It can be extremely easy to put off your estate planning needs. This is because you may feel that planning is unnecessary, or that your other responsibilities are more important…or that you’ll get around to it someday. The truth is, everyone should take the time to plan as soon as possible. Take a look at the following 20 reasons, to better understand the importance of planning. If you have any questions, or if you’d like to begin your estate planning, contact an estate planning … [Read more...] about 20 Reasons You Should Consider Estate Planning
Avoid Elder Abuse by Carefully Researching Nursing Homes
Choosing between nursing homes can be one of the most difficult decisions that you may have to make, ever. If you’re helping a loved one choose a nursing home, you likely want to take extra care. By researching carefully, you can ensure that you’re choosing a high quality facility that will meet your loved one’s needs. You can also take steps to avoid possible elder abuse. Take a look at the following information, to learn more. If you have any questions about specific nursing homes, contact … [Read more...] about Avoid Elder Abuse by Carefully Researching Nursing Homes
Is It Time to Make Changes to My Will?
Creating a will is an important aspect to estate planning. When as the last time that you took a look at your will? 5 years ago? 10 years ago? Take a look at the following information, to understand when you may need to make changes. If you have any questions, or if you’d like to review your will, contact an estate planning attorney. A will is only effective if it’s current; otherwise, it’s likely useless. You likely want to make sure that your current wishes are respected. If you … [Read more...] about Is It Time to Make Changes to My Will?
Defining Elder Law
Elder law is a relatively new area within the law that has emerged to deal with the fastest growing segment of the population – senior citizens. With seniors more active and living longer than ever before, a more specialized area has emerged to deal with their specific needs. Elder law combines several elements of the legal profession to assist the elderly, as well as their loved ones, with many needs, including estate planning, estate taxes, advance medical directives, Medicaid and Medicare … [Read more...] about Defining Elder Law
Mistakes that Families Make With Medicaid and Nursing Home Expenses
Medicaid often enters the lives of senior citizens when it comes to paying for the catastrophic costs of nursing home care. Not being familiar with the complex Medicaid system, many families make mistakes within this confusing area of elder law. Some of the most common mistakes include: 1. Relying on Medicare or health insurance to pay nursing home expenses. Neither Medicare nor regular health insurance pays for the cost of long-term care in a nursing home. With the average cost of … [Read more...] about Mistakes that Families Make With Medicaid and Nursing Home Expenses
2012 Texas Franchise Tax Update
The Texas Comptroller’s Office issued a draft copy of its 2012 Texas franchise tax report. The report identifies several new items for 2012, including a $50 late filing penalty. Taxpayers are reminded that the $1 million no tax due threshold is extended to December 31, 2013. As a result of the Consumer Price Index adjustment, the no tax due threshold is now raised to $1,030,000, and the compensation deduction has also been raised to $330,000 per person, for reports due on or after January 1, … [Read more...] about 2012 Texas Franchise Tax Update
Estate Planning Tips for Blended Families
If you are married (or in a marital-like relationship) and have children from a previous relationship, you have a blended family. As you likely have experienced, having a blended family tends to make life more complicated; it also makes your estate planning more complicated, but that’s a good thing. There is much you can do with your estate planning to keep the peace in your blended family. The two most important tips for keeping the peace are: 1. Get it in writing; and, 2. Talk it over. In … [Read more...] about Estate Planning Tips for Blended Families
Estate Planning to Reflect Your Values
Estate planning not only distributes your property and eases the burden of your passing on your loved ones, but it can also pass along your value system to your beneficiaries as well. How? Not only can you leave a legacy of your actions, since those certainly speak louder than words, but you can incorporate those values in your estate plan itself. There are estate planning tools that can be used to pass on your values. Many of these methods involve creating a trust, which allows you more … [Read more...] about Estate Planning to Reflect Your Values
When Does a Beneficiary Receive Their Inheritance?
Choosing your estate’s executor is one of the most important decisions you make during the estate planning process, since this will be the person who will administer your estate when you die. The executor becomes the actual manager of your property during probate, which is the legal process that settles your estate – but at what point will they distribute your property to those you named in your will? During the period of estate administration, the property belongs to the executor and is … [Read more...] about When Does a Beneficiary Receive Their Inheritance?
Five Questions to Ask When Considering Creating Your Own Will
With so many resources available on the internet, you may be tempted to turn to online forms and will kits for your estate planning needs. But ask yourself these five questions first…. 1. Do you have children? Parents with minor children have specific challenges in estate planning – not only in naming a guardian for their children, but in making sure they have tools in place to handle the transfer of property and more. 2. How much property do you own? If you do not own a home or … [Read more...] about Five Questions to Ask When Considering Creating Your Own Will
