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In fact, nearly half of Americans over the age of 55 do not have a will, and only 18% of them have what financial planners call the essentials: a Last Will and Testament, Health Care Directives, a Medical At the very least, anyone with assets should have a Last Will and Testament; but estate planning goes Texas also does not have a transfer tax, but an estate planning attorney can help explain things like preserving family relationships after they’re gone is as important to them as preserving future generations’ wealth

Many people may benefit from having this fundamental estate planning document in place before they pass wills work in conjunction to directly instruct the transfer of assets, and if done correctly, without having Designate Beneficiaries You have worked hard to put money into your retirement accounts, invest in the If you skip any of these documents, you could find your family going to court to have a guardian appointed

Your beneficiaries won’t receive a dime until your bills have been paid. Pay-on-death (POD) accounts. You can complete a form on your retirement or regular bank account designating the beneficiary who inherits the account.

Having a capable, trustworthy elder lawyer can be invaluable in protecting older loved ones from the study done a few years ago, a fifth of all men over 65 live alone, as do over a third of women the same not saved enough money to retire. victim to swindlers who sell them products or services they don’t need, using up the last of their savings finances, medical care, future government benefits, healthcare arrangements, household chores, mental health

Illnesses and injuries can come from out of nowhere and sideline a previously healthy and active senior In other cases, the individual may just not have been able to envision a time when he or she would need If you plan earlier, when you are healthy, you can have so much more say in how the situation plays out You may also find that friends have great insight into places they have visited or where their family members have resided.

Staying calm and planning ahead are critical to your loved one’s health and yours too. Assure your family member that you are all going to be safe and you’re going to have some time to enjoy of the same shirt. got to take care of yourself, you have to ask for help, and you have to get rest. We finally got her husband into a very nice facility, and her health improved because now she was sleeping

Bank Accounts When you open a bank account you are often required to indicate who the account should If you have filled out paperwork indicating that an account is payable on death to so and so, that person will automatically become the owner of the assets in the account at your death. If your estate plan says otherwise, or you were counting on using the assets in the account to fund some user who is authorized to take over a loved one’s account after the user’s death.

However, the options might be limited based upon your health and the state where you reside, says Kiplinger ’s recent article “How to Save on Medicare Supplement Insurance.” in most states can charge you more, hit you with a waiting period or deny you coverage based on your health Prior to a switch, determine if the premium savings are worth the possible extra expenses—especially as you grow older and potentially have more health issues.

When divorce happens, one of the most asked questions that people have undoubtedly has to do with their Consider Dividing Assets into Trusts for Dependents If you have dependents, talk to your attorney about It can help save you and your soon-to-be-ex-spouse money and make sure that your assets are not divided If you have children, judges will typically grant that the parent with primary physical custody stays Typically, the easiest agreement involves one spouse buying out the other spouse, once these values have

If you have children with that spouse, the spouse would be entitled to all community property (property Avoiding Complications: Why Texans Need a Will If you die without a will, your entire estate would have This is especially true if you have young children who would need guardianship arrangements made for If you have minor children, it’s essential that you name a guardian in your will so that they’re taken This includes making a will, setting up trusts , designating beneficiaries for retirement accounts and

strategy may no longer be a wise move, since there are new strategies that can produce dramatic tax savings—as Part of the deceased spouse’s assets equal to the estate tax exemption amount would be placed into a of the trust would also pass without estate tax up to the value of—but not exceeding—the exemption amount They don’t have to rely on a strategy that was possibly put into place years before.

By the end, you will have a comprehensive understanding of the probate process in Texas, making your that a deceased person's will is valid, identifying and inventorying the deceased person's property, having Assets can include real estate, bank accounts, life insurance, and much more.