Our next free Estate Planning Essentials Workshop will be live on Saturday, July 15, 2023 at 10:00 a.m. until noon. Registration can be made by calling us at (214) 720-0102 or signing up online at www.dallaselderlawyer.com.

Attendees often ask questions about estate planning, probate, Medicaid and Veterans benefits. We proceed to answer the questions over the course of the workshop (although there will be a presentation also).

Although it is normally not recommended that a 96-year-old buy any type of annuity, the facts below illustrate how a 96-year-old was willing to bet his money on a plan that included the purchase of a Medicaid-compliant annuity that saved him $6000 a month for the remainder of his wife’s lifetime.

Many think if they have a statutory durable financial power of attorney in Texas that the agent can do anything he or she desires since the document gives broad powers. However, there are some additional powers beyond those listed in the statutory form that create enough danger to be called “hot powers” due to the possibility of abuse (ranging from funds can be taken by your agent to changing your estate plan). These extra powers require special consideration to be granted.

Texas estate planning attorneys often disagree about what is the best option in estate planning. Sometimes it is best to have a will to transfer your assets and pay your debts after death. Sometimes it is best to have an irrevocable trust for numerous reasons. Sometimes Texans do nothing (usually the worst option) leaving it up to state laws regarding payment of debts and transfer of assets. Each factual situation is different, but this article will address who are best candidates for a revocable living trust.