Agent Now Has Duty to Preserve Estate Plan from Austin Estate Planning Lawyer Liz Nielsen

Austin Estate Planning Lawyer

Imagine a situation where daughter is serving as the agent under mom’s financial power of attorney.  Mom’s estate plan provides that her estate will pass 40% to daughter, 40% to son and 20% to mom’s favorite niece.  The main asset in mom’s estate is a nice (and very valuable) Westlake home.  In order to avoid probate on mom’s death, daughter files a lady bird deed, naming daughter and son as the only beneficiaries of the family home.  Does the slighted niece have any recourse?

Organizing for Tax (and Estate Planning) Season from Austin Estate Planning Lawyer Liz Nielsen

Organizing for Estate Planning Season

It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan.

Why Your Estate Planning Project Must Morph into a Process from Austin Estate Planning Lawyer Liz Nielsen

Estate Planning Process

Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”

Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water. Here’s why it’s essential to view your estate plan as a process, rather than a project.