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Retirement accounts—like IRA accounts, 401(k)s, and 403(b)s—require up-to-date beneficiary designations However, if you have a trust created as a part of your estate planning strategy, the trust may be a beneficiary That’s because there’s a difference in tax treatment of living persons vs. trusts. “The importance of beneficiary designations” #401ks #BeneficiaryDesignations #EstatePlanningLawyer #IRAs

Annuities and Trusts as Long-Term Care Funding Sources Annuities and trusts can be effective tools for Asset Protection Trusts Asset protection trusts can be used in estate planning to cover long term care These trusts can protect your assets from being depleted by long term care expenses. However, setting up a trust requires legal expertise. This includes setting up powers of attorney, living wills, and potentially trusts.

Think about Roth and traditional IRAs and 401(k)s if you haven’t already. He or she might suggest a trust or other strategies that can save you or your loved ones time, effort For example, a living or revocable trust may allow you to avoid the potentially long probate process #TrustsandEstates #401k #HoustonEstatePlanning #Probate #ProbateCourt #Inheritance #RevocableTrust # PowerofAttorney #Wills #RothIRA #LifeInsurance #LivingTrust #Trusts #PolicyBeneficiaries

Also, a will or a trust will let you name someone to watch over assets for a disabled or elderly family #AssetProtection #Guardianship #EstatePlanningLawyer #EstateTax #Medicaid #Inheritance #Wills #Trusts

Justin Bieber is only 22-years-old, but it wasn’t long ago he was breaking girls’ hearts around the world with his hit song “Baby.” Now, he’s reportedly making plans for his funeral and his estate. The Mirror in the United Kingdom says in its article, “Is Justin Bieber really planning his own funeral? Star allegedly making ‘elaborate plans,’” that the singer was reportedly shocked by the number of celebrity deaths this year, including rock icons Prince and David Bowie. Because of this, Bieber started to make arrangements regarding his own inevitable death, according to another British newspaper, The Daily Star Sunday. Unlike a long list of celebrities, including most recently Prince, Bieber reportedly has made plans for his estimated $240 million estate—as well as decisions about his final send-off. Bieber also has made some decisions about his final resting place: the singer wants to have a solar-powered headstone that plays video. In addition, he is also allegedly planning a moving 3D hologram so his music legacy will live on in a most unique way. His family is somewhat shocked by Justin’s interest in his own funeral plans, including his mother Pattie Mallette, who expressed some surprise at her son’s detailed planning. At first, she laughed off his elaborate funeral and estate plans as just another of his passing whims. However, it’s now apparent Justin is serious—not only about planning his own funeral but about everything from his will to his legacy. Justin has apparently been making “meticulous plans” about tributes for himself and has been looking at ways to keep his name alive. The Beebs is also monitoring new hologram technology. He wants to sign a deal that will permit his 3D image to carry on performing after his death. Although sources say that Bieber has been seriously planning his funeral, they’re not certain exactly where he’ll be laid to rest: he lives in Los Angeles but is originally from Ontario, Canada. If you are young, consider planning sooner rather than later. With a plan in place, you will be giving yourself and your loved ones peace of mind. Reference: The Mirror (UK) (July 31, 2016) “Is Justin Bieber really planning his own funeral? Star allegedly making ‘elaborate plans’” #AssetProtection #estateplanning #Wills

Business reports that there are many money-saving opportunities for businesses and individuals—via IRA nondeductible IRA, which has no income limit. to a Roth IRA. Beware that if you convert a nondeductible IRA to a Roth, any IRA you have is considered converted on Likewise, an HSA can work like an IRA.

Another option is to pass down the home through a trust, which can help alleviate some of the resentment Many families who set up a trust leave extra money to cover operating costs for at least five years’ You can draft your trust so that a sale of the house can be “forced” if, for instance, a majority of the trust beneficiaries want the vacation home to be sold. And if no one wants to buy it, the trust can require that it be sold to a third party.

Your Houston Estate Plan Might Need a Trust Trusts form a vast portion of estate planning. There are so many Houston trust options at your disposal. From spendthrift trusts to revocable living trusts, there is something to fit your plans for your family Whichever trust you choose, avoiding probate is a significant benefit of establishing a trust. This means that trusts facilitate tax protection and expedite the probate procedure process by reducing

Medicaid rules are designed to protect and shield the assets of the elderly. solo, you run the risk of overlooking important details when planning for care or arranging for asset protection When in doubt, it is best to work with a trusted Medicaid planning attorney from the start. Overlooking Asset Protection Many people fail to realize that asset protection is available for Medicaid session with an elder law attorney to ensure you are not overlooking important assets that need to be protected

Grantor trusts will no longer be afforded many of the current benefits. Assets owned by a grantor trust will be considered owned by the grantor and included in their estate While currently existing grantor trusts will be grandfathered in, new trusts would not be. If you have been considering a grantor trust for your estate, now is the time to put your plans into Reach out to us today by calling (281) 885-8826 or schedule online by clicking here to begin protecting

Depending on your estate, you may want to consider a trust, in addition to healthcare directives, powers A trust can be complicated, so talk with an estate planning attorney to see if it makes sense and whether you’ll actually benefit from using a trust. joint tenancy, those assets are already exempt from probate, so they won’t necessarily benefit from a trust Guardianship #EstatePlanningLawyer #PersonalRepresentative #Executor #PowerofAttorney #Wills #TaxPlanning #Trusts

Instead of risking your desires being overlooked, it is prudent to relay your funeral wishes directly to trusted Property in Living Trusts Assets in a living trust are designated to bypass the probate process , making Mentioning these assets in your will can create confusion since they are already set to be managed by the trust To avoid legal ambiguities and potential disputes, keep trust-held assets separate from your will’s directives trust, or engage in business succession planning and long-term care planning, our team is adept at tailoring