As the costs associated with long-term care in the United States continue to increase, the need to include Medicaid planning in your overall estate plan increases as well. Although every estate plan is as unique as the individual creating the plan, one common addition to an estate plan that includes Medicaid planning is a Medicaid trust. If you are considering the addition of a Medicaid trust to your estate plan you may have questions, such as “ Why do I need a Medicaid trust?” and “ How much … [Read more...] about How Much Can a Medicaid Trust Protect?
How Is Property Distributed Without a Will in Texas?
You have likely been told that creating a comprehensive estate plan is a good idea and that, at a bare minimum, you should have a valid Last Will and Testament in place. If you have yet to execute a Will it may be because, despite being told how important it is, you really don’t understand why it is so important. Like many people, you may think that because your assets are not worth all that much a Will is unnecessary. To gain a better understanding of the importance of creating an executing a … [Read more...] about How Is Property Distributed Without a Will in Texas?
How Can I Protect My Spouse When Applying for Medicaid in Texas?
If you are in your retirement years and you foresee the need for you to qualify for Medicaid in the near future you may be concerned about how your need for Medicaid will affect your spouse. Specifically, you may want to know “ How can I protect my spouse when applying for Medicaid in Texas? ” Your concern is well founded given the stringent (and very low) income and asset limits used when determining eligibility for Medicaid. If you included Medicaid planning in your estate plan when you were … [Read more...] about How Can I Protect My Spouse When Applying for Medicaid in Texas?
Is Your Pet an Estate Asset?
An Aurora, Indiana woman recently made an unusual request in her Last Will and Testament – a request that has turned into a national debate on social media sites. Among the terms of her Will, Connie Ley asked that her German shepherd, Bela, be euthanized and buried with her. At the time of her death, Bela was a healthy nine year old dog, causing her request to ignite a heated legal and moral debate over her right to make the request. While you may not have any desire to make such a request in … [Read more...] about Is Your Pet an Estate Asset?
Why A Successor Trustee Is Important
If you are considering the addition of a trust agreement to your estate plan you will need to make a number of important decisions should you decide to create a trust. Deciding who to appoint as the Trustee of your trust is one of those decisions. People often make the mistake, however, of stopping at the appointment of a Trustee when, in fact, appointing a successor Trustee is just as important as appointing the original Trustee. Understanding why a successor Trustee is important will hopefully … [Read more...] about Why A Successor Trustee Is Important
Why Should Incapacity Planning Be Included in Your Estate Plan?
A comprehensive estate plan should do far more than simply provide a roadmap for the distribution of your estate assets after your death. Components such as tax and probate avoidance, special needs planning, or retirement planning can easily be included into your estate plan to provide a more well-rounded and inclusive plan. Another component to consider adding into your estate plan is incapacity planning. Too understand why incapacity planning should be included in your estate plan it helps to … [Read more...] about Why Should Incapacity Planning Be Included in Your Estate Plan?
Under a Power of Attorney Can an Agent Make Gifts on Your Behalf?
A power of attorney is a commonly used legal document, often included in a comprehensive estate plan. When used properly, a power of attorney, or POA, can be a beneficial addition to your estate plan. Unfortunately, people often execute a POA without a full understanding of the power conferred on an Agent. For example, under a power of attorney can an Agent make gifts on your behalf? The odds are good that you do not know the answer to that question – but you should before you execute a POA. A … [Read more...] about Under a Power of Attorney Can an Agent Make Gifts on Your Behalf?
Can I Stay in My Home If I Get Sick?
Despite some amazing advances in science and medicine over the past century, a way to stop the natural aging process has yet to be discovered. This means that all of us will eventually succumb to the physical and mental signs of aging. As a result, you will likely reach a point at which you need assistance with even the daily tasks of living. You may also need regular medical care that often requires a patient to be moved to a long-term care facility. If you are like many people, you may … [Read more...] about Can I Stay in My Home If I Get Sick?
How Much Does Guardianship Cost in Texas?
If you have a parent, or other elderly loved one, who has reached the point where you are concerned that he or she cannot safely live alone and/or make important decisions without assistance it may be time for you to consider petitioning to become his/her guardian. As a guardian you will have the legal authority to protect your loved and/or his or her assets. Unless you have been through the process of petitioning for guardianship before you probably have a number of questions about the process … [Read more...] about How Much Does Guardianship Cost in Texas?
Who Should Have a Last Will and Testament?
You may have heard from family member, friends, or co-workers about the importance of creating a comprehensive estate plan but thought the advice does not apply to you. People frequently think it is necessary to have a large estate before even a Last Will and Testament becomes necessary. The reality, however, is that everyone over the age of 18 should have at least a Last Will in Testament in place. A deeper understanding of what a Will does for you and your loved ones, as well as what can … [Read more...] about Who Should Have a Last Will and Testament?
