Harlingen Estate Law Blog

Many fine people in Texas work as guardians. People who wish to become guardians must go through a thorough vetting process and must submit an application. Guardians receive assignment for children, senior citizens and anyone who is not of sound mind to make important financial and health decisions. 

Although the court can appoint someone to serve as a guardian for your aging parents, you may decide it is best if you serve as a guardian. While it is a noble decision to make, being a guardian comes with numerous responsibilities. You need to be certain you are up to the task if you want to become a guardian. You can certainly make sure your parents are safe and happy while someone else handles most of the heavy lifting. 

If you run a family business, you might want it to continue after you pass away. To ensure your business succeeds once you are gone, you must create a succession plan. This is an essential part of estate planning for any business owner. 

Planning how your company will continue is crucial to protecting the wealth of your family. There are a few different ways you can transfer the business, and here are some of the most common methods:

As a sole proprietor, you likely spent a good deal of time, energy and effort to build and grow your business. Perhaps you are nearing the time other people retire, so it is natural to think about long-term plans for your business. Or maybe you are younger and heard about someone who got seriously hurt or killed in a car accident. What would happen to your business if you were involved in a similar accident?

One key thing to understand is that you at least need a will. This is because sole proprietors' business assets are treated the same as if they were personal assets. Die without a will, and your business could end up with someone you would rather not have it.

While not everyone who works on an estate plan will need a trust, or a specific fiduciary arrangement that allows a third-party trustee to hold on to assets on behalf of someone else, as a parent of the disabled, you very well might. Providing a lifetime of care for your child, whether he or she has autism, Down syndrome or another type of disability, can prove extremely expensive.

A special needs trust is one way to help safeguard your disabled child’s future while doing your part to ensure your child has everything he or she needs after your passing.