Category Archives: Estate Planning

The Importance of Seeking Wise Estate Planning Counsel

Estate Planning

I’m Jay Bailey with Bailey & Galyen, I’m of Counsel with the firm, and I head our Probate & Estate Planning section.

You’ve got lots of things you’re good at. You have expertise as a professional, you have expertise in the trades, you’re an excellent educator, you’ve got a lot of experience.

You’re probably not a Probate or Estate Planning lawyer. So you can go online, you can watch a video, or a TV promotion, but I wouldn’t. I’d seek wise counsel.

You see, in hand grenades and horseshoes, close actually scores points. In Probate & Estate Planning getting close means you missed the mark, and it can cost you and your family thousands, if not hundreds of thousands of dollars. Talk to somebody who knows what they’re doing. Seek wise counsel. It’ll be a relief to you and a blessing to your family.

The best advice we give is to seek wise counsel. If you need help, call me.

Welcome to Bailey & Galyen

Estate Planning

I’m J.C. Bailey with the law firm of Bailey & Galyen, one of the largest consumer law firms in the state of Texas. Well what does that mean? Big businesses have lawyers, the government has lawyers but what about individuals and small businesses? Who represents them? Well, Bailey & Galyen does. With at least 20 offices spread across Texas, with 50 plus lawyers and hundreds of years of experience. We offer you the opportunity to be heard, to be listened to and we want the opportunity to speak to you about your legal problems.

If you would, call us or email us and we will give you a free consultation. We want to help.

Don’t Procrastinate

Estate Planning

I’m Jay Bailey with Bailey & Galyen, I’m of Counsel with the firm, and I head our Probate & Estate Planning section.

Procrastination. Putting things off. All of us went to school, and most all of us waited ’til the night before to do that homework or that project that had been assigned days, if not weeks in advance.

It’s unwise to think I might be in an automobile accident and I’d simply put my seatbelt on right before I had the accident. But many of us in Texas put off doing Estate Planning. We think, “Well, there’ll be a better time. Maybe if I’m older, maybe if I have some kind of an illness, or some event comes into my life.” Don’t put it off. And if someone passes away, don’t put off talking to a lawyer about how to handle their probate. There’s a four year statute of limitations, and after that, the planning no longer exists.

The best advice we give is to seek wise counsel. If you need help, call me.

Why You Should Seek Wise Estate Planning Counsel

Estate Planning

I’m Jay Bailey with Bailey & Galyen, I’m of Counsel with the firm, and I head our Probate & Estate Planning section.

You’ve got lots of things you’re good at. You have expertise as a professional, you have expertise in the trades, you’re an excellent educator, you’ve got a lot of experience.

You’re probably not a Probate or Estate Planning lawyer. So you can go online, you can watch a video, or a TV promotion, but I wouldn’t. I’d seek wise counsel.

You see, in hand grenades and horseshoes, close actually scores points. In Probate & Estate Planning getting close means you missed the mark, and it can cost you and your family thousands, if not hundreds of thousands of dollars. Talk to somebody who knows what they’re doing. Seek wise counsel. It’ll be a relief to you and a blessing to your family.

The best advice we give is to seek wise counsel. If you need help, call me.

Lottery

Estate Planning

I’m Jay Bailey, I’m of counsel to the firm and I head our probate & estate planning section.

So you’ve won the lottery, Texas Lottery has a ticket that has the right numbers. You’ve checked them numerous times. What should you do?

Contact someone that has experience representing people who have won the Texas Lottery. Take their advice as to how you sign that ticket. Secure that ticket. Talk to someone who will protect your privacy to make the decision whether you want the media to have any access to this information or you want to remain quietly under the radar.

If you hire someone with experience they’ll hook you up with good legal advice, good financial advice and good tax advice including when it’s best to claim your winnings and in what form.

If you’ve won the lottery call Bailey & Galyen, we have the expertise to help you. The best advice we give is to seek wise counsel if you need help call me.

Back-to-School Reminders and Estate Planning

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backtoschoolIf you are a student or educator, you know it’s about that time of year. Our Estate Planning attorneys have listed out a few back-to-school reminders to go along with your estate planning needs.

Back-to-School Reminders | Estate Planning Attorneys

  • Slow down and watch out for school zones and kids on the move.
  • Establish or contribute to an education fund for children or grandchildren. It will be needed before you know it. Learn how Bailey & Galyen can help you secure a loved one’s education in your estate plan.
  • Contribute to a charity or other effort that helps disadvantaged students get the books, supplies, equipment, and other things needed to start school right.
  • If your student turns 18 this year, contact us about preparing power-of-attorney documents for them. HIPPA protects your adult child’s privacy but can create challenges if you need to help them seek medical care.
  • Supporting your local school is an investment in the future in more ways than one. It not only benefits the students, neighborhood, and community, but a better school also can bolster property values.
  • If you want to benefit a school financially, or leave a legacy by establishing a scholarship or endowment, consult a CPA and an estate planning attorney in order to do it right.

Contact Our Estate Planning Attorneys

Back-to-school time is a reminder that another chapter of our lives is here. The estate planning attorneys at Bailey & Galyen continue to help people plan for the challenges that come with life transitions and opportunities. Contact us if we can assist you this upcoming school year.

Discretion & Your Estate Plan

Estate Planning , ,

estate planning

What is discretion and why is it important for your estate plan?

Discretion – 1: the quality of being discreet, circumspect, and cautious in one’s speech, 2: the ability to make responsible decisions, 3 a: individual choice or judgment, b: power of free decision or latitude of choice within certain legal bounds.

The concept of discretion is extremely important in the areas of estate planning and probate.You should expect your attorney to both know the rules for keeping a confidences and practice discretion in all aspects of his life. Others are often disappointed when attorneys refuse to share privileged information. But a client’s business is only someone else’s business if the client chooses to share it with them. Your attorney should guard your correspondence, conversations, and confidences with vigilance. This may seem extreme to others, especially in a world where people readily invite others into every aspect of their lives, but professional legal standards demand discretion.

Another important aspect of discretion is that found in part 3(b) of the definition: the “power of free decision or latitude of choice within certain legal bounds.” We cannot accurately predict the future. When we try to predict the future and attempt to control assets and people from the grave, we are asking for trouble. The best course for blessing our beneficiaries is to leave wise fiduciaries who can make informed decisions in real time. Change is the only constant, and it is impossible to anticipate the status of the economy, higher education, or government, or the personal health, habits, gifts, family relationships, or even survival of loved ones. When naming executors and other fiduciaries, select people and institutions who can be trusted and grant them the discretion needed to maximize the value of your estate plan.

Contact our Attorneys About Your Estate Plan

Call us at 844-402-2992 or visit our office today.

DISCOURAGING DISENGAGEMENT IV: Domestic Partners, Disasters, Distance, and Doing It Yourself

Estate Planning , ,

senior signing contract

Estate Planning Attorneys – Discouraging Disengagement

In previous articles, I shared insights from James Brill’s excellent article, “Discouraging Disengagement.” Estate planning is fluid because time and circumstances alter plans. In the first article, I examined how Death, Disability, and Decline greatly impact our estate plan. In the second, I looked at Disaffection, Disappearance, and Domestication as events triggering changes to your estate plan. In part III, I discussed Death Taxes, Designations, and Distrust.

Today, in Part IV, I look at four topics that may impact your plan: Domestic Partners, Disasters, Distance, and Doing it Yourself. As I approach “Old Lawyer” status, I become more and more convinced that couples should either be married or not married. While I will not discuss the moral, ethical, religious, or psychological aspects of marriage, the legal challenges of domestic “arrangements” are numerous. Suffice to say, when the intention to be married, or the intention not to be married, is undocumented, it creates a mess, not only with respect to the expectations and understandings of the couple, but also in terms of financial and government entities being able to address estate matters.

Disasters and Distance can both ruin a plan. A photocopy of your original documents is not the same as the originals. Fires, floods, tornadoes, and hurricanes can all destroy your estate plan. (See references in ancient texts to treasures and their vulnerability to rust, dust, and thieves.)

Additionally, if you have left specific bequests and thought you were being equitable, the destruction of certain assets will likely render your disposition of assets inequitable. Wise counsel will steer you away from such a vulnerable plan. Distance can hinder a fiduciary from serving in that capacity. The son that was such a sound choice as agent for your power of attorney when he lived down the street is a less wise choice now that he lives and works in New Zealand.

Contact Bailey & Galyen’s Estate Planning Attorneys

Lastly, DON’T DO IT YOURSELF! Doing it yourself may be the best way to ruin your estate plan and burden your loved ones with added complexity after you’re gone. Contact our committed estate planning attorneys via email or call us direct at 844-402-2992 to schedule your free consultation.

Disengagement – Threats to your Estate Plan

Estate Planning ,

Tax LawAs in parts one and two of this Estate Planning series, I want to credit James E. Brill and his excellent article, “Discouraging Disengagement.” In Part One, we discussed Death, Disability, and Decline. In Part Two, we looked at Disaffection, Disappearance, and Domestication. In Part Three, we take a brief look at additional threats to your estate plan: Death Taxes, Designations, and Distrust.

Under current law, most of us who live in Texas are not concerned with estate taxes. While there has been concern in the past in other jurisdictions, and probably will be in the future, estate taxes currently do not impact the average Texan. The “Death Tax” we confront on a daily basis is the failure to prepare, safeguard, or adequately maintain documents. Death cuts off the opportunity to prepare and ends our ability to provide guidance to those we trust regarding our wishes for what happens after we are gone. Neither the federal nor state government can cost your estate as much as you can, by failing to prepare for your death and/or disability.

Designations must be updated periodically. The passage of time and the vagaries of life will ruin your plans unless you maintain them. Trusted individuals may die, become disabled, move away, or become so busy with their own responsibilities, that they are no longer good choices to serve as fiduciaries. For example, if I told you the Dallas Cowboys had the same backup quarterback that they had 20 years ago, you wouldn’t believe me. There is a shelf-life for quarterbacks and for executors, trustees, and agents under powers of attorney.

Distrust is also a reason to update your plan. It may be that the person you chose as a beneficiary or fiduciary has made some bad choices. Perhaps they are involved with people or habits that cause you concern as to their reliability. It doesn’t have to be sinister to be of concern. A beneficiary who has become disabled could forfeit some forms of assistance without careful planning. Perhaps new relationships and responsibilities have altered a fiduciary’s suitability to serve?

You don’t have to know all the answers for your estate plan, but you do need to prepare. Schedule a consultation with Bailey & Galyen’s Estate Planning attorney, Jay Bailey, who has been helping people for more than 30 years and is available to help you!

Imperfection – The Art of Drafting an Estate Plan

Estate Planning ,

Businessman Signing An Official DocumentOften when I speak to a group about our practice, I claim that we draft imperfect estate plans. This may not sound like a good marketing plan, but it is the truth. We don’t set out to be imperfect or incomplete. It is not that our analysis or protocol is lacking. Our imperfect plans are not the result of a lack of experience or inadequate communication skills, but perfection eludes us. What we produce are excellent estate plans, but never perfect.

Drafting a perfect plan would likely require that we be omniscient, that we know everything. While we do occasionally have clients who are sure they know everything, we do not. Pride goes before a fall, and the vagaries of life and human imperfection always play a role. We do not know the future, but we do know how to best plan for various versions of it.

It has been said that no battle plan survives first contact with the enemy. An excellent plan may be flexible enough to survive first, second, and even third contact with death, disability, and disaster, but a plan that is never reviewed or updated will eventually succumb to time and human frailty.

So what’s the take away? Experience not only informs us, but takes the edge off our pride and our misplaced confidence that we control people and circumstances. When the client and attorney communicate with the knowledge and humility appropriate to the task, they produce a well-thought-out, flexible, and carefully-worded plan. When documents are periodically reviewed and revised, the plan retains its strength and defies the dual assaults of passing time and changing circumstances. If you want perfection, perhaps you should take up bowling. If you want an excellent estate plan, call Jay Bailey at Bailey & Galyen.

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