Estate planning 101 (in Austin)

[Bullneck 19090]

My mother (UT '56) is getting on in her years.  Anyone have any experience with, or basic information about estate planning?  TIA

[UTPhil2006 3807]

@hornian to the white courtesy phone 

[TwiceHorn 31472]

34 minutes ago, Bullneck said:

My mother (UT '56) is getting on in her years.  Anyone have any experience with, or basic information about estate planning?  TIA

Married? WIdowed? Divorced?

The typical big objective of estate planning is avoidance of the estate tax.  The estate tax exemption is currently more than $12 million, so that's not nearly as big a concern as it once was (when it was $600k for example).

So assuming Mom doesn't have fuck you money, we're left with "sending assets where they should go," that is to children, grandchildren, excluding the ne-er-do-wells, etc.

The most overrated goal of estate planning is to avoid probate.  Probate just isn't that big a deal in Texas and imposes some usually needed order on the process of marshaling and distributing the assets of the deceased in accordance with the will.  Can probably be done for $5-10k depending on the value/complexity of the estate.

Usually, people's most valuable asset, or one of them, is their home and other real estate.  This is also the hardest asset to deal with if you do not do probate.

So, those are some things to think about.

[immamac 42850]

1 hour ago, TwiceHorn said:

Married? WIdowed? Divorced?

The typical big objective of estate planning is avoidance of the estate tax.  The estate tax exemption is currently more than $12 million, so that's not nearly as big a concern as it once was (when it was $600k for example).

So assuming Mom doesn't have fuck you money, we're left with "sending assets where they should go," that is to children, grandchildren, excluding the ne-er-do-wells, etc.

The most overrated goal of estate planning is to avoid probate.  Probate just isn't that big a deal in Texas and imposes some usually needed order on the process of marshaling and distributing the assets of the deceased in accordance with the will.  Can probably be done for $5-10k depending on the value/complexity of the estate.

Usually, people's most valuable asset, or one of them, is their home and other real estate.  This is also the hardest asset to deal with if you do not do probate.

So, those are some things to think about.

Talk to @hornian and sign up for Texas legal and just get it done along with yours and whoever else’s. 

[DalTxHornFan 3101]

@hornian knows his shit.  He is a great resource for our little gang of ill repute.

[ztejas 43452]

Sounds like this @hornian guy is a real cocksucker.

[Texas Jeff 1945]

We just went through this with a relative.  I'm not an expert but here are some things to think about:

Check your retirement account beneficiaries.  If you have them set up properly, transferring these accounts will be easy.  Consider setting up any other accounts that can be transfer-on-death as transfer-on-death with beneficiaries identified.

Have printed account statements prior to death, especially showing who the beneficiaries should be or letters you received from management companies when you set up beneficiaries.  Once you notify these companies that someone has died, you are likely to lose online access to their accounts even if you have the username and password.

[South Austin 52508]

Rule against perpetuities. Learn it. Know it. Love it.