Putting a house with a mortgage into a trust can be a complex but rewarding estate planning strategy. Many homeowners consider this option to safeguard their assets and make it easier to pass their property to their heirs. However, the process can be tricky, especially when there's an existing … [Read more...]
Putting a House in a Trust in Texas: Protecting Your Legacy
As an estate planning attorney in Texas, my clients often ask about trusts. One morning, Harris, a long-time client, called me after years of delay, ready to finally put his estate plan in order. He was curious about whether he should put his house in a trust. In his late 50s, Harris had a nice … [Read more...]
Does a Will Override a Trust? Understanding Legal Priorities
Crafting a comprehensive estate plan involves numerous crucial decisions. One question that often surfaces is, "does a will override a trust?" This inquiry arises because both wills and trusts serve as legal tools for guiding the distribution of assets after one's passing. However, they operate … [Read more...]
How Grandparents Can Use 529 Plans to Support Their Grandchildren’s Education | Warren & Migliaccio
The Cycle Continues Your adult children — one of the first generations to benefit from Section 529 plans — are saving for their kids’ college educations through 529 accounts of their own. Did you know that parents aren’t the only ones who can establish 529 plan accounts? As a grandparent, you can … [Read more...]
How to Create a Power of Attorney: A Comprehensive Guide
Planning a future where you might not be able to make decisions for yourself isn't easy. But creating a power of attorney is a crucial step in protecting your interests and ensuring your wishes are carried out. Let's explore how to create a power of attorney, a legal document that can give you peace … [Read more...]
How to Create a Power of Attorney: A Simple Guide
How to create a power of attorney is a common question people have, but it's one they might be a bit sheepish to ask. This legally binding document is sometimes misunderstood, even among the more sophisticated. However, grasping the basics is crucial, whether you’re planning for the future or facing … [Read more...]
Importance of Beneficiary Designations in Estate Planning | Warren & Migliaccio
The Importance of Keeping Beneficiary Designations Updated: A Lesson from the Rolison Estate Case When it comes to estate planning, one of the most overlooked but critically important tasks is ensuring that your beneficiary designations are up to date. A recent case involving Procter & Gamble … [Read more...]
Estate Planning Strategies to Protect and Manage Your Mineral Rights Assets | Warren & Migliaccio
Planning for Mineral Rights in Estate Planning Properly planning for mineral rights is a critical component of estate planning, especially for landowners with significant mineral resources. These rights can greatly influence the value and management of an estate, making it essential to protect and … [Read more...]
What Are 3 Advantages of a Trust Over a Will?
Planning for the future can be a daunting task, but one thing is certain: it is essential. Thinking about what will happen to your hard-earned assets after you are gone can feel overwhelming. This is where estate planning tools like trusts and wills come into play. Choosing between a trust and a … [Read more...]
Don’t Let the Clock Run Out: Maximizing the Estate Tax and Lifetime Gifts Exemption | Warren & Migliaccio
Tax Relief and the Uncertain Fate of the Estate Tax and Lifetime Gifts Exemption In 2017, the Tax Cuts and Jobs Act (Tax Act) introduced various forms of tax relief, including a significant increase in the Estate Tax and Lifetime Gifts Exemption (Exemption). However, these tax cuts are set to expire … [Read more...]
