What Estate Planning Documents Should I Have?

A comprehensive estate plan should include the following documents, prepared by an attorney based on in-depth counseling which takes into account your particular family and financial situation: A Living Trust can be used to hold legal title to and provide a mechanism to manage your property. You (and your spouse) are the Trustee(s) and beneficiaries of your trust during your lifetime. You also designate successor Trustees to carry out your instructions in case of death or incapacity. Unlike a will, a trust usually becomes effective immediately after incapacity or death. Your Living Trust is "revocable" which allows you to make changes and even to terminate it. One of the great benefits of a properly funded Living Trust is the fact that it will avoid or minimize the expense, delays and publicity associated with probate. If you have a Living Trust-based estate plan, you also need a pour-over will. For those with minor children, the nomination of a guardian must be set forth in a will. The other major function of a pour-over will is that it allows the executor to transfer any assets owned by the decedent into the decedent's trust so that they are distributed according to its terms. A Will, also referred to as a Last Will and Testament, is primarily designed to transfer your assets according to your wishes. A Will also typically names someone to be your Executor, who is the person you designate to carry out your instructions. If you have minor children, you should also name a Guardian as well as alternate Guardians in case your first choice is unable or unwilling to serve. A Will only becomes effective upon your death, and after it is admitted by a probate court. A Durable Power of Attorney for Property allows you to carry on your financial affairs in the event that you become disabled. Unless you have a properly drafted power of attorney, it may be necessary to apply to a court to have a guardian or conservator appointed to make decisions for you during a period of incapacitation. This guardianship process is time-consuming, expensive, emotionally draining and often costs thousands of dollars. There are generally two types of durable powers of attorney: a present durable power of attorney in which the power is immediately transferred to your agent (also known as your attorney in fact); and a springing or future durable power of attorney that only comes into effect upon your subsequent disability as determined by your doctor. Anyone can be designated, most commonly your spouse or domestic partner, a trusted family member, or friend. Appointing a power of attorney assures that your wishes are carried out exactly as you want them, allows you to decide who will make decisions for you, and is effective immediately upon subsequent disability. The law allows you to appoint someone you trust to decide about medical treatment options if you lose the ability to decide for yourself. You can do this by using a Durable Power of Attorney for Health Care or Health Care Proxy where you designate the person or persons to make such decisions on your behalf. You can allow your health care agent to decide about all health care or only about certain treatments. You may also give your agent instructions that he or she has to follow. Your agent can then ensure that health care professionals follow your wishes. Hospitals, doctors and other health care providers must follow your agent's decisions as if they were your own. A Living Will informs others of your preferred medical treatment should you become permanently unconscious, terminally ill, or otherwise unable to make or communicate decisions regarding treatment. In conjunction with other estate planning tools, it can bring peace of mind and security while avoiding unnecessary expense and delay in the event of future incapacity. Some medical providers have refused to release information, even to spouses and adult children authorized by durable medical powers of attorney, on the grounds that the 1996 Health Insurance Portability and Accountability Act, or HIPAA, prohibits such releases. In addition to the above documents, you should also sign a HIPAA authorization form that allows the release of medical information to your agents, your successor trustees, your family and other people whom you designate.

How Do I Name A Guardian For My Children?

If you have children under the age of eighteen, you should designate a person or persons to be appointed guardian(s) over their person and property. Of course, if a surviving parent lives with the minor children (and has custody over them) he or she automatically continues to remain their sole guardian. This is true despite the fact that others may be named as the guardian in your estate planning documents. You should name at least one alternate guardian in case the primary guardian cannot serve or is not appointed by the court.

What Does My Estate Include?

Your estate is simply everything that you own, anywhere in the world, including: Your home or any other real estate that you own Your business Your share of any joint accounts The full value of your retirement accounts Any life insurance policies that you own Any property owned by a trust, over which you have a significant control

Why Is It Important To Establish An Estate Plan?

Sadly, many individuals don’t engage in formal estate planning because they don’t think that they have “a lot of assets” or mistakenly believe that their assets will be automatically shared among their children upon their passing. If you don’t make proper legal arrangements for the management of your assets and affairs after your passing, the state’s intestacy laws will take over upon your death or incapacity. This often results in the wrong people getting your assets as well as higher estate taxes. If you pass away without establishing an estate plan, your estate would undergo probate, a public, court-supervised proceeding. Probate can be expensive and tie up the assets of the deceased for a prolonged period before beneficiaries can receive them. Even worse, your failure to outline your intentions through proper estate planning can tear apart your family as each person maneuvers to be appointed with the authority to manage your affairs. Further, it is not unusual for bitter family feuds to ensue over modest sums of money or a family heirloom.

What Is Estate Planning?

When someone passes away, his or her property must somehow pass to another person. In the United States, any competent adult has the right to choose the manner in which his or her assets are distributed after his or her passing. (The main exception to this general rule involves what is called a spousal right of election which disallows the complete disinheritance of a spouse in most states.) A proper estate plan also involves strategies to minimize potential estate taxes and settlement costs as well as to coordinate what would happen with your home, your investments, your business, your life insurance, your employee benefits (such as a 401K plan), and other property in the event of death or disability. On the personal side, a good estate plan should include directions to carry out your wishes regarding health care matters, so that if you ever are unable to give the directions yourself, someone you know and trust can do that for you.

Estate, Business, & Tax Law Attorney

Striving To Bring Families Closer & Make Businesses Stronger

Estate, Business, & Tax Law Attorney Serving Round Rock & Georgetown, TX

Winters Law Firm Is Proud To Serve Round Rock

Gerald Winters has over 20 years of experience in financial management, tax law, and business consulting. Before he became an attorney, he earned an MBA and ran his own business as a certified public accountant; those experiences allow him to guide his clients in business and financial matters with better insight today.

Attorney Gerald Winters is proud to serve the community of Round Rock, Texas, and the Greater Austin area in Estate Planning, Probate and Estate Administration, Elder Law, Business Consulting, and Tax Planning. Whether you run a small business or a nonprofit or are an individual looking to improve your financial security, Gerald Winters is here to help you create a customized plan for your future.

Provide a More Secure Future for Your Family

Estate planning can sound like a daunting and, let’s face it, morbid task, but without a strong strategy in place, the IRS and state authorities can end up leeching many of the assets you’ve spent your entire life accumulating. An Estate Planning Lawyer can ensure that more of your hard-won assets are left to your family and other loved ones.

At Winters Law Firm, Attorney Winters can see if a Family Limited Partnership, Limited Liability Company, Irrevocable Life Insurance Trust, or Qualified Personal Residence Trust is right for you. Together, we can employ a wide variety of sophisticated, effective strategies like charitable gifting techniques to reduce the amount of estate taxes your loved ones will have to pay just to receive the wealth you accumulated for them. We are dedicated to maximizing the transfer of assets to your loved ones through informed decision-making about your estate.

Part of your estate plan might include a trust, the maintenance and management of which might also seem like a daunting task. The person serving as the trustee must commit to bookkeeping, filing tax returns, managing investments, and much more. An Estate Administration Attorney like Gerald Winters can help your trustee cut down their time commitment and even their costs through continual guidance and support.

When it comes to probating your will, you’ll need a qualified Probate Lawyer to evaluate your situation, draft a comprehensive document, and execute it according to the law. Don’t leave your last wishes to the uncertainty of a self-created will. Ensure that your voice will be heard and your wishes carried out with the help of Attorney Gerald Winters.

Client Testimonials

“Gerald is an expert when it comes to taxes. He has a working knowledge of the tax code and works diligently to ensure that his clients pay as little in taxes as possible. “

H.H. Business And Tax Client

“Gerald did not try to over-sell us something that we did not need or want. He is a true professional.”

M.W. & S.W. Estate Planning Clients

“I never have to worry about something getting done and I can simply focus on being an attorney, because I know that Mr. Winters is going to take care of my business and taxes.“

P.C. Business & Tax Client

Prepare Your Taxes With Confidence

Prepare Your Taxes With Confidence
Tax Lawyer Gerald Winters uses his years of experience as a CPA to consult on minimizing tax liabilities and maximizing savings for both individuals and businesses during tax preparation. As tax laws are constantly changing, you need an attorney you can trust to help you file electronically, handle your payroll, or prepare for an audit. We offer an unparalleled level of assurance for investors and creditors on the accuracy of your finances, and we can help uncover inefficiencies, compliance issues, and even operational risks during our auditing services. Winters Law Firm will tailor our accounting services to save you time, give you confidence to address the financial demands of your business, and provide the information you need to make important planning decisions.

Know That You’re in Good Hands

Attorney Gerald Winters works directly with each of his clients from start to finish. You will communicate directly with him, not with a paralegal or an assistant, giving you incomparable personal attention when you’re making the most important financial decisions of your life. He brings the same business savvy and years of experience to planning for families as he does for growing businesses and nonprofits.

Let Winters Law Firm turn your vision for your financial future into reality.

The Relationships I Have With My Clients Often Evolve
Into Lasting Partnerships

Everything about my practice is personal. Families turn to me to help them care for their loved ones as they age, entrepreneurs lean on me to form their first businesses, and everyday folks contact my firm with questions about their taxes. Through these situations, I get the opportunity to understand not only the legal matter at hand, but the life of the individual behind it.

Though I enjoy getting to know my clients, these relationships also serve a larger purpose. You see, the areas I practice overlap. Once you start a business, for example, you may need additional help with your taxes. Furthermore, you may want to plan for the future of your company should you choose to retire or want to plan for the unexpected. And that’s just one example. Many areas of the law intertwine.

(512) 529-9085

(512) 529-9085

Striving To Bring Families Closer & Make Businesses Stronger

Estate, Business, & Tax Law Attorney Serving Round Rock & Georgetown, TX

Personal Attention

Efficient Solutions

Put My Business & Financial Background To Work For You

Winters Law Firm Is Proud To Serve Round Rock

Practice Areas

Diligently Working for You, No Matter the Circumstance

Estate Planning

Tax Law

Elder Law

Probate And Estate Administration

Business Law