Search Site
Menu
Estate Planning: One Size Doesn’t Fit All – Part III (Special Circumstances)

In Parts 1 & 2 of this series we discussed the potential for older documents to involve too much or too little estate planning (i.e. “over planning” and “under planning”, respectively).  In addition to under planning and over planning you should also be aware of some unique circumstances that require consideration in your estate plan.

For instance, if you intend to leave a gift to a beneficiary with special needs, it is important to plan to protect their eligibility to continue receiving government benefits.  Many adults with special needs are entitled to receive government benefits for their daily care that are based upon the beneficiary’s financial eligibility.  Accordingly, when their parents, siblings or other loved ones leave them an improperly planned gift it may have the unintended consequence of disqualifying the beneficiary from receiving those benefits for a period of time.  The ultimate result being that the gift that you left is consumed paying for daily care costs that would have otherwise been covered by governmental benefits.  However, with planning and the use of an appropriate trust, we can often make sure that the gift is preserved to enhance (rather than replace) the government benefits that are available to the special needs benefits.

A blended family is another common circumstance that bears careful consideration when completing estate planning documents.  It is natural for a spouse in a blended family to want to leave all or most of their assets available for the care of their surviving spouse.  Generally, the expectation is that any funds that are left when the surviving spouse passes will be split evenly between both spouse’s children (whether they are step-children or natural children of the surviving spouse).  However, statistics tell us that this rarely happens.  More often than not, the assets of the first spouse end up with the surviving spouse’s natural children and/or the surviving spouse’s new partner/spouse.  With planning and careful use of trusts your assets can be made available to your surviving spouse while still protecting those assets for eventual transfer to your children when the surviving spouse passes.

Accordingly, you should seek the advice of an estate planning professional in connection with the preparation of your documents to ensure that your gifts are ultimately enjoyed by your intended beneficiaries.

Royce S. Lanning

Phone: 281-367-1222

Fax: 281-210-1361

[email protected]

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 2019

    The Strong Firm represents borrower in $42.3 million HUD construction loan for multifamily real estate development in Walton County, Florida.

    Read More
  • Spring 2019

    The Strong Firm acts as legal counsel for borrower in $32.1 million HUD construction loan for multifamily real estate development in Conroe, Texas.

    Read More
  • Spring 2019

    The Strong Firm aids borrower in $31.7 million HUD construction loan for multifamily real estate development in Nueces County, Texas.

    Read More
  • Spring 2019

    The Strong Firm represents borrower in the refinancing of a $3.57 million commercial mortgage-backed security for a commercial office facility in Montgomery County, Texas.

    Read More
  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  • Peer Rated 2019 Award

Recent Blog Posts

“So…What Happens to My Bitcoin When I Die?” Modern Estate Planning for Digital Assets and Cryptocurrencies

Millennials have complicated everything. Socializing in person wasn’t enough, so they created Facebook. Dollars weren’t enough, so they created Bitcoin. Every new app, technology or cryptocurrency brings with it more uncertainty legal uncertainty around these digital assets. Are they currency? Are they property? Can they be gifted? Can they be
Read More
“So…What Happens to My Bitcoin When I Die?” Modern Estate Planning for Digital Assets and Cryptocurrencies

A Win for Property Owners: New Texas Law Makes it Difficult for Forced Annexation

The State of Texas is a strong advocate for protecting property owners from the forced taking of land, including eminent domain, foreclosure or annexation. This year, the Texas Legislature enacted a bill that protects landowners for decades to come from forced annexation. In 1858, Texas passed the first statute allowing incorporation
Read More
A Win for Property Owners: New Texas Law Makes it Difficult for Forced Annexation

Wait… Lawyers Do That?

Since the founding of the Strong Firm P.C. in 2004, we have prided ourselves on not only providing excellent legal services, but also playing a large role in our community. Every year I have the opportunity to speak to area students from first grade through college grad students on legal-related
Read More
Wait… Lawyers Do That?

Part II – Probate: Identify the Most Efficient Probate Proceeding – Muniment of Title

Texas law provides several options to transfer ownership of a deceased person’s (usually called a “decedent”) property. We previously discussed the difference between a dependent and an independent administration. The dependent and independent administrations are used when the deceased person’s estate exceeds some minimal thresholds for size or complexity, such
Read More
Part II – Probate: Identify the Most Efficient Probate Proceeding – Muniment of Title
  • 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.

Pay Retainer Online

Use our easy-to-use and secure online payment feature.
We accept all major credit cards.

Pay Your Retainer

Contact us

Quick Contact Form