Estate plans can do much more than just protect financial assets. They can be very effective instruments when families face issues that may require legal applications, such as a family law problem or a looming divorce. Divorce proceedings can be particularly problematic when couples divorce late in life or after being married for several years resulting in children and a significant level of wealth. Depending on the material facts of any individual case, it is always best to discuss the situation with an experienced estate planning attorney who understands what the state may impose in the event the opposing parties cannot reach an agreement on family issues. These can be difficult times for any family, and a legal professional like Justin M. Jackson can be a real advantage when brokering a settlement of any legal issues.
Estate Planning and Divorce
Many estate planning attorneys also practice as divorce attorneys because the management of assets is primarily a function of family law. This is generally due to multiple parties owning family assets and the complications that can arise when it is time for a separation and division of family property. Not all family property is always considered as marital property, even though both spouses can claim a portion of income generated by a business or a particular asset. This is especially true when dependent children have considerable assets and are still under custody of the parents or guardians, or when the family owns a business. All family estate plans must be modified following a divorce in some respect, including custody or disposition of children in the event of an untimely death. Children have rights as well as parents, and an experienced estate planning attorney will understand how to protect everyone following a divorce.
Family Asset Issues
Families that fight to stay together can also have estate issues that need addressing, and many times these are unique to the family. Protecting assets for inheritance by children is often a concern for parents who may be facing a health expense issue, such as necessary medical treatment in a nursing facility that could drain family assets. The establishment of certain trusts to avoid some aspects of probate when a parent passes is a common and efficient instrument for many families. These legal issues actually happen more often than many families realize, and an experienced estate planning attorney will know the best steps to take in protecting family assets from potential collection and overburdened tax collections.
Contact Justin M. Jackson in Cedar Park & Round Rock Tx
Regardless of a family’s situation, it is always best to have solid legal counsel when facing serious legal issues with the disposition of family members or insulating family wealth. A valid will alone is not always sufficient. Effective comprehensive estate plans address all potential implications. Having an estate planning attorney like Justin M. Jackson means that your legal issues can be addressed in an all-inclusive estate plan based on your personal situation. Call or click on The Jackson Firm website today for more information.