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Texas offers excellent creditor protection compared to other states. Our Texas bankruptcy laws are better than the federal ones when it comes to protections, but retirement is protected even under the federal program. Until recently, retirement benefits were not protected from long term care. There are still some problems with protecting them from it, depending on whether you are receiving required minimum distributions or not. When we think about asset protection, we think more about protecting the spouse at home after the other spouse goes into a nursing home and making sure that they don’t go bankrupt taking care of their loved one. Long term care is the biggest creditor that we face. Can an LLC Be Used to Protect Assets and Businesses? Asset protection in an LLC is definitely better than in a corporation. The problem is that single member and married couple LLCs do not always give you a lot of asset protection. When you have a single member or even a married couple, you have total control. We layer your asset protection so instead of you personally owning that LLC, maybe an irrevocable trust owns it or a portion of it. That way, we layer the protection to make sure that it is harder for creditors to get to you. In order to get to you, they have to get through the trust. A lot of civil litigators don’t know enough to head down that path. Sometimes, the more complicated we make it, the easier it is to give you some credit protection. What Type of Assets Could an LLC Hold? An LLC can own just about anything other than retirement benefits, since collecting retirement benefits is a taxable event. An LLC can own investment accounts, businesses, real estate, and many other assets. Does an LLC Go Through Probate? Whether or not your LLC goes through probate depends on how well your LLC is set up. Operating agreements can be used to help the LLC avoid probate. We use a lot of trust planning to assign the LLC to a trust, so the trust owns the membership interest of the LLC. This gives you the ability to avoid probate by doing some additional planning, as having a better estate plan can prevent your LLC from going through probate. If you are doing will-based planning, it is all going to go through probate. We often see that most people do not prepare sufficient operating agreements when setting up their LLC, which makes it more difficult to avoid probate. What Happens to an LLC When One Member Dies, Especially in the Case of a Married Couple? If there is no good operating agreement for your LLC and you pass through probate, the membership interest of the deceased spouse is going to pass to the surviving spouse. That is assuming that other things are correct and that you have a husband and wife who share the same children. If you have a blended family, then the step-kids may end up with the membership of the LLC. It is crucial to set up a thorough and tailored estate plan to prevent leaving assets to the children of the spouse or disinheriting children. For more information on protecting retirement assets from creditors, a strategy session is your next best step. Get the information and legal answers you are seeking by calling (281) 218-0880 or schedule your strategy session online here .

It seems the word “inflation” is on everyone’s lips these days. While some experts believe our current inflation trends are the temporary result of pent-up pandemic demands, others worry we are on a trajectory of inflation that could last years. Time will tell which economists got it right, but it is important to take steps to protect your estate plans from the possibility of increasing inflation. Defining Inflation Unsure of what exactly defines inflation? It is a term that’s tossed around a lot without really being explained. Simply put, it is the measurement of the purchasing power of the dollar. When inflation goes up, our dollars buy us less. Look no further than the housing market for a real-life example of inflation and its impact. In some communities, the cost of housing has surged more than 30 percent, while salaries have only increased by roughly 2.5 percent. That makes it difficult for more Americans to become homeowners. Of course, inflation is not limited to just the real estate market. The cost of gas, groceries, and virtually every other type of good or service is directly impacted by the rate of inflation. By understanding how inflation affects our finances, we can begin to guard against its impact on our estate plans. The Impact on Estate Plans Many people create estate plans for the express purpose of providing for others. If financial stability for your spouse, children, grandchildren, or disabled loved one matters to you, it is important to pay attention to increasing inflation. That’s because it has a direct effect on the money you plan to leave behind. Let’s say you have $500,000 that you hope to leave to a disabled child for the purpose of buying a home. While this might seem like plenty of cash to buy real estate now, inflation may continue to impact the housing market. By the time that $500,000 is inherited, it may not be enough to buy a home. If your current net worth is no longer enough to support your estate planning goals, insurance may help fill in the gaps. Strategies to Combat the Effects of Inflation Diversification is one of the best ways to limit inflation’s impact on your estate plans. A diversified investment plan can address many of the most common concerns surrounding rising prices, your lifestyle, and the legacy you hope to leave. When inflation is limited to the US economy, international stocks are a good bet. Real estate stocks and investment trusts can perform better if higher inflation causes the value of assets to increase. Bonds also tend to perform well when inflation rises, especially Treasury Inflation-Protected Securities. Consider each of these options as you aim to diversify your assets. Many seniors see the rise of inflation and assume they will need more cash available for everyday expenditures. Assuming you have a solid plan for cash in place now, it might be best to hold off on making any big changes – at least for now. Holding less cash and investing for growth potential is the better strategy. Unless assets grow at the same rate as inflation, odds are good that you will feel like you can’t afford as much in a few years. Adding more to your cash allotment now could leave you exposed down the line. The Financial and Estate Planning Advice You Need Inflation is on the rise. There has never been a better time to meet with a trusted estate planning attorney to review your goals and adjust your plans. A financial planner can also help run a stress test on your estate plans by running scenarios with even higher inflation. Knowledge is power, and by educating yourself on your options, you can make your family’s best interests a true priority. Current inflation concerns aside, it is important to remember that there’s always a degree of uncertainty to consider when making estate plans. Nobody knows what tomorrow might hold, and by making proactive decisions now, you can guard against the very worst case scenarios. Working with a professional can help you find the right strategy for your goals and loved ones. To schedule an estate planning strategy session and put a plan in place for you and your loved ones, call us at (281) 885-8826 or schedule online here .

There has been a lot of discussion in the news lately about NFTs. Short for “non-fungible token,” the term refers to digital assets that can’t be replaced with something else – even something of equal value. While you might be able to exchange a $20 bill for two $10 bills, NFTs are uniquely valuable. Rather than being an actual object you own, NFTs are a signed digital certificate of ownership. You have probably heard a bit about the art associated with NFTs. While it is easy to assume you are buying priceless art, the images actually serve as a representation of the transaction. Unlike traditional art, NFTs can be viewed by anyone with a certificate attached explaining ownership. The Connection Between NFTs and Estate Plans If you are considering venturing into the world of NFTs, it’s important to protect your investments. With enough forethought, you can include NFTs in your estate plan and ensure your heirs one day gain ownership. Putting NFTs in a trust is one thing; it is just as important to understand how intangible artwork can be accessed down the line, as that is the only way NFTs can be passed down. It is impossible to physically hand over an NFT to a loved one. While you can pass the digital art through a will or trust, it is a more complicated process than you might expect. That is because NFTs can only be accessed with a password or personal key. That is true even if a judge orders the inheritance during probate. If your heirs do not have the password associated with your NFTs, they will never be able to access them after you are gone. Protecting Your Digital Legacy Digital assets are becoming more and more popular. The rise of cryptocurrency and NFTs has led many people to wonder about how to best protect their digital legacy for the long haul. Your email account, social media profiles, loyalty program benefits, and online accounts for utilities can all be factored into your estate plans. By creating a digital estate plan, you minimize the stress your family and loved ones experience at the time of your passing. A written plan that includes important passwords and instructions for how digital assets should be managed can be incredibly helpful during their time of grief. The creation of such plans can also guard against risks like identity theft, fraud, and hacking. Taking Inventory and Allocating Assets To protect your NFTs and other digital assets, start by taking inventory. Consider every account, username, and login you might want your loved ones to have access to. Then create a list with the information, making sure to include the password to each account. It is also a good idea to include the security questions associated with a given account and, of course, the answers to those questions. Once you have got a master list assembled, consider to whom you would like to grant access. Maybe you want assets of value to be passed onto your children, while your login to your digital photo albums might be reserved for your spouse only. If you run any online accounts linked to your business, it is a good idea to grant access to your business partners. That is especially true if you have a presence on e-commerce sites like Amazon or Etsy. Would you really want your shop placed in the hands of your spouse upon your passing, or would you prefer a trusted business partner to take over? The answer to this kind of question can help guide you through the process. Finally, consider appointing a digital executor to handle your assets on your behalf. This person will have access to all your accounts and be in charge of distributing or destroying assets. You can appoint anyone you would like, but many people choose an attorney or friend to limit the stress placed upon grieving family members. Take Action to Protect Your Digital Assets Today If you are unsure about how best to protect your digital assets, it is a good idea to meet with a trusted estate planning attorney as soon as possible. An estate planning professional can guide you through recommendations and important next steps to take. Given how quickly the world of cryptocurrency and NFTs is evolving, it is crucial to stay in the loop and follow recommended estate planning best practices. To schedule a complimentary strategy session to discuss how Your Legacy Legal Care’s experienced attorneys can help you protect your digital assets, call us at (281) 218-0880  or schedule online today.

Baby boomers have begun to think about several concerns as they prepare for retirement. A recent survey found that of the top fears of workers nearing retirement, these three were the ones keeping people up at night. The Motley Fool’s article, “3 Biggest Fears Facing Would-Be Retirees,” examines each of them. No. 3: Social Security’s dim outlook. The Social Security Administration says that 53% of married couples and 74% of unmarried Americans count on Social Security for at least half of their retirement income, and about half of unmarried persons rely on Social Security checks for at least 90% of their retirement income. That’s scary. Social Security’s difference between income and outgo isn’t expected to run dry until 2029. Even when that does happen, the Congressional Budget Office estimates that the system can still support 70% of projected benefits in 2030. No. 2: Declining health results in long-term care. The average cost of a semi-private room in a nursing home is about $6,200 per month, while assisted living facilities can cost an average of $3,300 per month. Those costs are far more than the average Social Security check and will erode most retirees’ savings fast—long-term care isn’t covered by typical health insurance programs like Medicare. It will pay for a short stay in a skilled nursing facility after a hospitalization, but it won’t pay for most long-term care expenses, like custodial care. Medicaid offers more help with long-term care expenses, but it’s only for those who have low incomes and few assets. More than 40% of men and 50% of women age 65 are expected to live into their mid-80s, which means that there’s a good chance most Americans will have to pay long-term care expenses. Folks should consider long-term care insurance. Although it isn’t cheap, it can help protect income and savings in retirement. Talk to an experienced elder law attorney about your options, such as a Medicaid Trust. No. 1: Outliving retirement savings. The median retirement savings of American workers is about $63,000 and most advisors recommend withdrawing no more than 4% of those savings per year in retirement. With that, the nest egg isn’t going to do much for day-to-day living. If you’re in your 50s, you can still save more money. Getting your finances in order prior to retirement may seem daunting. Nonetheless, preparation is the key to designing the kind of financial plan necessary to allow you to live a financially secure retirement. Reference : Motley Fool (April 27, 2016) “3 Biggest Fears Facing Would-Be Retirees” #PayingforaNursingHome #AssetProtection #MedicaidTrustPlanning #SocialSecurity #MedicaidPlanningLawyer #Medicare #MedicaidNursingHomePlanning #ElderLaw #RetirementPlanning #LongTermCarePlanning

There are many Long-Term Care Medicaid Rules in place which help pay for senior’s care costs. However, it is important for those receiving Medicaid to understand that there is a five year “look back” period where the state can actually penalize an individual from Medicaid eligibility, if there was an uncompensated transfer during this time. This can prevent your application from getting approved. The good news is, there are ways to transfer your property to someone else, without risking your Medicaid eligibility. These exceptions on home transfers can help you and your family during this time. Here are the primary ways to transfer your property while maintaining your Medicaid eligibility. Transfer the Home to the Right Family Member There are a few types of family members you can transfer your property to: You can transfer it to your spouse who already lives in the home. You can transfer the property to a child under the age of 21 or a child who has been determined disabled by the Social Security Administration. You can transfer the property to an adult child who has lived in the home for at least two years before you were institutionalized and provided care that prevented institutionalization. This requires proof by your doctor or social worker that the care was essential. You can transfer the property to a sibling with equity interest in the home and who has lived in the property for one year before your institutionalization. These transfers will not impact your eligibility for Medicaid. Be prepared to provide proof of residence in these situations. Transfer Through Deeds The primary deed we recommend for transfer after death is the Lady Bird Deed. This is an enhanced life estate deed that also avoids Medicaid Estate Recovery. In these situations, the person maintains control of their property during their lifetime, including the power to sell and retain proceeds assuming the Medicaid applicant signs a document stating they intend to return home. There are also a number of tax issues that you need to be considered first before going with this type of transfer. Depending on your individual situation, the deeds may or may not be the best choice. If you have questions about how you can transfer your property to a loved one, without risking your Medicaid eligibility, give the attorneys at Your Legacy Legal Care Firm a call at (281) 218-0880 to discover your best Medicaid options. #estateplanning #Medicaid #transferhome

These days, people are living longer and longer. Growing older is a fact of life, and yet many families are not prepared to face the financial challenges of providing for their medical care. The sooner you start planning for your long-term care, the better. At Your Legacy Legal Care, we’ve helped numerous Texas clients begin the long-term care planning process. We would love to help give you and your family that peace of mind, too. Read on to learn more about how to start planning for the rest of your life. What is Long-Term Care Planning? Long-term care planning addresses not only how you will pay for the kinds of medical and other support services you will need as you age, but also how you want to be taken care of and by whom in the event you become incapacitated. It is important to some people that they remain at home throughout the end of their life, while others want to be moved to an assisted living home because they do not want to be a burden on their family. No matter what your wishes are, at the Your Legacy Legal Care we will help you form a plan that matches your vision and give you honest and direct advice about what it will take to make that happen. How Can I Pay for My Long-Term Care? There’s no way around it: long-term care can be expensive. Fortunately, our experienced long-term care planning attorneys have worked with numerous clients and can advise you of the different opportunities available to you to fund your later years. Included in these options are long-term care insurance, nursing home Medicaid planning, asset protection, and Veterans Assistance (VA) benefits. We have experience working with clients who fund their long-term care using different combinations of these sources of funding, and can help you determine which ones you may be eligible to use as well. We encourage all of our clients to obtain long-term care insurance, as our experience has shown that provides people with the ability to stay at home as long as possible. If you are unable to afford it, our attorneys will work with you to develop an asset protection plan that fits our needs. While the government can pay for long-term care in some circumstances, under Texas law to qualify for this coverage you cannot have more than $2,000 in non-exempt assets. What Steps Should I Take to Get the Long-Term Care Planning Process Started? We recommend all of our long-term care planning clients begin by assessing their finances, their health, and the health history of their family to get a big picture of what they might need for the future. Once you have done this, we then recommend you have conversations with your loved ones about your wishes. This ensures that, in the event of an emergency that requires you to be placed in an assisted care situation, your long-term plans will be affected. Finally, we recommend you contact an experienced long-term care planning attorney to ensure your wishes are legally formalized. Questions About Long-Term Care Planning? If you are ready to start planning for the rest of your life, we are ready to help you. Contact Your Legacy Legal Care today to learn more about your long-term care planning options.

There are many opinions on the keys to success and what it means to live a happy, fulfilling lifestyle. Hard work and discipline can get you far, but if you are hoping to achieve lasting success and a real sense of freedom, there is no substitution for long-term planning. Research shows that around 25 percent of our happiness hinges on our ability to navigate stress. Planning is one of the most effective ways to mitigate that stress, so it goes without saying that long-term planning can have a similar effect on your estate and loved ones. Planning as Prevention You may not be able to prevent the worst-case scenarios of life from happening to you and your loved ones. You can, however, make plans for how you might handle such incidents. If you are anxious about what might happen to your minor children should you get into a car accident, for instance, an estate plan can help you rest a lot easier and sleep well at night knowing your preference for who should be your children’s temporary and permanent guardian has been spelled out in advance. Estate planning can also reduce stress by reframing the way we consider those worst-case scenario events. We do not have control over what happens in life, but we can control the way we respond to the circumstances we are faced with. By preparing in advance, we are able to reduce the stress associated with the loss of a loved one, incapacity, or the distribution of our assets after death. The Connection Between Happiness and Planning The sheer act of planning can boost our mood as well. A recent study found that the greatest spike in happiness in subjects came during the planning phase of an upcoming vacation. Simply beginning to consider your options and putting plans into place results in greater happiness. While estate planning is hardly a vacation, there is a universality to these findings. Think back to the last time you made a plan. If you are like most people, your brain came alive as you weighed your options and made decisions. The firing of these synapses boost your mood and allow you to feel more relaxed in your decision-making process. A similar effect can be felt both during and after you have completed your estate plans. Start Planning Now If estate planning has been on your to-do list for a while now, it is time to finally take the first step in getting it done. Schedule your appointment with Your Legacy Legal Care to help you gain that sense of happiness today by calling us at (281) 885-8826 or click here to schedule your strategy session online.

Guardianship was conceived as a means of assisting individuals incapable of fully attending to their own needs, either because they are children whose parents have died or are not physically or emotionally up to the task, or because they are elderly and physically or mentally incapacitated. While in old English novels wards are often orphaned children, most current cases of guardianship concern an elderly parent or other relative. The law has many provisions that enable the guardian to tend to the ward by giving that individual legal power over the person with special needs. Nonetheless, the state of Texas, like other states, recognizes that there is potential for abuse in the guardian/ward relationship and has therefore legislated protections for the ward from his or her guardian as well as from external dangers. The government’s goal is to provide for care and protection for the ward while ensuring that his or her civil rights and independence are preserved. If you have been named as a guardian or a ward, or someone to someone who is a ward, it is important to know some of the basic laws that regulate this legal, as well as personal, relationship. The laws dealing with guardianship are numerous and complicated so it will be necessary to engage the services of a trustworthy guardianship attorney in order to deal with this situation with confidence. Laws That Help the Guardian Protect the Ward Because the guardian is designated as a person who can make legal decisions for the ward, Texas law requires that guardians must be notified of all available community-based services and options for medical, therapeutic, and recreational services that are available to the ward. It also ensures that guardians be informed and involved in the placement of the ward in any type of institution. Laws That Protect the Ward’s Rights Texas law requires that, during guardianship proceedings, all three of the following be carefully considered in terms of the “best interest of the ward”: Necessity of guardianship Extent of the ward’s incapacity and whether it is permanent Most appropriate person to be appointed as guardian A physician’s certificate of medical examination from a licensed physician must be submitted and approved by the court in order for a guardianship to be established. Also, as an important safety valve, the ward is appointed an attorney ad litem to protect the ward’s rights and to be present during the hearing to establish the guardianship. In cases in which there is no relative available to be the incapacitated person’s guardian, the state requires that a paid professional be assigned the role of guardian. In such cases, the would-be guardian must have the required certification under the Certification Requirement for Private Professional Guardians and Public Guardians. Obtaining the certification necessitates training in the duties and responsibilities of a guardian. Also, assuming the ward has sizable assets, the guardian is also a fiduciary and has to undergo a criminal background check and have his or her fingerprints taken. The guardian must give an annual accounting to the court and the court is authorized to remove a guardian who abuses, exploits, or neglects the ward. Also, family members must be notified of their right to be informed of all actions relating to the guardianship. Clearly, guardianship should never be undertaken lightly. The complexities of creating a guardianship in Texas require that you find a guardianship attorney who has the experience and comprehensive knowledge of Texas law to assist you.

For children and adults who are no longer able to care for themselves, a guardianship allows someone else the legal authority to make decisions for them and to manage their affairs. But filing for guardianship is not always ideal for both parties. Guardianship may take away too much power from the ward and with mandatory reporting and various other responsibilities, may prove to time consuming for the guardian. The good news is that there are other alternatives that may be just right. Some options are available for individuals who wish to plan ahead, and some options are available only after the situation has progressed to where there is a current need. Power of Attorney A power of attorney is essentially a less strict version of a guardianship. Powers of attorney give an individual legal authority to handle the incapacitated individual’s daily financial dealings. Powers of attorney can give the individual full range and those with power of attorney must often receive permission in certain instances. Additionally, for those who do not want all of the responsibilities of a guardian, a power of attorney does not need to report to the court. Healthcare Directives For individuals who are getting to the point where they are no longer able to make medical decisions for themselves, it is often a good idea to create a medical power of attorney. A medical power of attorney is a document that dictates what should happen in the event that you can no longer make medical decisions. This includes things such as whether or not you should remain on life support when in a coma, or whether or not they should try to resuscitate you in certain situations. A medical power of attorney gives you the opportunity to be as specific with your care and preferences as you so desire.  A directive to physicians addresses those instances when you are terminal and incapacitated. What Makes Sense for Me? If you have decided that you can no longer care for yourself in some manner as you once did (e.g. making medical decisions or managing your property), it is important to make arrangements to have these interests taken care of by someone else close to you. If you are unsure as to which makes the most sense for you and your specific situation, a knowledgeable and experienced estate planning attorney can help you to figure out the right decision for you. If you have a family member that didn’t plan and you are considering a guardianship or other alternative, we can help you in your process. For more information call us today. We can help you decide what is best.

Have you ever had a song stuck in your head that you just can’t get out? Scientists call them “earworms” and they are doing research on the phenomenon to determine why our brains seem to enjoy and hate them at the same time. Until the scientists figure out what is going on, we’ll be over here humming “Goin’ Through the Big D,” that ‘90s country classic sung by Mark Chesnutt. It’s super catchy, and for some reason, it often gets stuck in our heads when we are working on a divorce case. Family Law Matters We Take Care Of Although we are best known as an estate planning firm, the Your Legacy Legal Care has over 15 years of experience representing clients in a variety of family law matters, including: Divorce: At Your Legacy Legal Care, you will find a divorce lawyer who is a good listener and a strong advocate for your position. Child custody: Who will have custody? Will there be adequate parenting time for both parents? Our child custody attorney can help. Modifications: Does your child support need to be raised or lowered? Does your child need to or want to live with you? Do you need to adjust your visitation or rights and duties or conservatorship? Adoption: Our adoption lawyers can handle a wide range of adoption matters. Grandparent rights: Are you prevented from seeing your grandchildren? Are your grandchildren safe and well cared for? Paternity: Do you have rights to your child? Do you need to establish child support to receive child support or get visitation? Name changes for adults and children The fact that we do both family law and estate planning makes sense because the two areas of law are intimately connected. Often, a family law client also needs to update their estate plan, or re-title assets that were divided after their case is resolved. We help our family law clients take a broader look at their life goals and determine what unanticipated legal steps they need to take to put their affairs in order. On the other hand, sometimes crafting an estate plan reveals family law issues that need to be resolved. One area where we see this a lot is with spousal support modifications. Nobody’s life stays the same as it was when their divorce was finalized. People move, they get remarried, they go back to school and get new jobs. These big life changes can trigger a support modification, but only if you bring it to the attention of the courts. Contact Our Office Today for Your Family Law Needs At our firm, we focus on your best interests.  We don’t rush to get your case resolved so we can cash your check and move on to the next client.  We understand that resolving a family law dispute or crafting an estate plan is just one stop on a much longer journey. If you want an attorney that will do more than just sit back and watch as the judge says one person gets the Jeep and the other person gets the palace, the Your Legacy Legal Care is the firm for you.

While no one ever sets out to plan to get divorced, divorces are increasingly common in the United States today. When divorce happens, one of the most asked questions that people have undoubtedly has to do with their assets. For many separating couples, dividing material assets is one of the most challenging parts of the divorce process. While it may be difficult to work together with your former partner during this time, the more you and your future-ex spouse can agree on, the easier the division of assets will be. Here are a few pointers on how to expedite this process and make it as easy as possible. The More Organized You Are, the Better A list is your best tool when it comes to getting yourself organized for asset division. It is simplest if you and your spouse can make a list together of joint items you own that will need to be divided. This is your starting point. There is no wrong item to put on this list. Don’t Expect Everything to Be Equal Most divorces turn out the be fair, but not necessarily equal when it comes to asset division. Typically, most couples struggle with homes, vehicles, retirement benefits, household items, and valuables. However, it is important to remember that all assets must be divided in a way that is satisfactory to both parties before the divorce can be finalized. Try to Keep Things Civil The more cordial and amicable the two parties can be, the better. Not playing nice will only drag the process out longer and disputes can not only be time-consuming, but they can lead to formal disclosures which can slow the divorce down even more. Consider Dividing Assets into Trusts for Dependents If you have dependents, talk to your attorney about dividing your assets into trusts for your children. It can help save you and your soon-to-be-ex-spouse money and make sure that your assets are not divided among you but instead given to the heirs or dependents in your life, outside of other divorce proceedings. It is a great way to keep these valuable assets protected. Be Prepared to Dispute the House and Cars For most couples, the biggest issues with asset division are splitting the house and the cars. If you have children, judges will typically grant that the parent with primary physical custody stays in the home. However, some couples will choose to sell the home and split the proceeds. Vehicles are another common area of dispute. Many individuals involved in divorces are surprised to find that the spouse who holds the sole title, doesn’t always necessarily get the vehicle that they own. Even a vehicle owned by one spouse can be considered marital property. A great tip to remember with vehicle distribution is to know the value of the vehicle in its current condition. Take Your Time with Family Businesses and Retirement Benefits Two of the most difficult assets to split are retirement benefits and family businesses. Both of these assets are very complex, they take time and they can be a source of contention. Retirement benefits don’t always just go to the individual who received these benefits through their work—they may be considered marital property. Family-owned businesses must be divided based on the value of the business as is, along with present and future profits. Typically, the easiest agreement involves one spouse buying out the other spouse, once these values have been determined. Always Consult with Your Attorney The best thing that any divorcing party can do during this difficult time is to make sure they always consult their attorney for advice. The right legal expert can be a major asset when dividing assets. If you have questions about dividing assets or trusts please feel free to give the experts at Your Legacy Legal Care a call at (281) 885-8826. #assets #diving #Divorce

Urban Dictionary, the go-to source for deciphering slang used by anyone under the age of 30, defines “adulting” as “to do grown up things and hold responsibilities such as a 9-5 job, a mortgage/rent, a car payment, or anything else that makes one think of grown ups.” The younger generations are apparently using the term as a verb to brag on social media about surviving what the rest of us consider everyday life. Yay for them for holding down a job and paying their bills on time, but most people who use this term are leaving one substantial adult to-do completely off their lists — estate planning. In an ideal world, people would be as excited about estate planning when they turn 18 as they are about playing the lotto or getting a tattoo. The reality is very few young adults take the time to craft even the most basic estate plan. Why does an 18 year old need an estate plan? Most people don’t think about estate planning until they have children or reach retirement age. This is a mistake. Everyone who is considered an adult in the eyes of the law should make an estate plan, if only to specify who gets to make healthcare decisions on their behalf should they become incapacitated. If you or a young adult in your life needs convincing, consider what happened when Lamar Odom overdosed and nearly died at that brothel in Nevada. Khloe Kardashian was able to make medical decisions on his behalf even though they had signed divorce papers because their separation had not been finalized. If they had not been legally married, who would have made decisions on Odom’s behalf? Is estranged father? His kids? His kids’ mother? Hopefully you and the young adults in your life are not making similar life choices to Odom, but he is a good example of a young person that would probably not be here if the person making healthcare decisions on his behalf had not stepped up and been decisive when he was in crisis. What does a typical 18 year old’s estate plan look like? There are three critical documents that any adult over the age of 18 should have: A Will Even though most young adults have very few assets, creating a will that leaves instructions on what to do with any assets one does have is a good idea. Perhaps more importantly for someone so young, a will is the document that names an estate administrator who will act on the deceased person’s behalf and carries out any last requests. Medical Power of Attorney/Advance Directive with a HIPAA provision This document is what healthcare providers will look for if a young adult becomes incapacitated. It appoints an “agent” or “agents” to make healthcare decisions on the document creator’s behalf, including end-of-life care decisions. It also gives the agent or agents some guidance on how the document creator would make other medical decisions if he or she cannot speak for his or herself. The document should also include a HIPAA release authorizing the agent or agents to access important health records. Statutory Durable Power of Attorney This document is similar to the Medical of Attorney in that it appoints an “agent” or “agents” to make decisions on behalf of the document creator. However, this document covers financial and legal matters. This document is what is used to access bank accounts, sign or break rental agreements, and withdraw from college classes. These are the most commonly used estate planning documents no matter what your age, so it is no surprise they are the basic documents young adults need. Obviously more advanced planning documents may be necessary depending on one’s life circumstances. Talking with an experienced estate planning attorney can help you figure out what documents you need and get you set up to succeed at adulting. To learn more about how our team can assist you with asset protection, schedule your strategy session here or give our office a call at (281) 324-8742.