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Estate Planning

Estate planning is about people, not just possessions, because every legacy deserves protection. On the Alt Investing Made Easy podcast, FBFK estate planning attorney Eric Bean began the conversation with a truth that resonates more than it surprises: “You already have an estate plan; the legislature wrote it for you. The question is, do you like their version?” For business owners, investors, and families building wealth, Bean’s message is simple: estate planning is for everyone. Even if your assets are well below the $15 million federal estate tax exemption, not planning means giving up control over who receives your assets, who raises your children, and who makes medical decisions if you can’t. “Once we signed those documents and we had that in place, a lot of peace of mind followed,” Bean shared. “It’s a huge relief knowing something functional is in place.” Before focusing on estate planning, Bean clerked for the Fourteenth Court of Appeals in Houston, where he saw how family disputes unfold in probate. He later became a partner at a boutique estate planning and probate litigation firm. That experience drives his philosophy: plan to avoid litigation and guardianships. “Having seen firsthand what happens when these things aren’t done, I help clients structure their affairs to prevent those same problems,” he said. Under current law, estates valued under roughly $15 million per person (adjusted for inflation) are non-taxable, meaning assets can pass to beneficiaries without federal estate tax. For married couples, that’s about $30 million. Bean calls his approach “Leave it to Beaver” planning: “The classic example is my wife and kids. I leave everything to my wife, she leaves everything to me, and if we both die, it goes to our kids, usually in trust. It’s very simple.” This straightforward structure fits most families, focusing on fairness, clarity, and minimizing conflict rather than tax complexity. If you die without a will, the state decides who inherits your assets, who raises your children, and how the process unfolds. Probate becomes longer, more expensive, and emotionally taxing. “The legislature has written one for you,” Bean explained. “The question is, do you like their version or would you rather have more control?” A well-drafted will keeps probate simple. Without one, families face court approvals for every step, selling property, paying bills, or distributing assets, resulting in higher legal fees and stress. Common Triggers for Estate Litigation 1. Handwritten “Napkin Wills.” Informal wills often create confusion and years of disputes. 2. Last-Minute Changes. Sudden revisions late in life can spark claims of undue influence. 3. Naming One Sibling as Trustee. “Everybody gets along, until they don’t,” Bean cautioned. Giving one child control over others’ inheritances often leads to conflict. Estate planning isn’t just about death; it’s about who makes decisions if you can’t. “It’s easy to plan for death,” Bean said. “It’s hard to plan for incapacity.” A complete estate plan includes: • Will and guardianship declarations • Financial (durable) power of attorney • Medical power of attorney • Living will (directive to physicians) • HIPAA release • Guardian declaration for adults These documents allow trusted people to act for you without court involvement, avoiding costly guardianships. Guardianship can remove an individual’s rights without a criminal conviction. “If you can avoid that, you want to do it,” Bean emphasized. Having served as an attorney ad litem in guardianship proceedings, Bean knows both the value and the risks. Many cases are legitimate, but others result from a lack of prior planning, something easily preventable with the right documents in place. Beyond legal protection, proper planning delivers calm and clarity. Families leave Bean’s office “visibly lighter,” he said. The financial logic is equally strong: “The process when you don’t have a plan versus when you do is a big money savings on the backend for your family. Invest a little bit today.” Alternative investments, private equity, syndications, and real estate partnerships often have transfer restrictions and succession requirements. Without an estate plan, these assets can freeze in probate, disrupting capital calls or even triggering defaults. Bean’s “simple but solid” approach ensures all assets, including business interests, transition smoothly according to your wishes. Eric Bean’s practice reflects FBFK Law’s people-first approach to legal services. Across our Dallas, Houston, Austin, and Orange County offices, our attorneys combine estate, tax, and business planning to protect families and the businesses they’ve built. “There are two certainties in life, death and taxes,” Bean said. “And incidentally, that’s exactly what you need an estate and tax planning attorney for.” Watch the full episode of Alt Investing Made Easy featuring Eric Bean or listen on Apple Podcasts to learn more about the critical requirements for QSBS.
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November 11, 2025
Estate planning is about people, not possessions. FBFK Law’s Eric Bean reminds us: “You already have...
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