THE BAEZ LAW FIRM, P.C.
"We Care About Your Legal Needs"
"We Care About Your Legal Needs"
| 1100 N.W. Loop 410, Suite 365 San Antonio, Texas 78213 Tel. (210) 979-9777 Fax. (210) 979-9774 |
ESTATE PLANNING
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Auto Accidents
Business Law
Car Wreck
Consumer Law
Criminal Law
Family Law
Litigation
Medical Malpractice
Nursing Home Negligence
Personal Injury
Premises Liability
Slip and Fall
Wrongful Death
Business Law
Car Wreck
Consumer Law
Criminal Law
Family Law
Litigation
Medical Malpractice
Nursing Home Negligence
Personal Injury
Premises Liability
Slip and Fall
Wrongful Death
This is the time when most people consider estate planning in
earnest. During economic hardships, those prepared will prosper
even in the toughest of times. Here are some estate planning options:
Revocable Living Trusts
To save your family the cost (and hassles) of probate court
proceedings after your death, think about creating a revocable living
trust. It's hardly more trouble than writing a will, and lets
everything go directly to your heirs after your death without taking
a circuitous and expensive detour through probate court.
While you're alive, the trust has no effect, and you can revoke it or
change its terms at any time. But after your death, trust property
can be transferred quickly, according to the directions you left in the
trust document.
Payable-on-Death Accounts
There are other, even easier ways to avoid probate: You can turn
any bank account into a "payable-on-death" account simply by
signing a form (the bank will supply it) and naming someone to
inherit whatever funds are in the account at your death. You can do
the same thing, in almost every state, with securities.
Take Steps to Reduce Estate Taxes
If you have enough property to worry about federal estate taxes,
think about tax avoidance as well. Currently, estates worth more
than $2 million are taxed; that amount is scheduled to increase in
future years. (The estate tax is being phased out, but its future is
uncertain. If estate tax does take a bite, it can be a big one: 45% of
everything over the exempt amount. Here are some ways to reduce
estate tax:
Give your property away before death. One way to reduce these
taxes is to give away property before your death. After all, if you
don't own it, it can't be taxed. Gifts larger than $12,000 per year per
recipient are subject to gift tax, at the same rate as estate tax. Still,
an annual gift-giving plan can reduce the size of even a big estate,
especially if you have a covey of kids and grandkids. Gifts to your
spouse (as long as he or she is a U.S. citizen), direct payment of
tuition or medical bills, and gifts to a tax-exempt organization are
exempt from gift tax.
Create a bypass (AB) trust. Another way to cut taxes is with
trusts. Many older couples use a bypass trust to leave property to
each other for life, and then to their children. The surviving spouse
can spend trust income and, in some circumstances, principal. An
AB trust can shield up to twice the exempt amount from estate tax.
(To learn more, see Tax-Saving AB Trusts.)
Create a charitable or other trust. Charitable trusts, which involve
making a gift to a charity and getting some payments back, can also
save on both estate and income tax. There are many other complex
trusts; learn about them on your own and then have an experienced
estate planning lawyer draw up the documents you want
A trust is an arrangement under which one person, called a trustee,
holds legal title to property for another person, called a beneficiary.
You can be the trustee of your own living trust, keeping full control
over all property held in trust.
A "living trust" (also called an "inter vivos" trust) is simply a trust
you create while you're alive, rather than one that is created at your
death.Different kinds of living trusts can help you avoid probate,
reduce estate taxes, or set up long-term property management.
If you don't make a will or use some other legal method to transfer
your property when you die, Texas law will determine what
happens to your property. Generally, it will go to your spouse and
children or, if you have neither, to your other closest relatives. If no
relatives can be found to inherit your property, it will go to the
state.
earnest. During economic hardships, those prepared will prosper
even in the toughest of times. Here are some estate planning options:
Revocable Living Trusts
To save your family the cost (and hassles) of probate court
proceedings after your death, think about creating a revocable living
trust. It's hardly more trouble than writing a will, and lets
everything go directly to your heirs after your death without taking
a circuitous and expensive detour through probate court.
While you're alive, the trust has no effect, and you can revoke it or
change its terms at any time. But after your death, trust property
can be transferred quickly, according to the directions you left in the
trust document.
Payable-on-Death Accounts
There are other, even easier ways to avoid probate: You can turn
any bank account into a "payable-on-death" account simply by
signing a form (the bank will supply it) and naming someone to
inherit whatever funds are in the account at your death. You can do
the same thing, in almost every state, with securities.
Take Steps to Reduce Estate Taxes
If you have enough property to worry about federal estate taxes,
think about tax avoidance as well. Currently, estates worth more
than $2 million are taxed; that amount is scheduled to increase in
future years. (The estate tax is being phased out, but its future is
uncertain. If estate tax does take a bite, it can be a big one: 45% of
everything over the exempt amount. Here are some ways to reduce
estate tax:
Give your property away before death. One way to reduce these
taxes is to give away property before your death. After all, if you
don't own it, it can't be taxed. Gifts larger than $12,000 per year per
recipient are subject to gift tax, at the same rate as estate tax. Still,
an annual gift-giving plan can reduce the size of even a big estate,
especially if you have a covey of kids and grandkids. Gifts to your
spouse (as long as he or she is a U.S. citizen), direct payment of
tuition or medical bills, and gifts to a tax-exempt organization are
exempt from gift tax.
Create a bypass (AB) trust. Another way to cut taxes is with
trusts. Many older couples use a bypass trust to leave property to
each other for life, and then to their children. The surviving spouse
can spend trust income and, in some circumstances, principal. An
AB trust can shield up to twice the exempt amount from estate tax.
(To learn more, see Tax-Saving AB Trusts.)
Create a charitable or other trust. Charitable trusts, which involve
making a gift to a charity and getting some payments back, can also
save on both estate and income tax. There are many other complex
trusts; learn about them on your own and then have an experienced
estate planning lawyer draw up the documents you want
A trust is an arrangement under which one person, called a trustee,
holds legal title to property for another person, called a beneficiary.
You can be the trustee of your own living trust, keeping full control
over all property held in trust.
A "living trust" (also called an "inter vivos" trust) is simply a trust
you create while you're alive, rather than one that is created at your
death.Different kinds of living trusts can help you avoid probate,
reduce estate taxes, or set up long-term property management.
If you don't make a will or use some other legal method to transfer
your property when you die, Texas law will determine what
happens to your property. Generally, it will go to your spouse and
children or, if you have neither, to your other closest relatives. If no
relatives can be found to inherit your property, it will go to the
state.
Other Practice Areas
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San Antonio Estate Planning Lawyers