Trusted Help With Estate Planning And Probate
For individuals with sizable estates and/or complicated family dynamics, protecting assets, minimizing taxes and limiting the potential for costly litigation often require use of sophisticated estate planning instruments and tax strategies, including:
- Living trusts, also called revocable trusts
- Irrevocable trusts
- Family limited partnerships and family LLCs
- Life insurance planning, including life insurance trusts and family split-dollar plans
- Deduction planning
- Gifting programs and strategies
- Generation-skipping transfers
- Charitable giving, charitable foundations and charitable remainder trusts
- Succession planning for business owners
- Marital property agreements including prenuptial agreements and post-nuptial agreements
At the Houston law office of Stephenson Fournier, we recognize that today’s tax climate and economic conditions have placed a high premium on carefully conceived estate plans. We also recognize that whatever external factors may be relevant, each estate plan ought to reflect the unique values and goals of the individual it serves.
Because there are no shortcuts, we take the time to listen and gain a thorough understanding of each client’s situation, goals and needs. Once we have that clarity, we explain the available tools and strategies as well as the tax implications, and we then develop a complete estate planning solution.
This typically starts with drafting a will that reflects the client’s final wishes and incorporates relevant legal and tax considerations. The will is the cornerstone of every estate plan. Every sound estate plan also includes some degree of incapacity planning, typically through use of durable powers of attorney for property and health care, HIPAA waivers and advance directives to physicians.
Building on that foundation, if appropriate, we can help you with more sophisticated legal options and strategies that can work to your benefit and maximize the value received by your chosen beneficiaries on an after-tax basis.
Contact Stephenson Fournier online or at 713-629-9494 to learn more from an experienced Texas lawyer.
Frequently Asked Questions About Estate Planning And Probate
What is the difference between a revocable living trust and an irrevocable trust?
You control a revocable living trust. You can change its terms or end it while you are alive. Because of that, its assets usually stay part of your taxable estate. With an irrevocable trust, you usually give up the power to change it or take back assets once you move them in. That step can take assets out of your taxable estate and may shield them from creditors.
How do high net worth individuals minimize estate and gift taxes?
Larger estates rarely rely on one tool. Most plans mix several strategies, such as gifts during your life, irrevocable trusts, life insurance trusts, charity gifts and family limited partnerships. Texas does not charge a state estate tax, but federal estate and gift taxes can still hit large estates. An attorney can test how a strategy would affect your family before you choose it.
What legal documents are required for a complete estate plan?
Most complete plans begin with a will that names your beneficiaries and executor. Incapacity planning comes next through a durable power of attorney for property, a healthcare power of attorney and advance directives to physicians. Many plans add a living trust, beneficiary designations and, where appropriate, marital property agreements. These documents should be coordinated so that they do not conflict with one another.
How can business owners include succession planning in their estate plan?
Business interests often make up the largest share of an owner’s wealth, so the plan must address them directly. A succession plan names who will lead the company, how ownership will transfer and how it will be funded. Buy-sell agreements, entity restructuring and trusts that hold ownership interests are common components. Coordinating these with your personal estate plan can help reduce family disputes.
How do trusts help families avoid probate and protect their assets?
Assets titled in a properly funded trust generally pass to beneficiaries under the trust’s terms rather than through probate court. That can save time, keep estate details out of the public record and reduce family disputes. Trusts can also set conditions on distributions and, depending on the structure, add a layer of protection from creditors.
