Five Reasons Why Parents of Young Children Need Estate Planning

If you are a parent of young children, getting your estate plans in order can help you ensure that your minor children will be protected in the event the unthinkable happens. Estate planning is critically important for parents with minor children because: It allows you to select a guardian for your children in the event … Read More

What is a Spendthrift Trust?

As parents, we all do our best to instill our good values in our children. But sometimes, despite all our guidance, our children make poor personal and financial decisions. Their poor judgment may be a due to a lack of maturity that is temporary, or perhaps a long-term problem stemming from alcohol and drug abuse … Read More

When Should I Use a Revocable Trust?

A couple of weeks ago, I explained that probate recently got more private in Texas. In the past an estate’s representative was required to file an inventory, appraisement and list of claims with the court. Revocable trust-based plans avoided the public disclosure of information required in the inventory. But effective September 1, 2011, Section 250 … Read More

What are the Requirements of a Valid Trust in Texas?

When people think about trusts and trust funds, images of people like Paris Hilton come to mind. But trusts not just for the wealthy. What are the benefits of creating a trust? Trusts can be set up to manage assets for those who are minors, spendthrifts, or have special needs; to ensure that assets in … Read More

Can a Settlor Revoke or Modify a Trust?

Whether a Settlor, the person who creates a trust, can revoke or modify it depends on if the trust is irrevocable or revocable. According to Section 112.051 of the Texas Trust Code, a Settlor may revoke a trust unless the express terms of the trust make it irrevocable. If the trust is revocable, the Settlor … Read More

Don’t Let Plans for More Children Keep You From Protecting the Ones You Have

I read a book recently called The Middle Place. It’s a beautiful and touching memoir written by Kelly Corrigan, a young mother with two small children who was diagnosed with breast cancer. This book resonated with me on so many levels. As a mother, I imagined myself having to endure the shock, fear, uncertainty and … Read More