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Mistake,” reminds us that many assets have their own beneficiary designations, including retirement plans like 401(k)s, 403(b)s, pensions, IRAs, annuities and life insurance plans. They think their will or living trust controls their distribution. Classic estate planning mistake. The ex-wife gets the money. The Supreme Court has ruled that your beneficiary designations on insurance policies, IRAs, and other

sum distribution Take a distribution for the entire balance of the IRA Take the RMD over their own life The assets must then be distributed over either the life expectancy of the spouse or the life expectancy If the spouse’s life expectancy is used, the calculation is updated annually. But if the deceased’s life expectancy is chosen, the number is fixed the year they died and then reduced All assets must now be disbursed within 10 years instead of the life expectancy of the oldest beneficiary

is of paramount importance as it serves as a strategic tool to navigate life’s uncertainties and avoid is a cornerstone of responsible financial and personal management, emphasizing the dynamic nature of life involves not only creating a comprehensive estate plan but also staying attuned to changes in one’s life Life events such as marriages, births, divorces, or changes in financial status can significantly impact Contact Your Legacy Legal Care™ today so we can provide you with peace of mind and security amid life

could quickly become cracked and scrambled if you require a stay in a nursing home or need assisted living While it is true that most people living in long term care facilities are older, planning for long-term Just one accident could place you in long-term care facility for the reminder of your life. This is why we discuss the need for long-term care insurance with all of our clients. If you have any questions about a long-term care plan or would like to discuss the documents that you

A Directive to Physician, also known as a living will, allows you to specify what actions should be taken Regular Updates: Adapting to Life Changes Estate planning is not a one and done. It's a dynamic process that should evolve with your life circumstances and changes in the law. Major life events such as marriage, divorce, the birth of a child, or the death of a loved one can significantly Speak with a Knowledgeable Texas Estate Lawyer No matter your life goals, it is important to make thorough

They ensure the person with disability needs are met. The right trust can adapt to changes in the beneficiary's life and needs. wishes: What are the family's goals and wishes for the person with a disability’s care and quality of life It is a way to provide for their future, ensuring they have the resources they need to live a fulfilling life.

is a minor or is now an adult – especially if they will one day need to collect any public benefits like never too soon to start considering how to plan for your loved one with a disability to enhance their life Transfers to a special needs trust generally incur no penalty. Your Legacy Legal Care has personal experience in planning for loved ones with disabilities and will ensure

care you want to receive if you become disabled, make business transfer arrangements, and specify how life insurance will be used for your family if you die unexpectedly—or disability insurance if you become An estate plan should also have provisions for passing your values to your heirs, like your religious First, create a last will and testament and a living will. A living will states how life-sustaining medical treatment decisions should be made in the event that

Revocable Living Trust An adaptable and popular option, the revocable trust offers the flexibility of a living trust with the ability to manage and access your assets during your lifetime. Seamless Asset Transfer Injecting life into your trust requires the transfer of assets. It’s essential, then, to ensure your trust document is clear, precise, and in line with Texas regulations Contact us today to bring your legacy visions to life.

This should include life insurance policies, wills, property deeds, car titles, and bank account and A 30-ish wife with two young boys saw her husband die unexpectedly. He didn’t have a will, and state law said that half of his assets should go to his wife and half to the

Meeting these elements of a valid will ensures the document accurately reflects your intent and will When to Modify an Existing Will Even with a formal valid will in place, changes in life circumstances Purchasing Property outside of Texas – ensure your will is valid under the laws of states where you own Beyond life events, periodic reviews help catch out-of-date instructions or beneficiary info. – Call Now No matter which type of will you select, periodic updates to your will are essential as life

If you live longer than the average life expectancy, getting higher benefits later (for yourself or as This could be valuable if your delayed-claiming strategy based on a long life expectancy is threatened Under the new law, this “insurance” will be available only to those who turn 66 by May 2.