Estate Planning Decision Tree Chart for Will vs. Revocable Living Trust – 20 Issues One of the most common dilemmas in estate planning is whether it is better to have a Will or a Revocable Living Trust (RLT). There are numerous types of trusts, but this...
The late weight savant Richard Simmons once said, “I don’t talk about my personal life, and I don’t talk about death.” However, the recent lawsuit by Richard Simmons' housekeeper/manager, Teresa Reveles, to be reinstated as co-trustee (after she had signed a document to decline such...
Special needs trusts are often established for the benefit of individuals who are disabled since the assets held in the trust are not countable (if properly drafted) for means-tested Medicaid and Supplemental Security Income programs (which often include drugs and care costs). The goal is...
A Texas Court of Appeals recently ruled that JP Morgan Chase Bank should not be liable for permitting a withdrawal of funds to one “heir” as determined by an Order Approving a Small Estates Affidavit. Cubie Beatrice Redus died in 2006. One of her daughters, Mable,...
As we live longer, there is a greater likelihood of disability and the need for long-term care. However, most Americans have inadequate resources or income for such care and also lack long-term care insurance or similar insurance products. As a result, some elderly and disabled...
Alida Alequin, 63, cried tears of joy after her efforts to find her uncle, Luis Albino, 73 years after he was kidnapped, resulted in a family reunion. Albino was 6 years old when he was abducted from an Oakland, California park while playing with his...
Similar to tax planning, where the client often wants to pay as little taxes as possible and plan accordingly, many want to preserve as many resources as possible while obtaining Medicaid assistance so that the government will help pay for the cost of care in...
Beneficiary designations (where you name one or more beneficiaries to receive assets of yours upon your death) are sometimes a great and simple tool in estate planning, but sometimes, they could lead to a disastrous result. Beneficiary designations supersede your will. Thus, there could be...
The cost of long-term care is great (the average is around $7,500/month in Texas). As a result, many apply for long-term care Medicaid for governmental assistance to help pay for the facility and drugs. It is not unusual for us to receive calls after either...
A common misconception is that there is one type of power that covers everything from financial to medical decisions. Even many who realize there should be different documents for medical and financial decisions, they are unaware of the variety of financial powers of attorney. The...
