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her long-term care insurance is exhausted and the other assets are used to pay for care, how does one protect and estate plans regularly as your situation changes, according to NJ 101.5’s article “Medicaid and protecting Reference: NJ 101.5 (September 12, 2016) “Medicaid and protecting your home” #Will #ElderCare #MedicaidPlanningLawyer

should immediately review and revise, if necessary, the following legal and estate planning documents: Trusts Probate #ProbateCourt #PowersofAttorney #Divorce #Wills #HoustonEstatePlanningLawyer #LifeInsurance #Trusts

ensure that certain family heirlooms or even a piece of property remain “in the family” is to create a trust Putting real or personal property into a trust allows the person who creates the trust to set some guidelines If trustees and beneficiaries are carefully selected, the property may be protected for many years to If you would like advice on how to protect your family heirlooms or want to attempt to rescue an item

of this, Jennie said the attorney influenced the publisher to put a large part of his estate into a trust That case alleges that Gutnick and two other trustees improperly allowed Scaife to drain a family trust

HoustonEstatePlanning #ProbateCourt #Inheritance #ClearLakeEstatePlanningLawyer #PowerofAttorney #Wills #TaxPlanning #Trusts

It goes hand in hand with a special needs trust by offering detailed instructions on how to provide personal This document is helpful for caregivers, trustees, and family members who are part of your child’s care Identify caregivers and trustees — Identify the people responsible for your child’s care. Haven’t set up a special needs trust yet? No problem.

One would think that big stars like Prince would have a team of high-powered advisors, compared to the average Joe and Jane. But that isn’t so, says CNBC in the recent article “Don’t make these celebrities’ estate-planning blunders.” Celebrities make the same mistakes. Here are a few: Mistake #1: No Will. Nearly two-thirds of Americans don’t have a will. This has included the likes of Abraham Lincoln, Prince, Sonny Bono, Jimi Hendrix and Pablo Picasso. Dying without a will can mean numerous potentially disastrous consequences, like your assets not being distributed to those you intended or family in-fighting. The state intestacy laws apply and they are rigid regarding who gets what share of the estate. And without specific instructions from the deceased, an estate may be fought over in court by family members who think they deserve their fair share. Mistake #2: No Current Will. Signing a will is just the beginning: you need to regularly update your estate planning documents and beneficiaries when your financial and personal situation changes. Look at singer Barry White. He was separated but not divorced from his second wife at the time of his death. As a result, his wife got everything. White’s live-in girlfriend of several years got zero. Mistake #3: No Tax Plan. Even if you’re not ultra-rich and your wealth is well below the federal estate tax threshold of $5.45 million per person this year, there may be state estate taxes. Poor planning could force your heirs to sell valuable or sentimental items because there are insufficient liquid assets to pay the tax. Joe Robbie’s family sold its stake in the Miami Dolphins and Joe Robbie Stadium to pay estate taxes. Mistake #4: No Reference to Personal Property. Comedian Robin Williams’s family has battled over his film memorabilia. And Martin Luther King Jr.’s kids fought over his Bible and Nobel medal. People forget about personal property in their estate planning, which can trigger lots of fights over who gets family heirlooms, collectibles and Dad’s Barry Manilow record collection. Be specific with descriptions. Reference: CNBC (Sept. 17, 2016) “Don’t make these celebrities’ estate-planning blunders” #AssetProtection #EstatePlanningLawyer #EstateTax #ProbateAttorney #ProbateCourt #Inheritance #Wills #TaxPlanning

Kim Hegwood recently was a special guest on the Parent Projects Podcast to discuss the crucial topic experience in estate planning and elder law allows her to provide invaluable insights to the Parent Projects directives, Kim explains the nuanced differences between them and highlights the importance of selecting a trusted Click the photo below or click here to listen to our special episode and subscribe to the Parent Projects We want to take this opportunity to thank Parent Projects not only for having us on the podcast, but

One caveat is life insurance trusts. The impact of income taxes also depends on the terms of the irrevocable trust. If the trust terminates at the person’s death and the trust distributes assets to the heirs, your tax basis in those assets will be that of the trust. But if the trust continues beyond the death of the person who created it, then some complex trust tax

directly, consider establishing a first-party supplemental (special) needs trust. The trust can be established by the individual or their guardian and, when properly drafted, will not Create a Third-Party Special Needs Trust Establishing a third-party supplemental (special) needs trust by the creator of the trust. Transfers to a special needs trust generally incur no penalty.

Online legal form providers don’t give clients the trust they can foster with an attorney. Reference: Indiana Lawyer (January 27, 2016) “Do-it-yourself dangers” #OnlineForms #ProbateAttorney #TrustsandEstates WillChanges #HoustonWills #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

Should you create trusts that protect assets for your children and grandchildren, or simply provide that Whom should you appoint in various roles—as agent under powers of attorneys, as trustees, as personal