You have worked hard all your life to amass the estate assets you have. Whether you have a modest estate or a large estate, chances are good that you want to leave what you have to your family and loved ones when you die. Furthermore, you probably hope to accomplish the transfer of assets without any drama or conflict; however, the realist in you is concerned that someone may be unhappy with the terms of your estate plan which could easily lead to a lengthy, and costly, legal battle over your … [Read more...] about Ways to Minimize Family Fights over Your Estate
Is Your Home at Risk If You Apply for Medicaid?
The longer you live, the greater the odds are that you, or a spouse, will need long-term care. The cost of that care, on average, will run over $75,000 a year as of 2015, and is expected to continue to increase in costs in the years to come. Unless you have a long-term care insurance policy, you will either have to pay for this care out of pocket or turn to Medicaid to help cover the costs. You may have heard nightmare stories about people losing their assets when they were forced to apply for … [Read more...] about Is Your Home at Risk If You Apply for Medicaid?
Who Should Be the Trustee of Your Testamentary Trust?
One of the many important reasons to have a comprehensive estate plan in place is to ensure that your children are provided for in the event of your death or incapacity. If your children are still young they cannot inherit directly from your estate. Therefore, many people choose to create a trust to hold onto estate assets until the intended beneficiaries are old enough to inherit the assets directly. A trust that only takes effect at the time of death is known as a “testamentary” trust. Though … [Read more...] about Who Should Be the Trustee of Your Testamentary Trust?
How Do I Know If My Estate Has Enough Liquidity ?
One of the primary goals of estate planning for most people is to ensure that their family members and loved ones are provided for financially in the event of their death. If that is among your top estate planning priorities you also need to consider something else that may not have occurred to you – estate liquidity. Leaving behind assets for loved ones doesn’t help if they cannot access those assets. At this point you may be asking “ How do I know if my estate has enough liquidity ? ” The best … [Read more...] about How Do I Know If My Estate Has Enough Liquidity ?
Estate Planning Tips for Parents of Young Children
People frequently make the mistake of operating under the assumption that estate planning is only necessary when you have a valuable estate to protect and pass down. If you are the parent of young children, however, your children are the most valuable “asset” one can have, meaning you have more incentive than anyone to create a comprehensive estate plan. The best way to ensure that your estate plan protects you and your children is to work closely with an experienced Texas estate planning … [Read more...] about Estate Planning Tips for Parents of Young Children
Can I Get a Power of Attorney from Staples or Office Depot?
In today’s electronic age just about anything can be downloaded from the internet. “Do-it-yourself”, or DIY, projects of all sorts, for example, can be found online. Even legal forms, including a power of attorney, can be found online or at your local stationary or office supply store. Just because you can find a boilerplate DIY power of attorney from Staples or Office Depot does not mean you should use any DIY legal form. Going the DIY route appear to be the quick and easy way of creating your … [Read more...] about Can I Get a Power of Attorney from Staples or Office Depot?
Do I Need An Incapacity Plan?
You have undoubtedly heard from friends and families about the importance of having a comprehensive estate plan in place; however, do you also know why an incapacity plan is important to include within your estate plan? To properly protect yourself, your assets, and your loved ones it is just as important to have an incapacity plan in place as it is to have an estate plan. For most people the purpose of an estate plan is twofold – to protect and provide for loved ones and to plan for the … [Read more...] about Do I Need An Incapacity Plan?
What If I Am Partly Responsible for My Injuries?
As the victim of a personal injury accident you could be entitled to compensation for the injuries your suffered in the accident. Though we commonly refer to them as “accidents”, the reality is that for those injuries to be compensable another party’s negligence must have caused, or contributed to, the “accident” that resulted in your injuries. Often, the victim played a role in the accident as well, which may lead you to ask the question “ What If I am partly responsible for my injuries? … [Read more...] about What If I Am Partly Responsible for My Injuries?
Can You Make Gifts to Yourself As the Agent of a Power of Attorney?
There is a very good chance that at some point in your life you will find yourself appointed to be the Agent under a power of attorney. As an Agent you have a number of duties and responsibilities, all of which are considered to be fiduciary in nature. As a fiduciary you are expected to use the utmost care with assets of the Principal and to invest funds prudently. All actions taken by a fiduciary must be taken with the best interest of the Principal in mind. Taking that into consideration, can … [Read more...] about Can You Make Gifts to Yourself As the Agent of a Power of Attorney?
Can I Use a Power of Attorney for the SSA?
A power of attorney is one of the most commonly used estate planning documents, in part because of the numerous goals and objectives that can be achieved by using one. With the right kind of power of attorney an Agent can conduct business on behalf of the Principal. There are limits, however, to the authority granted in a power of attorney. There are also limits to where a power of attorney will be honored. If you are an Agent under a power of attorney you may be wondering “Can I use a power of … [Read more...] about Can I Use a Power of Attorney for the SSA?
