Search Site
Menu

Estate Planning: A Sophisticated Plan for Complexities

More sophisticated estate planning may be appropriate for people that: have sufficient net worth to consider tax planning; own assets in more than one state or jurisdiction; highly prize privacy; have blended families, and/or have a history of family discord (“Complicating Factors”).

In 2022, the net amount a person can have without paying estate tax is slightly more than $12 million per person. Current legislation will reduce that amount to about $6 million per person in 2026.

If any of these Complicating Factors exists, more sophisticated estate planning may involve:

  • A revocable trust or an irrevocable trust: to provide privacy; to avoid probate; to create additional hurdles in the event of a contest; to complete tax planning; may create creditor protection for your surviving spouse, children, or descendants; allow control on your assets after your death; and efficiently transfer assets as desired.
  • Assets in more than one state or jurisdiction may require a new probate proceeding in every state or jurisdiction – implement a plant to avoid multiple probates.
  • Pre-marital or post-marital agreements allows spouses to partition the assets, debts, and income they have during their marriage and thereby determine which assets will be included in their probate estate when those spouses are deceased.
  • Create a new entity to provide additional creditor protection and efficient transfer of assets.
  • Transfer on death deeds transfer title to real property to the person designated in the deed when the current owner passes away, and can be used to efficiently transfer title and avoid probate.
  • Appointment of guardian, to designate the person you wish to be appointed your guardian if a guardian is needed later in life, and listing people who should not be appointed.

Contact a knowledgeable estate planning attorney to discuss the best options for you and your family. The Strong Firm P.C. is available to consult with you today!

Leave a Reply

Your email address will not be published. Required fields are marked *

Contact a Dedicated Texas Business Lawyer To Schedule a Consultation
Call 281-367-1222 or contact us online to schedule a meeting.

Strong In Action

  • Spring 2021

    The Strong Firm prevails in dispositive motion regarding Texas economic loss rule resulting in dismissal of claims again party.

    Read More
  • Spring 2019

    The Strong Firm successfully forecloses first priority lien against multi-million dollar commercial asset.

    Read More
  • Spring 2021

    The Strong Firm secures writ of reentry after unlawful lockout of commercial tenant.

    Read More
  • Spring 2021

    The Strong Firm prevails in writ of mandamus proceeding involving denial of temporary restraining order to stop foreclosure sale.

    Read More
  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  • Peer Rated 2022 Award
  • Clio Client-Centered Certification

Recent Blog Posts

Wealth Planning & Preservation: Essential Considerations for Your Financial Future

As trusted legal advisors, we recognize the importance of proactively addressing the complexities of wealth planning and safeguarding your financial future and legacy. In today's rapidly changing economic landscape, it's essential for individuals and families to understand the potential risks and opportunities associated with managing their wealth effectively. At The Strong
Read More
Wealth Planning & Preservation: Essential Considerations for Your Financial Future

Navigating Employment Law Concerns: A Guide To The Biggest Risks for Texas Employers

Navigating Employment Law Concerns: A Guide To The Biggest Risks for Texas Employers As trusted legal advisors, we understand the complexities and challenges that employers face when navigating the landscape of employment law. With the ever-evolving regulatory environment, it's crucial for employers to stay informed and proactive in addressing legal concerns. One
Read More
Navigating Employment Law Concerns: A Guide To The Biggest Risks for Texas Employers

Asset Flow in Estate Planning

Planning for the distribution of your assets upon your passing can seem a daunting task regardless of the size of your estate.  However, planning for how those assets will be distributed, and ensuring your estate plan accounts for your desired distribution, is essential. In this article, we will discuss the
Read More
Asset Flow in Estate Planning

Kelly Sullivan Joins The Strong Firm P.C. As Senior Counsel

The Strong Firm P.C. is excited to announce the addition of Kelly Sullivan to its team of experienced attorneys. Kelly adds exceptional strength to the firm’s established practice areas based on her wealth of experience in the areas of Litigation, Labor and Employment Law, Business Law and Governmental Law, Zoning
Read More
Kelly Sullivan Joins The Strong Firm P.C. As Senior Counsel
  • Video Vault


    Watch videos done by our legal team to gain a better understanding of your legal needs. Our lawyers give video insight into areas such as Real Estate, Business Law, Mergers & Acquisitions and much more.
Contact us

Quick Contact Form