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You have invested a lifetime of hard work and savings into your property. At Your Legacy Legal Care , we have helped hundreds of Texas families set up trusts tailored to their In this article, we’ll explore the key benefits our clients have experienced from putting their property This saves significant time, legal fees, and court costs associated with probate. The skilled attorneys at Your Legacy Legal Care have decades of combined experience setting up customized

the primary purpose of estate planning is to ensure you and your family are taken care of, you do not have also discourage self-destructive behaviors like drug abuse or encourage positive behaviors by matching savings Family Foundation If you would like to donate a substantial amount to charities or fund ongoing work, You can set up the foundation during your lifetime and donate amounts for specific charities to the foundation

If any listed beneficiaries have passed away before you, it is important to update your estate plan to Financial Power of Attorney, which gives someone the ability to manage your financial affairs and financial accounts

When a person passes away without having legally married their partner, complications can arise. If you have more questions or need help, contact us today to schedule a consultation. It’s a type of relationship that has been around for centuries, but only recently have certain states These may include things such as living together for a specific amount of time or filing joint tax returns This includes things like joint bank account statements, utility bills with both names on them, any insurance

, quotes the National Institute of Health (NIH), which states that what’s termed long-term care (LTC) when elder care doesn’t mean admission to a facility, caregiving demands may make paid LTC with a home health Beyond an individual’s personal savings, long-term care insurance is available with many options and LTC insurance will typically cover care not covered by health insurance, Medicare, or Medicaid. It can guard your savings accounts from becoming depleted by increasing healthcare expenses, and premiums

increased the amount that you are allowed to pass on to your heirs before you owe the IRS. You have Hawaii and Maine, which currently match the federal $5.45 million exemption amount. amounts to match the federal amount. those who are extremely wealthy, because state estate taxes in some locations apply to much smaller amounts of wealth, you need to pay close attention to make sure that you won’t end up handing your loved ones

We have all heard the importance of having a Will. You may also have heard about the importance and benefits of assigning a power of attorney to carry out It enables the agent to make medical/health care decisions should the principal become incapacitated. Are you an emotional mess or do you have the tough, objectivity to make sound decisions – especially In the event that your loved one becomes incapacitated and his or her health is declining, it is important

Tying the knot and having kids can change your finances significantly. If you have no heirs, your assets will go to the state. The duties are the same as an executor.  You can list a charity as a beneficiary in your will in the same way you would list an individual. individual to assist with legal and financial decisions, like paying your bills or accessing your bank account

Talk to them and see whether they have financial goals above just covering their day-to-day expenses. Have this conversation more than once. That’s a biggie! If your parents have a regular income which is enough to pay their bills, then managing their assets health care directives in place as well. He or she can help you make sure you have all the tools to do the job right.

This is especially true if this is the first time you have ever had to administer an estate. You can also check safety deposit boxes, safes that might be located at their home, or, for trusts, try Protect Assets No matter how messy or complicated a job you have as executor or trustee, the duty to information to key financial accounts, and remove any valuables from their home for safe storage. You do not have to go through this alone.

They specify which person should be deemed to have died first – an important factor when considering Generally speaking, if two people die within 120 hours of each other and no estate plans have accounted for such a situation, each individual is considered to have predeceased the other. Multiple Probate Cases Simultaneous deaths mean going through multiple probate cases at the same time While many places have Uniform Simultaneous Death Acts in place, not all states have enacted such legislation

many requirements of opposite-sex couples are placed upon same-sex couples. There needs to be a power of attorney created, and it can be for either or both financial and health If your spouse becomes incapacitated, you’ll be able to make financial and health decisions on his or Also, note that while a living will lets you state the kinds of health care you wish to have, a power The state where you live may have its own estate tax at a low threshold.