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a Texas resident considering estate planning, you may have heard about these tools and wondered if one most people really just want the basics – what are these documents in reality, and how do I create one Relying on pre-made, “one-size-fits-all” internet trust forms is extremely risky and not advised. Now that you understand the basics of a living trust and its functions, let’s examine why creating one The Trustee’s Key Role Your hand-picked trustee plays one of the most vital parts in keeping your Texas

First, without a plan, digital assets may get lost in the Internet ether and not pass to your loved ones If you do not create a plan, your loved ones may learn things that you wish to keep secret. Social media accounts containing your photos and videos can also have value to your loved ones when you One cyber successor can control your Instagram account, for example, while another can take possession can feel relieved that your digital assets will be easily located, managed, and passed to your loved ones

Staying calm and planning ahead are critical to your loved one’s health and yours too. This will help you if your loved one gets lost, as 60% of Alzheimer’s patients wander. Dale Libby says, “My wife wandered off one time I wasn’t even there. I talk to a lot of clients in my elder law practice, and the goal is to not kill each other while taking We meet with many caregivers to discuss long-term care planning for their loved ones.

Financial problems are one of the biggest causes of divorce in the United States. This is an issue that family and estate planning lawyers have seen too many times and one that the prenuptial

a powerful tool that can help individuals achieve their goals of passing down assets to their loved ones creditors, ensure they are distributed according to your wishes, avoid probate, and provide for loved ones Whether you want to employ asset protection, provide for your loved ones, or support a charitable cause

Ali, one of the most recognizable people on earth, earned millions of dollars every year from endorsements Ali’s primary residence was in Arizona, one of the states that doesn’t have a state estate tax, so his

One topic we end up spending a lot of time talking about is trusts . A revocable trust is, therefore, one that can be called back, altered, or destroyed by the person who

However, unlike a corporation, the sole proprietorship belongs to one person and is legally a business indistinct from that one person.

If you are someone financially planning for a loved one with special needs, you are likely aware of how These legal tools serve to provide financial security for your loved ones while preserving their eligibility But remember, these policy modifications are aimed at protecting your loved one’s best interests and

One couple who wanted to live in a community for people 55 and older in an area they had always admired One other rationale for seniors looking at reverse mortgages is to finance the costs of long-term care Consult an elder law or estate planning lawyer for more information regarding how this might work for

At startup, you pay a one-time filing fee. One benefit of those higher costs is that you have a greater ability to manage the assets in an LLC. One common way to minimize these trade-offs is to place an LLC inside a trust. In addition, one way to avoid having your name on state registration documents is to hire a third party

There is nothing quite like working hard for a living and sharing what you have earned with your loved ones gift your friends or family money, check out these dos and don’ts: DO Fund College Plans (529 Plans) One of the best ways to gift money to loved ones is to set them up with a Section 529 education savings Or perhaps you see yourself buying a home and letting a loved one stay there for free. Your loved ones should not have to be burdened by the IRS upon your death or have any unexpected tax