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Kiefaber & Oliva Law Blog

Experience may outweigh education when choosing successors

Running a business can have many ups and downs. Even when the going gets rough, you undoubtedly want to do your best to ensure that your company succeeds. You may feel that your direct input helps your company thrive, but you may also realize that you cannot run all areas of the business yourself. Additionally, you certainly also know that a time will likely come when you can no longer run the company.

Though you may still have numerous years of business running ahead of you, it may be in your best interests to consider business succession planning. By planning ahead, you can ensure that the parties you feel are best suited for leadership positions are ready to take on the roles and that no one feels panicked at making sudden succession decisions. Of course, you will need to consider many factors when choosing successors.

The Difference Between Estate Planning and Retirement Planning

Whether you are young, middle aged, or older, you should seriously be planning for your future. Most people know that they do not want to work forever. Many of the same people have loved ones that they would like to make sure are taken care of upon their death and/or incapacitation. Though they may want to provide for their retirement as well as for their loved ones, the truth is, many people do not know the difference between estate planning and retirement planning. It is also an unfortunate truth that many people are struggling with the decisions that both estate planning and retirement planning may require. When this is the case, it is invaluable to understand the difference between the two as well as to reach out to an experienced Texas estate planning attorney to help navigate through the challenges involved.

Estate Planning for Blended Families

According to Pew Research Study, more than four out of 10 people are a part of a blended family. Blended families are common in today's society and often, each party brings additional children into the relationship and may also have their own children together. Most people believe that because they are married and have become a blended family, that the children will be accounted for in the unfortunate event of death or incapacitation of one of the spouses. Though logical, this is not always the case, and without a detailed estate plan, your blended family and the children within it can suffer financially. Because of this, it is invaluable for blended families to seek legal advice when planning your estate. If you or a loved one is interested in planning your estate, contact an experienced Texas estate planning attorney to help.

New Rule Applicable to Special Needs Trusts

A Special Needs Trust (sometimes referred to as a Supplemental Needs Trust) is a useful tool that allows individuals with disabilities to have a beneficial interest in assets without losing their ability to receive certain types of government aid, such as Medicaid and Supplemental Security Income (SSI). The statutory framework for Special Needs Trusts was created over two decades ago in the Omnibus Reconciliation Act of 1993 (OBRA-1993).

Asset Protection in Texas

Protecting your assets from creditors and lawsuits is very important. If you are a resident of Texas, however, consider yourself fortunate, for the state's laws regarding asset protection are among the most favorable in the nation.

3 issues that could delay probate proceedings

After the death of a loved one, his or her estate will likely need to go through the Texas probate process. The legal proceedings associated with this process work to validate the will your family member created as well as allow you to carry out the instructions left in that document. Though probate can have many benefits, you may worry about the time and effort it takes to complete.

Probate does have the potential to take a considerable amount of time. The specific details associated with your loved one's estate can play a major role in the exact time needed, and each time frame differs from case to case. In order to hopefully move the process along, you may wish to understand what issues could cause delay.

Discussing your estate plan with your heirs

Have you discussed your final wishes with your family? Are you sure? A recent study revealed that, while many parents remember having talked to their children about their estate plan and end-of-life preferences, more than half of the children surveyed say that conversation never happened.

How is it that such an important topic of discussion is so easily missed? It is possible that, because of the gravity of the subject, you will have approached it timidly or veiled it in vague hypotheticals so that your children didn't recognize what you were trying to say. On the other hand, your children may simply be in denial, fearing to consider the time when you won't be with them any longer.

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