Trusts can be drafted to be quite flexible. This article examines several ways you can add flexibility to your trust. This added flexibility will increase the usefulness of your trust. Making Trusts More Flexible … [Read more...] about Making Trusts More Flexible
The Problem with Qualifying for Medicaid as a Senior
Thanks to employer sponsored/other private health insurance, many go their entire without ever needing to apply for Medicaid benefits. You might be among those who have experience this good fortune. However, that could all change during your retirement years. This is because the likelihood of needing long-term care increases dramatically as you age. The high cost of that care may, in turn, leave you with no other choice than to turn to Medicaid for help. The problem, however, is that … [Read more...] about The Problem with Qualifying for Medicaid as a Senior
Famous Estates-Champ or Chump? Ken Lay
There were many dark ironies shrouding the Enron scandal of the early 2000s and its founder and CEO, Ken Lay. The energy company, based out of Houston Texas, claimed nearly $101 billion in earnings. However, in reality, Enron was participating in one of the largest cases of corporate fraud in American history. Almost overnight, the company went from one of the most well respected and prosperous businesses in the nation to a bankrupt stain on corporate history. Thousands of … [Read more...] about Famous Estates-Champ or Chump? Ken Lay
What Do Elder Law Lawyers Do?
At some point in your life there is a good chance that you will need the assistance of an elder law attorney. It might be for your own legal needs, or because you are the loved one or caretaker of an older individual. Regardless, it will be important, when the time comes, to consult with an experienced Texas elder law attorney. In order to recognize the need for an elder law attorney you must first know what elder law is. What type of issues and concerns fall under the purview of elder law? … [Read more...] about What Do Elder Law Lawyers Do?
Trust Protectors Add Flexibility
Trusts can be drafted to be quite flexible. This article examines how Trust Protectors can add flexibility to your trust. This added flexibility can increase the usefulness of your trust. Trust Protectors Add Flexibility … [Read more...] about Trust Protectors Add Flexibility
Famous Estates-Champ or Chump? Ed White
In 2018, over 50 years after the tragic death of NASA astronaut, Ed White, White’s two children, Bonnie and Ed III wrote a commentary piece for The Dallas Morning News about their father. With eloquence, they reflected on their father’s death, “What's been harder has been watching how people forget. Everyone remembers the landing, the triumph. But people tend to forget the cost. Maybe because it's easier that way. It's a shame. Because it's the failures, the tragedies, that truly define … [Read more...] about Famous Estates-Champ or Chump? Ed White
Modifying an Irrevocable Trust
Believe it or not, Irrevocable trusts often can be modified. They can be modified under the Uniform Trust Code or a state law decanting. Read on to learn more about how a modification of a trust can help. Modifying an Irrevocable Trust … [Read more...] about Modifying an Irrevocable Trust
When Should I Start Inheritance Planning?
Benjamin Franklin once said, “By failing to prepare, you are preparing to fail.” Nearly half of all Americans have yet to start estate planning. For most, the seemingly reasonable explanation is that they are either too young or too poor to start estate planning. This may lead you to wonder, “What is the magic number? When should I start an estate plan?” Though there is no “one size fits all” answer to this question, it is safe to say that the “sooner the better” applies to everyone. Tomorrow … [Read more...] about When Should I Start Inheritance Planning?
5 Common Power of Attorney Mistakes
One of the most commonly used and frequently misunderstood estate planning tools is a power of attorney. In fact, almost everyone executes a power of attorney at some point during their lifetime. When used appropriately, a power of attorney can be a very effective legal tool; however, the authority granted in a power of attorney, or POA, is frequently misunderstood. This is often to the client’s detriment. Though intended as a useful tool, a misused or abused POA can do more harm than good. … [Read more...] about 5 Common Power of Attorney Mistakes
Is Creating a Trust Difficult?
A trust is one of the most common additions to a comprehensive estate plan. A primary reason is that trusts can help accomplish a diverse range of estate planning objectives. In addition, trusts are extremely flexible. The creator of the terms of the trust has considerable leeway, barring illegal or unconscionable terms. With this in mind, is creating a trust difficult? The short answer is, it doesn't have to be. If you have considered including a trust in your estate plan, you have likely … [Read more...] about Is Creating a Trust Difficult?
