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Estate Planning

Lipzen Law estate planning includes determining how an individual’s assets will be preserved, managed, and distributed after death. Services also take into account the management of an individual’s properties and financial obligations if they become incapacitated.

Assets that could make up an individual’s estate include houses, cars, stocks, artwork, life insurance, pensions, and debt. Individuals have various reasons for planning – such as preserving family wealth, providing for a surviving spouse and children, funding children’s or grandchildren’s education, or leaving their legacy behind to a charitable cause.

What to Know

  • Planning tasks include making a will, setting up trusts and/or making charitable donations to limit estate taxes, naming an executor and beneficiaries, and setting up funeral arrangements.

  • A will is a legal document that provides instructions on how an individual’s property and custody of minor children, if any, should be handled after death.

  • Various strategies can be used to limit taxes – from creating trusts to making charitable donations.

Estate Planning

Michael Lipzen, Lipzen Law DFW and North Texas

Attorney Michael D. Lipzen

Founder Lipzen Law
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Writing a Will

The most basic step in estate planning is writing a will. Other planning tasks include:

  1. Limiting estate taxes by setting up trust accounts in the names of beneficiaries.

  2. Establishing a guardian for living dependent.

  3. Naming an executor of the estate to oversee the terms of the will.

  4. Creating or updating beneficiaries on plans such as life insurance, IRAs, and 401(k)s.

  5. Setting up funeral arrangements.

  6. Establishing annual gifting to qualified charitable and non-profit organizations to reduce the taxable estate.

  7. Setting up a durable power of attorney (POA) to direct other assets and investments.

  8. Executing a health care directive in the event of your incapacitation or incompetence.

Michael Lipzen, Lipzen Law DFW and North Texas
Immigration Law, Personal Injury, Estate Planning

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