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Saving money is good, but if you’re cutting out basic comforts because you think you’ll live to 108 and Retirees now must depend more on nonguaranteed sources of income—like 401(k)s and IRAs—to cover expenses Major expenses, like a mortgage or the children’s college tuition, may go away in retirement. While optimistic, it might be a little unreasonable to plan on living to 110. calculator to factor in your health, family history and lifestyle to give you a better idea of your life

According to mysuburbanlife.com‘s recent article “Understanding Long Term Care Insurance,” the U.S. There are several things to consider and several types of LTC insurance to review before purchasing a This is based on the insurance company’s overall claim experience. policy will pay or its maximum lifetime benefit You should also purchase lifetime benefits over the life Many insurance companies will offer LTC policies to individuals between 40 and 80 years of age.

Life insurance. Life insurance passes to the beneficiary you name in the life insurance policy and is not affected by Similar to life insurance, money in a retirement account (e.g., an IRA or 401(k)) passes to the named If you would like to leave money to your furry friend or leave instructions for their care, you will If you would like your gifts to be conditional, a trust may be the better tool to use.

established child that does not need a large inheritance while another child has not fared as well in life This is a danger and a huge reason for working with a Houston will and trust lawyer to ensure that your For example, if you have only one of your children named as a beneficiary of your life insurance or retirement This is because life insurance and retirement accounts are distributed outside of probate court and your If you would like the peace of mind knowing that the distribution of your assets is a result of careful

You have planned your life carefully. Together, you have put insurance policies in place for health, life, and disability. Understand How Life Insurance Works If you and your spouse have life insurance, be clear on how it is Life insurance is an important component of any divorce settlement, to guarantee the continued flow of Having a trust as owner of the insurance policy is a great way to avoid gaps and pitfalls in insurance

In addition, revocable trusts – sometimes called “living” trusts – are incredibly flexible and can achieve Depending on the institution, they will likely require a copy of the trust in order to ensure the trust Your Legacy Legal Care, our full-time Funding Coordinator is here to provide assistance in-house to ensure If you are placing real estate into the trust, you should consult with your attorney to ensure it is You should also consult with your attorney before placing life insurance or annuities into a revocable

Life insurance is one such example where payouts go directly to the beneficiary. Life estate and inter vivos trust also are considered non-probate assets.   with rights of survivorship Retirement accounts such as IRAs or 401(k)s that have a beneficiary named Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust But, only an experienced estate planning attorney can help you set up your assets to ensure that outcome

out boilerplate documents for a high fee, all to get their foot in the door to sell you annuities or insurance living trusts are often nothing more than insurance agents or people working for insurance agents. A living trust is revocable, which makes it very flexible. Living trusts are very complex legal documents—one-size-fits-all doesn’t work. or insurance policy.

Starting a new chapter in life can be scary, thrilling, and more than a little uncertain. Life Insurance Most people list their spouse as their primary life insurance beneficiary. other retirement accounts, so take the time to make sure each one is updated to reflect changes in your life Take action today to ensure that your wishes will be met no matter what the future holds. To ensure the proper distribution of your assets, click here or call us at (281) 885-8826 to schedule

by Kim Hegwood, estate planning and elder law attorney, and Tamara Claunch, Integrative Wellness and Life For the full conversation on this topic, view the Life Happens podcast episode with Kim and Tamara here What I like to explain to people is that Alzheimer’s, in a way, is like any other chronic degenerative habits, new patterns, and new practices that support who the client is and where they want to be in life , excitement, resources, tools, and a plan you can execute to have better brain health and a better life

and taxes Depending on how a business is owned and how much it is worth, estate taxes can become an insurmountable Invest In Life Insurance Speaking of liquidity, the way most businesses ensure they have enough cash to pay the bills after an owner’s death is by purchasing life insurance that names the business or other

Do I Need Long-Term Care Insurance? Without long-term care insurance, life can become particularly difficult. Long-term care insurance can be expensive, but it can end up saving your estate in the long run. Your Houston elder lawyer will be able to present you with a variety of options for long-term care insurance that will cover expenses between the time that it is determined you need long-term care and when your insurance