Estate planning is about ensuring your assets are protected and managed during your life and after your death. Estate planning is about much more than just ensuring that your children or other loved ones are provided for when you are gone. When you create a comprehensive estate plan, you will have a plan in place so your medical decisions will be made and your assets protected in case of incapacity or in case you need to be admitted to a nursing home for care.
Vermillion Law Firm, LLC is a Dallas, Texas estate planning law firm that is committed to providing personalized legal advice to clients who want security and control over their own future. We help people of all ages with estate planning and we provide representation to people with estates of all sizes. We offer you one-on-one advice which is focused on making effective use of legal tools to accomplish your goals during your life and after your death. Give us a call now to learn about the estate planning services we can offer you and to get answers to questions including:
- Who needs to create an estate plan?
- What is involved with estate planning?
- How can a Dallas, TX estate planning lawyer help you?
Who Needs to Create an Estate Plan?
Many people mistakenly believe that the creation of an estate plan is only for the wealthy or only for the elderly. This is simply not the case. If you want control over your medical decisions, if you have amassed any assets or if you have anyone depending upon you, you need to create an estate plan.
When you are younger, the creation of an estate plan should be focused on how to ensure your minor children are cared for if you and the children’s other parent pass away unexpectedly. You can also begin to create a plan to build your assets and to protect the wealth you are acquiring. As you age and the risk of incapacity or death grows, planning for what happens in case of injury, illness, or death becomes ever more important. Vermillion Law Firm, LLC will offer the guidance that clients need at all phases of life to ensure they have a solid plan in place.
What is Involved with Estate Planning in Texas?
Estate planning can involve creating a will, but a will is only one of many ways to facilitate the transfer of assets and to leave instructions for your loved one after death. The protection and advantages you get from the creation of a will are limited and there are many other things which should be a part of your comprehensive estate plan.
Some of the different things that Vermillion Law Firm, LLC can help you to do to protect your future and your legacy include:
- Creating a living will. When you have a living will or an advanced medical directive, you determine what kinds of medical care should be provided to you in the event of incapacity. If you don’t want to be resuscitated under certain circumstances because quality of life is important to you, you can specify this in advance so your loved ones won’t have to make a difficult decision.
- Creating a power of attorney. You should name an agent because you don’t want your family to have to go through guardianship proceedings if you become incapacitated. With the creation of a durable power of attorney, you get to control who manages your assets and affairs if you become unable to do so on your own. Your agent can begin immediately taking control once you become sick or injured so your assets don’t go unmanaged.
- Creating a trust. Trusts allow for the protection of your assets from creditors and allow you to ensure that you are benefitting your heirs with the gift of money or property. By creating a trust, you can allow a disabled heir to inherit without losing government benefits and you can also put limits on inheritance so a spendthrift heir cannot just spend all the money you have provided. There are many types of trusts you can use for different purposes.
- Protecting your assets. You can ensure you won’t have to spend down your assets in case you need nursing home care and you can make sure your assets aren’t lost due to estate taxes being assessed.
Vermillion Law Firm, LLC can provide assistance with these tasks as well as with other essential components of estate planning.
How Can a Dallas, TX Estate Planning Lawyer Help You?
A Dallas, TX estate planning lawyer can provide invaluable guidance and advice. Vermillion Law Firm, LLC will help you to determine what should be a part of your estate plan and will help you with the creation and execution of your plan for the future. Give us a call at (972) 366-7201 today to learn more about how we can help you.