose to make these decisions for you.

We'll advise you on the standards of care and we'll prepare the necessary documents for you. In this way, you'll be that assured your wishes will be carried out. This will also spare your relatives the anguish of trying to guess what you would have wanted.

Estate Planning

In life we go through three stages: accumulation, preservation, and finally the disposition of our worldly treasures. We naturally want to make money and protect what they've accumulated, but we sometimes forget to plan for what happens after we die. It's extremely important because without proper planning the wrong people may end up with what we worked so hard to accumulate and preserve.

A transfer of your possessions to the right people can be accomplished with a little help. Here are some questions you should be ready to answer when meeting with an estate planner to be sure that your desires will be carried out as smoothly as possible.

Who should receive what you have? Your surviving spouse is usually a natural selection, but if you have children from a prior marriage how will you be sure both your spouse and these children benefit from your estate? Also consider how you and your spouse may want to transfer the funds when the spouse passes, especially if the surviving spouse should remarry?

If you are single, or are married without children, do you want the money to go to charity or to a surviving parent, siblings or even nieces and nephews?

What conditions or stipulations should you make on the transfer of money to your beneficiaries? It may seem harsh to put "rules" on the generous giving of funds to loved ones, but it may be irresponsible not to do so. Most people agree that allowing an 18 to 25 year-old to inherit a large amount of money in one lump sum is not smart. Maybe you should arrange for partial payments at ages 25, 30 and 40. Consider giving them access for college or medical expenses only, with a lump sum distribution to take place later in life. Since it's your money you are free to design this gift as you see fit.

What little know legal issues should you be aware of? Dealing with the loss of loved ones is difficult enough without complications. Ask your estate planner about federal estate taxes and state inheritance laws. Ask about the probate system in your state. A few states have expensive and burdensome probate processes while others do not. Some people elect to use a Revocable Living Trust to avoid the probate system. In states like Texas, the probate process if fairly streamlined and not that expensive.

Also be aware that many assets do not pass through the probate process. Examples are: life insurance, annuities, jointly held bank accounts, and most retirement accounts. It is important to know which of your assets will pass to a named beneficiary and which will pass under a will or trust. Also, review your beneficiary designations, your survivorship accounts, and your pay-on-death investments.

Who is trustworthy enough to oversee arrangements once you are gone? The selection of an "executor" or "trustee" is crucial. Some people decide to use a corporate trustee, like a bank or a trust company. Those with grown children may feel that one (or more) of their children is capable of the task. Perhaps you have a close family relative or friend at your church whom you feel is capable and willing. Give prayerful consideration to this matter, and make sure the person you select is ready to serve.

What considerations are most important in terms of your value system and faith? This topic can be too complex for only one paragraph: dealing with children who have not shown the responsibility necessary to inherit large sums of money; giving to charity; leaving an inheritance to your grandchildren; caring for aging parents, and so on. Speak with your spouse, and loved ones about potentially complicated factors that affect your planning. It will make the final steps that much easier.

What provisions will you make for minor children, disabled individuals, and grandchildren? Your minor children and disabled children will need to have a guardian named in most cases. Who will you name? The guardian may be in charge of the children and their estates, or you can name two different persons, one in charge of the children and another to look after their estates. In the case of a disabled child or adult, be sure to get counseling on any government benefits they are receiving or could receive before you leave anything to them as you may make them ineligible for the benefits by what you do.

To learn more about estate planning matters, contact Michael R. Miller, Attorney at Law, P.C., located in Belton, Texas.

Michael R. Miller, Attorney at Law, P.C.
520 South Main Street
Belton, TX 76513-3462

Phone: 254-939-3995
Fax: 254-939-3996
Email

Michael R. Miller, Attorney at Law, P.C., represents clients in Killeen, Belton, Temple, Harker Heights, Lampasas, Georgetown, Gatesville, Cameron, Waco, Copperas Cove, Marlin, Bell County, Coryell County, McLennan County, Falls County, Williamson County, Milam County, Texas.