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Create a living trust.

Such a clause is uncommon because the principal has typically chosen a specific person or persons they trust

Strategies include planning methods such as using a revocable living trust rather than a will. for an unhappy step-kid to break a living trust. In addition, it’s more effective to disinherit an estranged child using a living trust. The trust can eliminate the possibility for a lawsuit. An online will or trust won’t cut it with all of the issues involved with a blended family.

A recent post on New Jersey 101.5’s website, “Red flags to avoid when  donating to charity,” cautions that when you’re looking for a worthy cause for a donation, be certain that it’s a “qualified exempt organization” per the IRS, which has a list of these charities on its website. Remember that charitable contributions are deductible only as itemized deductions. If the donation is for non-cash contributions to a qualified charity valued at more than $500, you must also fill out and attach Form 8283 with your return to the IRS. Typically, if the value of the donated property for which you plan to claim a deduction is greater than $5,000—or if the deduction for any one item is greater than $500, you need to have a qualified appraiser’s report. If you don’t have this, the deduction will be based on the estimated fair market value of the property. Fair market value may be based on the current sale price of comparable items, based on the age and condition of the property and on the similarity of the compared and donated items. The fair market value of ordinary household goods and clothing is usually much less than the original purchase price. Some organizations, like the Salvation Army and Goodwill, provide a donation value guide that lists common items donated and the average value. Be precise with your records of the donation. If you are donating household items or clothing, the items have to be in “good used condition.” You can’t donate that old plaid sofa in the basement—the one that no one would ever use—just to get it out of the house. If the amount you are donating to one organization is more than $250, you’ll need a written receipt itemizing the items and the values—and even with donations less than $250, it’s a good idea to get an itemized written receipt. Reference: New Jersey 101.5 (January 2, 2016) “Red flags to avoid when donating to charity” #EstatePlanningLawyer #HoustonWills #Probate #Inheritance #HoustonTrustsandEstates

Augustine’s petition also claimed that the will’s beneficiaries took advantage of the trust and confidence Kirk Kerkorian was obligated to provide $7 million to a trust created on Kira’s behalf based on his marital Under the will contest settlement, another $1.5 million will be given to the teen’s trust. HoustonWills #Probate #ProbateCourt #Inheritance #LeagueCityProbateAttorney #HoustonEstatePlanningLawyer #Trusts

An estate plan typically includes: A Last Will and Testament A Trust A Medical Power of Attorney A Statutory 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

A revocable living trust is another important estate planning document because it may allow your estate A trust will prevent the court from controlling your assets and allow for privacy of your estate. Plus, you can change the trust whenever you want.

The beneficiary designations for your pension, life insurance, IRAs, and thrift savings plan take precedence overlooked benefit is the ability to roll over a military death gratuity or SGLI death benefit into an IRA

first marriage in some other manner, such as by naming him as a beneficiary of a life insurance policy, IRA

If you need to pursue emergency guardianship of a parent in Texas, trust our dedicated attorneys to guide

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

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