ESTATE PLANNING

San Antonio Estate Attorney

If something were to happen to you tomorrow, do you know what would happen to your assets? Have you left behind legal documentation governing the allocation of your assets and the transfer of your property to your intended beneficiaries? Failure to leave behind proper estate planning documents can result in costly, time-consuming probate hearings for surviving family members, and potentially leave your assets to people who are not deserving of them, or even to the State.

At the San Antonio, Texas, The Amsberry Law Firm, our lawyers explore trust and will arrangements that facilitate the easy resolution of your specific estate planning needs. Understanding how to avoid potential problems is an important component in every estate plan. Our estate planning attorneys guide you through tax considerations, asset distribution options, and other issues to ensure your wishes are in order.

 

 

 

Not Just Planning for Death

Estate planning should be more that just planning for the distribution of your assets after you are gone. It can also help you maintain, increase, and plan for the proper use of your assets during your lifetime. Estate planning might include setting up a trust to fulfill your obligations to your children under a divorce judgment, while protecting it from the interference of your ex-spouse. It might include protecting the value of your business – or other assets – in the event of your disability.

Thinking About the Future

If you want to make sure that your wishes are fulfilled upon your death then you should consider making a will or trust. These documents can help to guide those who you leave behind on many important issues, for example:

  • Who you want to manage your estate and distribute your assets
  • Who you want to take care of your children
  • Who you want to make decisions for you if you become incapacitated

If you do not make any sort of estate planning document, then the court will distribute your assets according to your state’s intestacy laws. This could lead to people you don’t want getting your property. In some cases, it is even possible for the state to get your property. If you want to have control over who gets your property after you die, it is essential that you contact an experienced attorney and get an estate planning instrument made properly.

Our estate planning lawyers advise, counsel, and represent clients in the following areas of estate planning and probate law. To learn more about our estate planning services, click on a practice area-specific link listed below to expand, click again to close:

  • Simple & Complex Wills
    • A will is the foundation of any estate plan. A person who makes a will is called a testator. Wills can accomplish many things, including:• Naming an executor, who is the person responsible for carrying out the instructions in your will
    • Naming a guardian to take care of your minor children
    • Distributing specific property to specific beneficiaries
    • Determining who should receive any property that is not otherwise mentioned in the will

    The requirements necessary to create a valid will are different depending on your state. Though generally, the testator must have the mental capacity necessary to understand what property they own, who they are leaving it to, and that they are creating a will when they sign it. Furthermore, most states require that the will be in writing and signed by the testator and two witnesses.

    Holographic wills are recognized in about half the states. A holographic will is a will that the testator writes in his or her own handwriting and signs. Some states, including Texas, recognize oral wills in special circumstances. However, a well executed typed will following all of the solemnities and formalities required by the Probate Code to be deemed self-proved, can in the long run cost less than probate litigation concerning bequests made under a handwritten instrument without attending formalities and solemnities.

    Whether your estate and desired dispositions are modest or worth several millions with several attending concerns and considerations, our firm has prepared hundreds of testamentary instruments and can assist you in preparing a Last Will and Testament or Testamentary Trust that meets your goals and in some circumstances may be able to reduce future federal estate tax liability. Call our office today to schedule an appointment for a complimentary consultation.

  • Trusts
    • A property interest where one person holds the legal title of property for the benefit of another is called a trust. The person who holds legal title is called the trustee, whereas the person who holds the right to enjoy the property is called a beneficiary. The person who creates the trust is called the grantor. A grantor can make a trust revocable or irrevocable.A revocable trust is a trust that the grantor can change or terminate at any time
    An irrevocable trust is a trust that the grantor cannot change or terminate for any reason.

    A grantor can make an inter vivos trust or a testamentary trust. An inter vivos trust is also called a living trust and is made by the grantor when he or she is living. A testamentary trust is made by the grantor’s will and does not become effective until the grantor’s death.

    By creating a trust, the grantor gives the power to control the property or legal interest to the trustee. A trustee is bound by law to use the trust property in a way that best serves the interests of the beneficiary. If a trustee does not make decisions in the interest of the beneficiary, he or she could be liable for misuse or mismanagement of trust assets.

    The many different trusts that can be used include:

    • Bypass trust
    • Domestic relations trust
    • Family trust
    • Irrevocable life insurance trust
    • Supplemental needs trust
    • Self declaration trusts
    • Support trusts
    • Spendthrift trusts
    • Charitable remainder trusts
    • Generation Skipping Trust

    It is best to speak with an experienced trusts and estates attorney in order to determine whether a trust or will best suits your goals, and if a trust what type of trust is best for your unique situation.

  • Advanced Directives
    • Other estate planning instruments include:
    Powers of Attorney: A power of attorney gives another person the power to make decisions on your behalf. You can determine the type and scope of the power, but the most common type gives power over financial and legal decisions.Health Care Power of Attorney: A health care directive is also known as a medical power of attorney and allows you to appoint someone to make medical decisions for you if you become incapacitated and are unable to make your own decisions. If ten or more years have elapse since you had your Medical (Health Care) Power of Attorney prepared, it may be out of date and without appropriate HIPPA language provisions, the agents designated may not be able to make medical decisions as intended.

    Directive for Physicians, also known as, Living Wills: A living will directs what type of medical treatment you wish to receive if you are unable to speak or otherwise give directions regarding your care.

  • Guardianship Proceedings
    • Although our firm prepares Designations of Guardianship to any clients seeking an estate planning package consisting of a will and/or trusts and ancillary documents, which have the effect of preemptively avoiding a guardianship proceeding, we also serve family members who have a loved one needing guardianship to protect the estate and provide for their care while still alive.
    The labyrinth of requirements to obtain guardianship can be a daunting task even for the most committed family members. If a family member of yours does not have either a Power of Attorney or Medical Power of Attorney and they are no longer able to attend to their affairs, such that guardianship is appropriate, our firm can help. Call our San Antonio office today to schedule a complimentary consultation.
  • Other Estate Planning
    • In some circumstances, such as where family owned businesses or several pieces of real estate comprise the value to an estate, a Family Limited Partnership (FLP) with subordinate Limited Liability Companies to apportion risk, coupled with irrevocable trusts, cannot only greatly reduce federal estate tax exposure by creating a reduction in basis but additionally reduce litigation risk against the overall estate. In some case more than 30 % of the tax basis which would be subject to Federal estate tax, can be deducted from the overall value of the estate such that several tens and in some instances hundreds of thousands of dollars in federal estate tax can be avoided.To find out more about whether an FLP and subordinate LLPs are appropriate for your circumstances, call our office today to schedule a complimentary consultation.

Conclusion

Whether planning a vacation overseas and wanting to get your basic estate planning documents in order beforehand, seeking estate planning tools for you, your family, or business(es) to gain liability protection or minimize federal estate taxes, or planning to create a legacy for those you love and cherish or specific charities you seek to support beyond your lifetime, our firm will devote the time, attention and consideration in developing strategies and preparing instruments conforming to your estate planning goals. For a free consultation, call our San Antonio office at (210) 354-2244 or contact us via email. Also visit our Elder Law section for more information on overlapping areas our firm provides, which compliment traditional estate planning.