Do you think the state legislature will pass laws that may change your existing estate planning documents? Do you think there may be tax reform? Do you think culture may change through changes in electronic communication or social media which may be considered a digital asset? Do you...
As an elder law attorney, it may be surprising to clients that many of our referrals come from estate planning attorneys since most have limited knowledge regarding public benefits. Many are shocked that there are over 40 Medicaid programs (each with their own rules) in...
The Texas Senate has passed a bill (which has been sent to the Texas House) to facilitate the design and development of a Medicaid block grant waiver so that there would be a continuation of joint funding by the federal and state governments while allowing...
Although potential tax reform laws are far from settled, taxpayers could consider certain actions now to maximize tax savings including the following: Establish a business entity (if the business owner’s income tax rate is greater than the proposed rate) that the income or losses flow...
There are numerous ways real estate can be transferred to avoid probate, but which way is best will depend on the circumstances. The most common choices are either a deed of gift, transfer on death deed or a Ladybird deed (which is an enhanced life...
The Texas Legislature is presently considering a new law permitting a motor vehicle owner to simply designate who will be entitled to the car upon the owner’s death. If a car title is jointly owned, then the sale of the vehicle requires both owners. Also...
Although it is unknown what suggested changes will be made to tax laws in light of the recent failure to overhaul the Affordable Care Act (Obamacare), President Trump has often asserted that federal estate tax should be eliminated. At the present time, only estates greater...
Life insurance can be beneficial in numerous ways to estate plans – even for those who are older with less means. Here are but a few ways it can be helpful: Provide long-term care benefits. Some policies allow you to add a rider for long-term...
If you have a child who has special needs and you want your child to be a beneficiary of your estate, a standard will or trust may be insufficient. A few things to consider are as follows: If your child became disabled before age 26,...
At our December estate planning workshop, there were several questions about the use of enhanced life estate (“Ladybird”) deeds to protect a Medicaid recipient’s homestead from the state’s Medicaid Estate Recovery Program (“MERP”). After the death of the Medicaid recipient under present laws in Texas,...
