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this type of planning, call our office at (281) 218-0880 and ask about our Domestic Asset Protection Trusts

For the purposes of wills and trusts that provide gifts or distributions, the rights of adopted and biological offspring are identical – even if the child was adopted after the will or trust was executed.

“Treasurer distributes Granite City millionaire maiden’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates

By arranging for a simultaneous death clause, families can mitigate many of the most common pain points assets and family should you and your partner pass at the same time, begin by reviewing your will or trust

At this point, his estate exceeded tens of millions of dollars due to the rising popularity of The Doors Jim Morrison could have created a trust for his assets, benefiting Courson for her lifetime and, when

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

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 An outdated will can also cause major issues for a family.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

At that point, the provider names the surrogate and that person is recorded in the patient’s medical other estate planning documents such as wills, durable powers of attorney for finances, and perhaps a trust Guardianship #ProbateCourt #LeagueCityWills #Inheritance #ClearLakeEstatePlanningLawyer #PowerofAttorney #Trusts

In such cases, we frequently recommend a management trust to avoid annual accountings, which is less

meetings between families and/or lawyers so that everyone’s concerns are communicated clearly Establishing trust

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

Reference: The Boston Globe (November 16, 2015) “An unequal sharing of the wealth” #Stepchildren #TrustsandEstates