Estate Planning

30 Jan 15 QUESTIONS FOR SENIORS TO CONSIDER PRIOR TO SIGNING COHABITATION AGREEMENT

Posted at 09:00h in Assisted Living, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Mortgage, Social Security, Taxes, Veterans

As Americans continue to live longer, many have decided to cohabitate with a significant other (rather than marry) due to complications. These can include kids from a prior marriage or relationship or wealth accumulation by one or both parties. From a financial perspective, sometimes it...

28 Jan ATTORNEY GENERAL’S ESTATE PLANNING FLAWED

Posted at 09:00h in Beneficiary, Estate Planning, Trusts

Former Attorney General Janet Reno (appointed by President Clinton) created and funded a revocable living trust prior to her death in 2016. She was not married and had no descendants. Her trust had a specific bequest of her mostly underdeveloped four acre ranch home in...

21 Jan SEVEN DIFFERENT TYPES OF TRUSTS USED IN PUBLIC BENEFITS PLANNING

Posted at 19:54h in Asset Protection, Assisted Living, Beneficiary, Disability Benefits, Estate Planning, Inheritance, Lady Bird Deed, Long Term Care, Medicaid Planning, Nursing Home, Public Benefits Protection, Social Security, Special Needs, Special Needs Trust, Transfer of Death, Trusts, Veterans

Public benefits can range from payment of expensive drugs (no matter what age) to long-term care costs such as skilled nursing care. There are 40-50 Medicaid programs in Texas in addition to strictly federal public benefits programs such as Supplemental Security Income (SSI), Social Security...

14 Jan CHANGE IN RETIREMENT ACCOUNT LAWS AND INCREASED TAXES (SECURE ACT) LEAVES MANY BENEFICIARIES INSECURE

Posted at 19:45h in 401(k), 529 plan, Beneficiary, Disability Benefits, Divorce, End of Life Care Planning, Estate Planning, Long Term Care, Retirement, Special Needs, Special Needs Trust, Taxes, Trusts

Although the SECURE Act passage last month (which became effective January 1, 2020) covered 29 new provisions, the one provision likely to cause the most impact is the removal of “stretch” inherited IRA provisions to 10 years unless the beneficiary is an eligible designated beneficiary....

10 Jan SIX REASONS TO USE A TRUST PROTECTOR – AN EXTRA LAYER OF INSURANCE FOR YOUR TRUST

Posted at 19:44h in Beneficiary, Divorce, End of Life Care Planning, Estate Planning, Trusts

A trust protector is a person or entity appointed by the one who establishes the trust (the “trustor”) to protect the trust assets and beneficiaries in the event the law changes or circumstances change and the trustor is unable to make such changes. Here are...

24 Dec LADYBIRD DEEDS – WILL TITLE COMPANIES FOLLOW COURT RULES?

Posted at 15:56h in Assisted Living, Beneficiary, End of Life Care Planning, Estate Planning, Lady Bird Deed, Long Term Care, Medicaid Application, Medicaid Planning, Mortgage, Nursing Home, Power of Attorney, Probate Administration, Taxes, Transfer of Death

Ladybird Deeds are often used to protect a homestead from a Medicaid estate recovery claim as it avoids probate and are supposed to permit the grantor (the one who signs the deed) to reserve for the grantor’s life, the full possession, benefit and use of...

10 Dec “KNIVES OUT” CUTS TO CORE OF CERTAIN ESTATE PLANNING BASICS

Posted at 15:51h in Beneficiary, Dementia, Estate Planning, Long Term Care, Short Term Care, Transfer of Death

The recent popular murder mystery movie “Knives Out” delves into several key estate planning topics (such as Will contests and undue influence) during this whodunnit thriller. In the movie, a wealthy man changes his Will shortly before he was murdered. Since his family members feel jilted,...

30 Nov 2020 FINAL MAXIMUM RESOURCE LIMITS FOR SPOUSAL MEDICAID (HOW TO KEEP MORE FOR SPOUSE IF ILL SPOUSE NEEDS TO GO INTO NURSING HOME OR NEEDS CARE AT HOME)

Posted at 16:52h in Disability Benefits, Divorce, Estate Planning, Home Equity, Long Term Care, Medicaid Application, Medicaid Planning, Nursing Home, Social Security

The Texas Health and Human Resources has announced its final numbers in connection with long-term care Medicaid eligibility for year 2020. The final numbers are slightly different than projected as set forth in our November newsletter. As a result, we have edited that article with...

27 Nov BIG BAD WOLF (LONG-TERM CARE COSTS) CAN’T BLOW DOWN HOUSE MADE OF IRREVOCABLE TRUSTS

Posted at 16:47h in Asset Protection, Beneficiary, Estate Planning, Long Term Care, Medicaid Planning, Medicare, Power of Attorney, Probate Administration, Trusts

Irrevocable trusts are a tool commonly used by many who plan in advance to preserve resources if they desire governmental assistance to pay for long-term care costs. Although Americans are living longer resulting in increased need for long-term care, sales of long-term care insurance have...

26 Nov SUCCESS STORY OF THE MONTH – SAVING THE FAMILY MINERAL INTERESTS, COSTS OF CARE AND MORE

Posted at 16:33h in Asset Protection, Estate Planning, Home Equity, Lady Bird Deed, Long Term Care, Medicaid Planning, Nursing Home, Probate Administration, Success Story of the Month, Transfer of Death, Veterans

Elderly client, whose health is declining, owns a trailer and 11 acres that is treated as his homestead presently valued at around $55,000. He also owns 60 acres of undeveloped property where he would prefer to live which is much more valuable. The only other...