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Texas For those wishing to avoid the costs and delays of probate, there are several options: Living trusts

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

trusts available now that are specifically meant for families in this particular situation. With these Trusts, you can write a specific letter of intent to either a caregiver or even a facility There will also need to be a trustee that is responsible for overseeing the money in the Trust and of course, you will need to make financial preparations to make certain the trust has been funded. This is allowed only if the gain is placed is a qualifying Trust, also known as a “payback” 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 An outdated will can also cause major issues for a family.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

other estate planning documents such as wills, durable powers of attorney for finances, and perhaps a trust Guardianship #ProbateCourt #LeagueCityWills #Inheritance #ClearLakeEstatePlanningLawyer #PowerofAttorney #Trusts

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

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

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

help protect elderly clients from scam artists by drafting power of attorney documents that allow a trusted protect significant assets and pass them on to a future generation is to set up an irrevocable living trust Properties held in a properly-crafted trust do not count as assets when you are applying for Medicaid Irrevocable trusts also allow you to pass on properties outside of the probate system, and without paying

But when you put them together, along with your 401(k)s and IRAs, then you have a more stable and diversified If you’re 70½ or older, take your required minimum distributions (RMD) from your IRAs and 401(k)s.

assets and family should you and your partner pass at the same time, begin by reviewing your will or trust

For sure, but there may be other items you need, such as a trust if you have a lot of assets that may