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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

Your plan administrator or financial advisor can help you understand how such changes may impact your

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

many people are opting to outline their specific wishes for their online assets in their wills and trusts

beneficiaries could mean acceleration of distribution for the inherited IRA beneficiary Failing to make a trustee-to-trustee

designations and a Medical Power of Attorney, it is also a good idea to discuss establishing a will or trust

attorneys who are also well-credentialed in estate planning can assist you plan for retirement, establish trusts According to an Administration on Aging study done a few years ago, a fifth of all men over 65 live alone

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

Representatives from the local office of the public administrator were called in after an initial sweep The public administrators also found a box of index cards with names and addresses on them. The administrators reached out and learned Brown had kept in contact with this person, his cousin, over In fact, it was only after an heir-hunting firm saw the court record generated when the public administrator

comes to handling the money issues, you can choose someone other than the guardian to be named as the trustee Having two people, the trustee and guardian, agree on financial issues may produce the best outcome for

Jim Morrison could have created a trust for his assets, benefiting Courson for her lifetime and, when

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