Warning: this article contains numbers. The Federal Estate and Gift Tax Exemption: What to Expect With the 2024 election in the rear-view mirror, we may soon get some certainty regarding the federal estate and gift tax exemption.   What is the Federal Estate and Gift Tax Exemption? The federal estate and gift tax exemption is currently $13.61 million per person. In 2025, it will increase to $13.99 million per person. The exemption is portable...

Estate planning involves much more than just wills and powers of attorney.  In fact, it more accurately could be called “People Planning.” Some of the most important people to plan for are children who will temporarily be under the care of someone other than a parent. It is quite common for a child to go stay with grandparents or other relatives and friends of the family for the summer. Whoever...

Are you married and residing with your spouse in the Great State of Texas?   Then we will launch right into a discussion of what happens legally when your spouse dies. What to Expect Legally When a Spouse Dies Your marriage terminates. Your community property ceases to exist because only spouses can own community property. Death works a division of the community property assets. You retain your half of the community assets....