Many residents of Texas and people living throughout the country are not worried about the federal estate tax these days. For example, a married couple can exempt up to the first $10,680,000 in assets from the tax. It's roughly half that amount for a single person. However, the need to do estate planning is not lessened just because your estate may not be exposed to a federal estate tax at death.
Estate planning is an important contribution to the peace of mind of those in Texas and elsewhere who go through the process. People have a feeling of relief knowing that their loved ones will receive their assets unimpeded by intrusive rules or burdensome taxes. Estate planning goes hand-in-hand with long-term care planning, which is basically the setting up in advance of certain protections that will serve to preserve assets for your loved ones if you have to enter a nursing home or for long-term homecare.