The Medicaid program is one resource available to help cover the high costs of nursing home care. It is a federally-established program designed to help people of limited means gain access to the health care they need. Although the program is established by the federal government, it is administered by the states, and each state has slightly different rules for qualifying for Medicaid. “Countable” vs. “Non-Countable” In order to qualify for Medicaid, an applicant must meet certain income and … [Read more...] about Is All Property “Countable” for Medicaid Purposes?
What is Testamentary Capacity?
In order for a will to be valid, certain legal requirements need to be met. One of these requirements is that the person making the will, known as the testator, has to have testamentary capacity, or the legal capacity to make a will. In Texas, testamentary capacity comes with two components. First, you must be: 18 or older, Currently or formerly lawfully married, or A member of the U.S. armed forces. You also must be of sound mind. This means that at the time you make your will, you have … [Read more...] about What is Testamentary Capacity?
What Happens When an Executor Doesn’t Finish the Job?
Serving as executor of an estate is an honor and a weighty responsibility. This being the case, most executors take the role seriously and do the job to the best of their ability. For some executors, though, the job is just too much. Whether the responsibilities of administering the estate are overwhelming or there are outside duties to attend to, on occasion an executor will simply neglect his or her duties, and allow a decedent’s estate to languish. When this happens, what can family members … [Read more...] about What Happens When an Executor Doesn’t Finish the Job?
Estate Planning Term: Residuary Clause
One of the risks inherent in opting for a do-it-yourself estate plan is that, without the help of an experienced attorney, you can’t spot any missing pieces of the puzzle. Such is the case with the residuary clause, an essential part of any will, but one may be missing in wills not prepared by attorneys. A residuary clause is a provision in a will that gives instructions as to what should happen to property that is not specifically disposed of in other parts of the will. For instance, if … [Read more...] about Estate Planning Term: Residuary Clause
Make Sure You Update Your Beneficiary Designations
What happens when you pass away with a Will leaving all your property to your spouse, but you never made your spouse the beneficiary of one of your retirement accounts; instead, the beneficiary for that account – designated before you met your spouse – is your sister. Surely, your Will is presumed to express your true intentions, and that retirement account will go to your spouse, right? The truth is your retirement account, like any other account for which you’ve designated a beneficiary, is … [Read more...] about Make Sure You Update Your Beneficiary Designations
Does a Power of Attorney Expire?
When you designate someone as your agent under a Financial Power of Attorney, how long does that person have the authority to act on your behalf? If it’s a Durable Power of Attorney, then your agent’s authority continues even if you become mentally incapacitated, and it terminates under a limited number of circumstances. Revocation Of course, as the person who appointed your agent, you have the right to revoke your Power of Attorney, terminating your agent’s authority, at any time during … [Read more...] about Does a Power of Attorney Expire?
Selecting a Guardian: A Primer for Divorced Parents
For parents of young children, perhaps the most difficult and emotional part of making an estate plan is deciding who to nominate as guardian of your children. This person will step in and care for your children in the event that your kids are left without parents before they reach adulthood. It can be hard enough for married parents to come to an agreement on this incredibly important topic; but when you’re divorced from your child’s other parent, coming to an agreement can be all the more … [Read more...] about Selecting a Guardian: A Primer for Divorced Parents
How to Choose a Healthcare Agent
Part of putting in place an effective estate plan is appointing trusted friends or loved ones to act on your behalf in case you become disabled during your lifetime. This is called incapacity planning, and it involves making use of several different documents to cover your financial and personal needs. One of the documents you’ll put in place as part of your incapacity plan is an Advance Medical Directive, with which you’ll name a healthcare agent to make medical decisions for you if … [Read more...] about How to Choose a Healthcare Agent
Why Choose a Lifetime Trust?
If you intend to leave a substantial inheritance for your spouse, children or other loved ones, you might want to think twice about having money or other assets distributed to them “outright” when you pass away. Simply handing over an inheritance to a beneficiary in one lump sum can spell trouble, and it can deprive your loved one of the protections provided by a lifetime trust. What is a Lifetime Trust? When you establish a lifetime trust, you appoint a trustee to manage certain assets on … [Read more...] about Why Choose a Lifetime Trust?
Basic Estate Planning and Advanced Estate Planning: What’s the Difference?
Everyone needs a basic estate plan. This is a set of documents you put in place that helps to ensure that your wishes are fulfilled when it comes to the management of your personal life and your finances in case you become disabled, and that controls the distribution of your property when you pass away. The Makeup of a Basic Estate Plan Generally, a basic estate plan will include the following documents: A Last Will and Testament: You use your Will to express your wishes regarding how … [Read more...] about Basic Estate Planning and Advanced Estate Planning: What’s the Difference?
