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One of the best ways to calm those fears is to figure out who you would trust to step up and help you We recommend putting three different documents in place that will designate a person or people you trust A medical power of attorney document names someone you trust to follow the directions in your living Medicaid without spending one’s self into destitution, it is wise to start transferring assets to a trust

You also have the option of creating a revocable trust with the bank named as the successor trustee.

Money points out in “4 Things You Should Know Before You Make Your Own Will,” the definition of “closest Anything in joint name or payable to a named beneficiary, like life insurance policies or 401(k)s, is You also need to designate an executor you trust and let him or her know where to find your will.

enough to get that employer match, and then start increasing your contributions at a half a percentage point As far as cash flow, current salary is the starting point, but include projected monthly Social Security

These findings were highlighted in the Barron’s article, “Preparing for Inheritance: How to Avoid Losing It All,” which also notes that smart financial, tax, and estate plans by themselves don’t create good stewards of wealth. Senior generations have to teach their heirs about the legacy they’re going to inherit, uniting the family unit around its accomplishments and civic engagement. When it does this, it has a better chance to preserve the family fortune as well as the family bond. Communication lets heirs have an understanding of their predecessors’ values, responsibilities, and choices. This may reveal ideals, beliefs, values, and shared visions that might otherwise have been left unsaid and allows the family to foster a common vision to support a common purpose for future generations. Annual family meetings should be scheduled with a goal of promoting family harmony. Eventually the family’s principal advisors, including those for legal, tax, and financial concerns, should receive a copy of a “heritage statement.” This is a formal document of the family’s story, values, and vision, and when it’s updated, the advisors should also get a new copy. A heritage statement should sharpen the family’s vision as it is to be shared outside the family. With a clearly defined vision, advisors’ recommendations can be coordinated with the family’s goals, beliefs, and values. Your family can up its chances of maintaining wealth rather than destroying it with the use of family meetings and the heritage design process for wise financial and estate planning. Contact a qualified estate planning attorney to assist you. Reference: Barron’s (November 7, 2015) “Preparing for Inheritance: How to Avoid Losing It All” #AssetProtection #HoustonEstatePlanning #HeritageStatement #Inheritance #HoustonEstatePlanningLawyer #TaxPlanning #HoustonProbate #HoustonTrustsandEstates #HoustonProbateAttorney

An updated will. A properly drafted will can play a crucial part in minimizing your estate’s exposure to taxes. If you should die without a legally proper will, the probate court may wind up making decisions about your estate, regardless of your best intentions. Review your will regularly. Owned property. If you are married and own property you intend to gift, ask your estate planning attorney to check state laws to see how they may impact your estate. There are states where property owned prior to marriage is treated as separate property belonging to just one spouse, and there are community property states in which all property acquired prior to or during marriage is deemed to be owned by both spouses. Review your property and make sure it is set up the way you want. Beneficiary statements. Review your beneficiary designations, and make sure they’re as you want them. This includes retirement plans (401(k)s, 403(b)s, etc.), IRAs, bank accounts, and insurance policies. Remember that your named beneficiaries take preference over those named in a will, so it’s important to regularly review beneficiaries, particularly after major life changes like marriage or the birth of children or grandchildren. Health care directive and living will. It’s important to be prepared for the unexpected with your health, whether an accident, illness, or other reason. Draft a health care directive that provides guidance on the extent of the medical treatment you want to receive based on your condition. Power of attorney. You should give an individual the authority to make decisions on your behalf in the event you are unable to do so. A “durable” power of attorney will act as your agent, making medical and/or financial decisions for you when needed. Digital accounts. Make certain that loved ones know how to find all required information, including passwords, to access your online accounts—your financial accounts, social media accounts and household accounts like your cable and electric. Consult with an experienced estate planning attorney for help in creating this documentation as part of your estate plan. He or she can review your estate goals to make certain your legacy intentions are consistent with your overall financial strategy. Reference: Sonoma County Gazette (March 1, 2016) “6 Basic Steps to Legacy Planning” #HealthCareDirective #AssetProtection #IRAs #ProbateAttorney #401k #HoustonWills #ProbateCourt #ClearLakeProbate #CommunityProperty #Inheritance #LivingWill #DigitalAccounts #Beneficiaries #HoustonTrusts #PowerofAttorney #LeagueCityEstatePlanningLawyer

It may be tempting to visit a website, answer a few questions, and get back a will or maybe even a trust

The importance of protecting assets through trust can’t be overstated. We’ve often written about this in the context of the value trust creation delivers in terms of providing Third-party trusts might well be a factor in such cases. In the event of a divorce, it has been known for the assets of such trusts to become the focal point Under most conditions, trust money that is brought to a marriage by one spouse or the other tend to be

One strategy is gifting into a Grantor Retained Annuity Trust (GRAT), which lets you, in effect, loan savvy year-end strategies” #CapitalLosses #HoustonAssetProtection #EstateTax #IRAs #CharitableGiving #TrustsandEstates

permanent, which means that if you’re 70½ or older, you can transfer your 2016 RMD to charity at any point

Also, it is important that your executor or trustee secure your residence as soon as possible after death This can also be very important for your executor or trustee in order to distribute the assets.

Estate Planning Issues Affected by Religion Once your lawyer understands you goals, he or she will point