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Create a living trust.

After working hard and saving your money wisely, you’re ready for a successful retirement. Unfortunately, there can be bumps and hiccups with the plans. Nobody wants to be caught off-guard when it comes to saving for the future, so Forbes has published info on four retirement expenses that may catch you by surprise—and steps you can take to still come out ahead—in “Four Retirement Expenses That May Catch You By Surprise.” 1: Medical Co-Pays and Long-Term Care Expenses. The co-pays for doctors and treatment surprise many folks. They don’t realize that insurance premiums and even co-pays can change over time, and they typically don’t plan for those changes. Some people, in years where they have a large income, will often be victims of the “donut hole” of Medicare insurance premiums. These can increase to $200 per month. Anticipate that these costs will increase and budget additional savings to cover the changes. As far as long-term care, it’s a major issue. You should speak with an elder or estate planning attorney about the best way to cover long-term care expenses. Keep this in mind when planning for the future and save extra money for this expense. 2: Financial Support for Children and Grandchildren. This is more and more common. Grandparents don’t feel like their kids had it like they did when jobs were easier to find. Often grandparents want to take an active role in contributing. But if you do this, be sure that you’re not sacrificing your own lifestyle and retirement savings for their benefit. Helping out with family is terrific, but you don’t want to make a mistake that could end up costing you big time in the long run. 3: Inflation and Increases in Basic Costs of Living. The price of just about everything is rising, and we’re living longer on average. You need to think in terms of giving yourself “raises” and understand that retirement may cost double or triple what it does when you start to retire. 4: Home Expenses. We’re not talking about a new addition or a heated pool. Expenses could include the roof, the driveway, the furnace or the AC. All of these basics deteriorate over time and require money to repair or replace. One option may be to sell the home and move to a spot with less upkeep. If you decide to stay put, you need to save for basic house maintenance as the home ages. Planning for a successful retirement is no small feat. Enjoy the retirement you deserve, but be aware of potential surprises that many arise as you near retirement. You will be in a better position to have the savings you need to address those surprises head-on and have the confidence you need to retire successfully. Reference: Forbes (September 1, 2016) “Four Retirement Expenses That May Catch You By Surprise” #AssetProtection #EstatePlanningLawyer #Medicare #RetirementPlanning #LongTermCarePlanning

This may include local law enforcement, adult protective services, or a state agency investigating elder We can help you navigate the legal system and take steps to protect the elderly person’s assets and finances Those victimizing your loved one need to be held accountable, and your loved one deserves justice and protection By working together, we can help protect our elderly loved ones from financial exploitation. It is important to seek help immediately to protect the victim’s assets and prevent further abuse.

Redstone’s interest in the two media companies is governed by an irrevocable trust. When Redstone dies or is no longer able to oversee his affairs, a group of trustees will assume decision-making This lawsuit doesn’t challenge the authority of the trust or control of the two media companies.

Wills. The long-term consequences of not having a will are huge. Your assets will go to probate, which can leave your family with huge expenses that will eat away at your wealth. Many folks don’t have a will—even though they know they should. It should come as no surprise that many baby boomers are stuck dealing with an estate without a will. This has encouraged many baby boomers to invest their time in making sure that their own children are better prepared. An outdated will can also cause major issues for a family. If you have been divorced or recently widowed and remarried, it is crucial to reflect those changes in your will. Think it would go over well if your estate is left to your ex? Funerals. If funds are tied up in probate or otherwise inaccessible for funeral planning, it can create considerable stress and a financial burden. In theory, an entire inherited estate can be used to pay for the funeral, but you should have liquid assets available for the funeral. More baby boomers are opting to pre-pay for their funerals or to set up an account designated to use for funeral expenses. US News says that about 23% of people over 50 have prepaid for at least some of the funeral or burial expenses for themselves or someone else. Healthcare Costs. Unexpected healthcare costs can put a major dent in a retirement plan. Baby boomers need to have early conversations to determine if their parents have included health care costs in their retirement planning. And they shouldn’t neglect health care costs in their own retirement plans. People often fail to add these expenses into their long-term retirement planning. You should know your health care costs and account for them into your long-term strategy. In order to plan for health care expenses, you should consider the following: Current healthcare expenses Details and coverage of each plan Plan providers Insurance details Prescription costs Doctor fees Current budgets and budget adjustments required for the future If there are health concerns now, be sure you plan for them long-term. Baby boomers are learning the hard way that it’s important to plan for the worst and hope for the best. Trying to find health information in a crisis is stressful. Having family planning meetings and going over all of the possibilities will help when the time comes to deal with these issues. If you have experienced the loss of a parent, you already know first-hand the importance of strong estate planning and the benefits to surviving family members. Learn from poorly planned estates and implement better planning for yourself and those you love. Reference: A Place for Mom (March 25, 2016) “Poor Estate Planning Lessons Inherited by Baby Boomers” #AssetProtection #ProbateAttorney #ProbateCourt #Inheritance #Funerals #Wills #HoustonEstatePlanningLawyer #TaxPlanning #HoustonTrustsandEstates

Prior to receiving any benefits from Medicaid, individuals must “spend down” their cash assets to below $2,000. Some property is termed by Medicaid officials as “exempt” property—to include one vehicle, limited life insurance, a home, a funeral plan and personal property. While such property doesn’t have to be spent down, that’s very misleading. You see, those limited assets may be exempt for qualifying for Medicaid, but they’re not exempt after the person dies. They’re subject to what’s called “estate recovery.” Estate recovery is the process that allows Medicaid to recover the amounts it paid on a person’s behalf from that person’s estate. Kansas’ Estate Recovery is a “privatized” agency which can seek repayment of Medicaid benefits against the “estate” of a deceased Medicaid recipient or—as described above—against the estate of a spouse. Kansas has what is call expanded estate recovery. Usually when someone dies, the person’s family may need to initiate probate. When the deceased had all of the property in joint tenancy with a spouse, probate isn’t needed. However, if a piece of property isn’t held in joint tenancy or is not otherwise automatically conveyed to a third person upon the death of the owner, then only that property will have to be probated. These items typically don’t have to be probated: joint tenancy property property with a transfer-on-death or pay-on-death provision life insurance with named beneficiaries life estates But Estate Recovery in Kansas allows an agency to bring in all of the property that an individual may have any interest in at the time of death—even though that property would ordinarily not have to go through the probate process. Hence, contrary to standard probate law, the estate can consist of joint tenancy property, property with transfer-on-death or pay-on-death provisions, life insurance payable to a third party, and life estates. It can also include property that was transferred away within one year of death. So you see that Estate Recovery has a much broader definition of what property can be included in an estate than any other creditor in the Jayhawk State. Talk to a qualified elder law attorney who is familiar with how to plan for the possibility of estate recovery. Reference: The Hays (KS) Daily News (April 12, 2016) “Estate recovery — an unexpected surprise” #AssetProtection #MedicaidTrustPlanning #MedicaidPlanning #MedicaidPlanningLawyer #Probate #MedicaidNursingHomePlanning #ElderLaw #estateplanning

An estate plan typically includes: A Last Will and Testament A Trust A Medical Power of Attorney A Statutory Estate plans can protect young or financially inexperienced beneficiaries but are also helpful in protecting Others create family foundations or set up charitable trusts. You can also establish a charitable remainder trust (CRT) which gives beneficiaries a stream of income Contact us at (281) 885-8826 to begin protecting your loved ones today.

By your thirties and forties, you are focused on accumulating assets and protecting your family. Knowing that there are special charitable trusts you can set up to payout to your favorite cause while discussed with an estate planning attorney so you rest assured that the correct kind of charitable trust After all, it is the best way to protect the best interests of your loved ones for the long term.

However, as Kiplinger’s Retirement Report points out in “Old Trusts Create Tax Issues for Heirs,” estate tax laws have changed significantly since the time when many of these trusts were created. The problem for irrevocable bypass trusts is that assets in them do not receive the step up basis for laws are actually creating a greater tax burden now and they would be better off without the bypass trusts For example, in blended family situations, the irrevocable bypass trust may be the appropriate solution

He believes it’s very important that the state create a way of protecting the privacy rights of those to date with technology by getting a bi-partisan bill through the State Legislature that is aimed at protecting frequently have great value, so it’s critical for individuals to make certain that their property is protected Wisconsin’s legislators feel that we should at least have that fiduciary standard in place to protect Reference: WEAU.com (February 25, 2016) “Law aims to protect internet users’ digital property after death

other estate planning documents such as wills, durable powers of attorney for finances, and perhaps a trust Guardianship #ProbateCourt #LeagueCityWills #Inheritance #ClearLakeEstatePlanningLawyer #PowerofAttorney #Trusts

Trusts for Pets Eager to secure a fund for your pet’s care after you pass? You may want to weigh the benefits of creating a trust for your pets. are drafted throughout the trust. Pet trusts are a more secure option than wills, but they are also quite inflexible. To find out how to protect your pets, call us at (281) 885-8826 or click here to schedule your complimentary