• Menu
  • Skip to right header navigation
  • Skip to main content
  • Skip to secondary navigation
  • Skip to footer

Before Header

Call us to learn how to protect your family!  (512) 258-9455

logo

Estate Planning and Elder Law Website

Header Right

Attend a Free Seminar
  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • Advantages of Working With Our Firm
    • Speaker Connection
  • How We Can Help
    • Business Owners & Asset Protection
    • Estate and Gift Tax Figures
    • Elder Law & Medicaid Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Pet Planning
      • What Can a Pet Trust Do For You?
    • Probate and Trust Administration
    • Remarriage and Blended Family Protection
    • Special Needs Planning
    • SECURE Act
    • Wills & Trusts
  • Webinars
  • Free Resources
    • Elder Law Resources
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Estate Planning Resources
      • Dangers of Do-It-Yourself Wills & Living Trusts
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • How to Attack Estate Planning for the First Time
      • Questions to Answer During an Estate Plan Review
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Nursing Home Asset Protection
      • Probate & Trust Administration
    • LGBTQ Resources
    • Newsletters
    • Probate & Trust Administration Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
    • Special Needs Resources
  • Blog
  • Contact

Mobile Menu

  • Home
  • Who We Are
    • About Our Firm
    • Attorney and Staff Profiles
    • Advantages of Working With Our Firm
    • Speaker Connection
  • How We Can Help
    • Business Owners & Asset Protection
    • Estate and Gift Tax Figures
    • Elder Law & Medicaid Services
    • Family-Owned Businesses & Farms
    • Incapacity Planning
    • IRA & Retirement Planning
    • LGBTQ Estate Planning
    • Minor Children & Young Adult Planning
    • Pet Planning
      • What Can a Pet Trust Do For You?
    • Probate and Trust Administration
    • Remarriage and Blended Family Protection
    • Special Needs Planning
    • SECURE Act
    • Wills & Trusts
  • Webinars
  • Free Resources
    • Elder Law Resources
      • Elder Law Reports
      • Elder Law & Medicaid Definitions
    • Estate Planning Resources
      • Dangers of Do-It-Yourself Wills & Living Trusts
      • Estate Planning Checkup
      • Estate Planning Definitions
      • Estate Planning Reports
      • How to Attack Estate Planning for the First Time
      • Questions to Answer During an Estate Plan Review
      • Incapacity Planning Definitions
      • Is Your Estate Plan Outdated?
      • Top 10 Estate Planning Techniques
    • Frequently Asked Questions
      • Estate Planning
      • Incapacity Planning
      • LGBTQ Estate Planning
      • Nursing Home Asset Protection
      • Probate & Trust Administration
    • LGBTQ Resources
    • Newsletters
    • Probate & Trust Administration Resources
      • Bereavement Resources
      • How to Know if You Need Extra Help With Your Grieving
      • The Mourner’s Bill of Rights
      • Trust Administration & Probate Definitions
      • Things You Need To Do When a Loved One Passes Away With a Trust
      • Things You Need To Do When a Loved One Passes Away With a Will
    • Special Needs Resources
  • Blog
  • Contact

This New Year, Resolve to Review Your Estate Planning Options

It’s time to make your New Year’s resolutions. This year, consider adding a review of your estate planning options to your list. Whether or not you already have an estate plan in place, a careful review of your planning options will ensure that you protect your family and assets and leave a lasting legacy. This article reviews some estate planning information for you to consider for this New Year.

December 31, 2012 //  by Slaton Schauer Law Firm

Compliments of Our Law Firm,
By: The American Academy of Estate Planning Attorneys

The holiday whirlwind is over, you’ve packed up the decorations, and life is settling into its familiar routine. Your thoughts are likely turning to the coming year, and the things you’d like to accomplish over the next twelve months.

Maybe you have ten pounds to lose. Perhaps you want to learn a new language, or set aside more time for family and friends. No matter what your resolutions are this New Year, there’s one item that you should add to your list: take a fresh look at your estate plan.

If you’re one of the 55% of Americans who do not have an estate plan, creating one might be the easiest of your resolutions. The first step is to meet with an experienced estate planning attorney.

The consultation is easy. You’ll sit down and chat with your attorney so that he or she can get a clear picture of your family and your goals. Then, your attorney will recommend a course of action and prepare an estate plan that meets your needs. The plan will likely include these basic documents:

  • Living Trust. This will be the core of your estate plan. Transferring the appropriate assets into your living trust allows you to accomplish a number of goals. You’ll remain in control of your assets during your lifetime, and your trust will contain a plan for the management of your assets in case you become incapacitated. At your death, the assets in your trust will be transferred to your chosen beneficiaries – without the need for probate.
  • Last Will and Testament. Your Will ensures that any assets accidentally left out of your trust will be transferred to your trust and distributed according to your wishes. If you have young children, your Will also allows you to designate a guardian for them in case you pass away before they become adults.
  • Financial Power of Attorney. This tool allows you to appoint an agent – usually your spouse, one of your children, or a trusted friend – to manage your finances in case you are incapacitated.
  • Health Care Power of Attorney. This tool allows you to appoint an agent to make medical decisions, including end of life decisions, if you are unable to make them yourself.

Depending on your circumstances, your estate planning attorney may recommend additional strategies to ensure that your planning goals are fulfilled and your family is protected in the event of your death or disability.

What if you already have an estate plan? The New Year is a great time to take a fresh look at your plan. You may find that it needs to be fine-tuned to keep up with changes in your family’s circumstances or changes in the law. While we recommend that everyone periodically meet with their estate planning attorney to review their estate plan, several situations strongly indicate that a review is in order.

Family Changes

If you have recently gotten married or divorced, you will want to ensure your assets go to the intended recipients and that the appropriate people are in charge of making decisions on your behalf.

Your estate planning attorney can help you review your family’s changed circumstances and understand how these circumstances affect your estate plan.

Financial Changes

You might not realize it, but changes in your financial status can have a significant impact on your estate plan, as can changes in your children’s finances.

For example, if your overall net worth has increased – or if you have increased your life insurance coverage – you may need to think about estate tax planning. Your estate planning attorney can show you strategies for reducing your potential tax liability.

If one of your children has experienced a rise or fall in net worth, you may want to take a second look at the proportion of your estate each of your children will inherit. For example, if your son is single and has a secure job with a high salary, he may need less from you than his sister who has three children and a modest income.

New Planning Options

The law is always changing, and these changes can have an impact on your estate plan. If your plan is more than a few years old, it is likely that new planning options are available to better protect your assets, reduce your tax bill, and ensure the security of your family after you are gone. The best way to find out about new strategies is to sit down with your estate planning attorney and review your existing plan.

An up-to-date estate plan ensures that you have the best source of protection during your lifetime, and that your loved ones will be protected and provided for after you’re gone. Whether you are exploring the idea of estate planning for the first time or you’ve had a plan in place for years, now is the time to meet with a qualified estate planning attorney.

Footer

Our Law Office

Slaton Schauer Law Firm, PLLC

102 Raley Road

Cedar Park, Texas 78613

Phone: (512) 258-9455

See Map Get Directions

Office Hours

Monday 9:00 AM – 5:00 PM
Tuesday 9:00 AM – 5:00 PM
Wednesday 9:00 AM – 5:00 PM
Thursday 9:00 AM – 5:00 PM
Friday 9:00 AM – 5:00 PM

Join Free Newsletter

Sign up to get free resources, tips, and directory of our firm.

  • Email
  • Facebook
  • Instagram
  • LinkedIn
  • Pinterest
  • Twitter
  • YouTube
  • Privacy Policy
  • Disclaimer
  • Sitemap
  • Contact Us

Site Footer

Copyright © 2023 American Academy of Estate Planning Attorneys · All Rights Reserved