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Estate planning needs to change over your lifetime (believe it or not, it is not a “one and done” thing). When you are in your twenties and working your first job, you might worry only about which beneficiaries to list on your first retirement account. By your thirties and forties, you are focused on accumulating assets and protecting your family. By the time you reach your eighties (or older), the majority of your estate planning may already be taken care of. However, if you want to ensure all of your bases are covered, keep these estate planning tips as you age beyond your forties and fifties in mind: Update Estate Plans After Life Changes Any significant life change can warrant an update to your existing estate documents. For example, the birth of grandchildren may impact your beneficiary designations, or a divorce will require you to update your agent you appointed for power of attorney (and even distribution of assets). More importantly, when a spouse passes away, things change yet again with new designations, appointment of agents, and asset distribution. Essentially, any time a major life event occurs, it is always a good idea to give an experienced estate planning and elder law attorney a call to determine which changes will best suit your new vision for your family and loved ones. Make Plans for Charitable Giving It is true when they say “you can’t take it with you.” Many people opt to donate to charities they are passionate about to help their loved ones avoid paying expensive estate taxes at the time of their passing. You can give to your favorite organization during your lifetime, or arrange for a donation to be made when you pass away. Knowing that there are special charitable trusts you can set up to payout to your favorite cause while also preserving assets for your beneficiaries is also important. Having a vision of how you want to handle your charitable giving is best when discussed with an estate planning attorney so you rest assured that the correct kind of charitable trust is set up for you, your loved ones, and the organization you choose to donate to. Appoint Agents for Powers of Attorney and Establish Medical Directives If you have not already done so, spend some time considering who you would like to make medical decisions on your behalf should you become incapacitated. The person you appoint to serve as your agent under your medical power of attorney – also sometimes referred to as a healthcare surrogate – is a power of attorney that covers medical treatments and decisions. As we age, this designation becomes increasingly important. Regardless of who you designate, be sure to document your preferences for your end-of-life treatment and care by establishing your healthcare and medical advance directives to spare your family from having to make difficult decisions. Help for Maintaining Your Estate Plans Life changes fast, and often unexpectedly. If you need assistance reviewing your current estate plan, updating or maintaining it as life events occur, or establishing a new estate plan, give us a call at (281) 885-8826 or schedule an appointment to meet with an experienced member of our team today to discuss the options that are available to best suit your goals. After all, it is the best way to protect the best interests of your loved ones for the long term.

Tying the knot and having kids can change your finances significantly. One of the most important tools to protect your loved ones in such a scenario is a will. But if you are single – and far off from starting a family – you might be asking yourself: do I really need to make formal estate plans? As a single person, it is easy to assume that you don’t need the legal protections offered by estate planning. This is a popular misconception; the reality is that virtually everyone can benefit from advanced planning. If you pass away without first outlining your wishes, the courts will determine your heirs. If you have no heirs, your assets will go to the state. Basic estate planning is far simpler than most people assume. Here are a few ways to protect your legacy for the long haul: Make a Will A will allows you to state the names of people who should receive your assets. Wills also allow you to designate an executor, or the person who will handle your estate after you pass. They are in charge of making sure debts are paid and that your belongings end up where you intended them to go. Without a will, the court can appoint a family member to act as your administrator. The duties are the same as an executor.  The Court will additionally appoint an attorney to represent unknown heirs.  This will get expensive for your family.  By creating a will, you will prevent your loved ones from incurring additional legal fees. Establish a Legacy Without a spouse or children to provide for, many single people opt to leave their assets to charity. The easiest way to do this is through estate planning. You can list a charity as a beneficiary in your will in the same way you would list an individual. Charitable bequests are ideal for one-off donations. However, if you hope to support an organization over an extended period, you might want to establish a charitable trust. Charitable trusts are separate legal entities that hold assets for you and give you tax advantages. You fund the trust, which then distributes money to a charity of your choice. You can structure such arrangements as either a charitable remainder trust or a charitable lead trust – both options come with income tax benefits. Plan for Incapacity If you are in a coma, do you know who will handle your affairs? Whether single or married, everyone needs to make plans for possible incapacitation. Designating your medical power of attorney will allow another person to make medical decisions on your behalf. Similarly, financial power of attorney designations allow another individual to assist with legal and financial decisions, like paying your bills or accessing your bank account. Create Your Estate Plan Today If you are single and unsure of how to best begin estate planning, reach out to our team. It’s never too early to begin planning for the future. Take that first step today by calling us at (281) 885-8826 or click here to schedule your appointment online.

The nature of the modern American family has been changing over the years. Blended families have become more common in the last few decades, leading many parents to wonder about the inheritance rights of their children. If you are the parent of adopted children or unadopted stepchildren, a personalized estate plan will help ensure that your property is distributed the way you wish. Estate Planning for Adopted, Biological Children In most estate planning situations, adopted children have an equal footing with biological children. Intestate succession laws at the state level control who inherits property in the absence of a will, and these laws treat adopted and biological children the same. For the purposes of wills and trusts that provide gifts or distributions, the rights of adopted and biological offspring are identical – even if the child was adopted after the will or trust was executed. Considerations for Unadopted Stepchildren Stepchildren do not have inheritance rights to their parents’ new spouses unless they are legally adopted by them. If you have stepchildren and want to include them in your estate plans, it is important to amend your estate plan accordingly. You can consider adoption, of course, but it is not necessary to adopt stepchildren for the sole purpose of estate planning. If you prefer to leave stepchildren out of your estate plans, no additional action is required, although it is usually recommended to amend your estate plan to state that wish. Additionally, if no estate plan is done, or you have your estate plan leave everything you own to your spouse who is not the biological parent of your children, you run the risk of disinheriting your children. There have been many circumstances in which the surviving spouse inherits everything from their deceased spouse and then amends their own estate plan to leave everything to their biological children. Establishing an estate plan will prevent any of the aforementioned events from happening. New Additions Call for Updated Estate Plans Any time a family has a new addition – whether through marriage, birth, or adoption – it is important to update your estate plan. Should both parents become incapacitated or pass away, an appointed guardian can take surviving minor children into their home. Recalibrating plans with an estate planning attorney can help ensure every member of the family is factored in, no matter what lies ahead. It’s Time to Speak with an Experienced Estate Planning Attorney When it comes to blended families, it is essential to make sure your estate planning documents reflect your intentions. While nobody likes to consider the worst-case scenario, planning ahead can mitigate much of the stress and anxiety that comes with the passing of a beloved family member. Since no estate plan is alike, it is important for your personal wishes to be honored, and there is no better way to ensure that than crafting an estate plan that is tailored for your specific goals. For more information or to schedule an appointment with an experienced estate planning attorney, give us a call at (281) 218-0880 or schedule online today!

This article is based on a conversation by Kim Hegwood, managing attorney for Your Legacy Legal Care, and Dale Libby, Chairman and CEO of the Brazoria County Gathering Place Interfaith Ministries. For the full conversation on this topic, view the Life Happens podcast episode with Kim and Dale here. As hurricane season approaches every year, many Texans are reminded of the damage done by the hurricanes and tropical storms: Harvey, Ike, Rita, Allison, Alicia, and even Tropical Storm Ida and Hurricane Katrina for our neighbors in Louisiana. Many people affected by these storms and hurricanes wait to plan for it until the situation is too late, and supplies may run out or it may take hours to get where families need to go. While hurricanes can be a stressful time for everyone, it is especially stressful for our seniors and those with dementia. Loved ones with dementia are very vulnerable to the stress that is created by the hurricane, especially if there is a mandatory evacuation. It is crucial to note that the progression of dementia can be exasperated by this stress. Staying calm and planning ahead are critical to your loved one’s health and yours too. Many people who have dementia may not fully understand what is happening, and if the caregiver is stressed, the loved one with dementia will be stressed. Making a Plan The best way to avoid everyone becoming stressed is to make a plan and become knowledgeable. Planning and coaching your family in advance of the evacuation will be less difficult and less harmful for you and your loved one with dementia. If you plan to stay in your home instead of evacuating, make sure to stock up on comfort items; activities and foods that will keep your family member calm and help them deal with the violent weather. Even if you live inland and you have a generator, create a backup plan to ensure your safety. If you do evacuate, take a photo of your family member with your smart phone camera every morning right after they get dressed. This will help you if your loved one gets lost, as 60% of Alzheimer’s patients wander. Dale Libby says, “My wife wandered off one time I wasn’t even there. She was at a friend’s house and I was an hour away, and my friend calls me and says ‘I can’t find Joyce,’ and I said, ‘What do you mean you can’t find Joyce? You know she’s at the house with you,’ and she had wandered out. My friend had fallen asleep and my wife had gotten up and wandered down the street. We called the cops, they had the dogs out, and luckily my wife wandered back. It is a really good idea to take a picture of your loved one every day because you never know when you might need it.” Dale goes on to say, “While preparing for evacuation, again, be calm and take the time to be loving and reassuring. Smile, give hugs, and hold hands. Assure your family member that you are all going to be safe and you’re going to have some time to enjoy each other. And make sure that the other family members understand the critical importance of remaining calm and pleasant. The last thing you need in a hurricane evacuation is for your loved one to have a meltdown.” The most important part about making a plan is implementing the plan. Dale explains, “When you’ve gone through the trouble of making the plan and the time comes, work the plan! How many times does someone make a plan, no matter what it might be, and when something happens, they think ‘Oh my God what are we going to do now?’ What do you mean? You had a plan, so get it out and use it.” While plans are not always perfect, having a plan will help achieve a better outcome. You need something to start with, and if you have to make a detour down the road that is fine. Dale says, “When we had to evacuate my grandfather when we all left back in the day, I called the caregiver and said, ‘Okay we’re ready to go now. Throw him a weekend’s worth of clothes, put him in the truck and meet me at the house.’ And the caregiver had the bags ready and everything, and she said, ‘But I can’t leave my boyfriend!’ And I said to put him in the truck and take him too. I don’t care! Just get in the truck and meet me at the house, we can’t wait any longer.’ Plans usually have those unexpected bumps, but for the most part you just roll with it. And you know, they spent a great weekend with us. I thank God every day that we ended up in New Braunfels on the river. It was probably the best weekend my grandfather had in a long time. He got to sit by the river in his wheelchair and fish. He spent most of the weekend outside.” When creating an evacuation plan, you also need to consider where you are going, and where you are taking your loved one with dementia. You need to find those places ahead of time and make sure you can get there. Make an Emergency Kit While evacuating a hurricane with your loved one with dementia, it is also crucial to have an emergency kit. Dale recommends getting an airtight container and storing the following items: Copies of legal papers Medications Extra medications A list of the medications and the dosages Insurance information Contact information for physicians and next of kin A copy of your family member’s diagnosis on the doctor’s letterhead Extra incontinence products, if needed Toiletries Your loved one’s favorite items, whether it is a pillow, stuffed animal, picture album, blanket, etc. Snacks Your loved one’s favorite music or movies Several sets of comfortable and familiar clothing Dale says, “Some patients wear the same clothes every day. For a while, before my wife had to go to the nursing home, she loved to wear her jeans every day. She also slept in them. When packing clothes, it doesn’t matter if it’s the same outfit repeated, it could even be five sets of the same shirt. When my wife went into the nursing home, I had to get one of those 64-quart containers to fill with clothes and incontinence products, so if the nursing home had to evacuate, every resident had one. They would pack your loved ones’ things in it and put it on a truck and they would be ready to evacuate.” The Importance of Caring for Caregivers Many times, caregivers pass away before the person they are caring for, due to a lack of self-care and respite. Caregivers need to remember to take care of themselves and take breaks as often as they can. During an evacuation this can be tough, but if you have other family members with you, they need to step up and help out if they can. In some situations, someone may just need to sit with your loved one and watch movies or listen to music, sitting calmly and preventing your loved one from wandering around while you get some rest. While you take your break from caregiving, do calming activities like yoga or meditation. Exercise is also highly recommended, as it can make all the difference. If your loved one enjoys being active, you can even get them to go on a walk with you. Kim Hegwood says, “I am very much an advocate of caregivers taking care of themselves. I do caregiver workshops where we talk about all the things they need to know and then I really hammer home that you have got to take care of yourself, you have to ask for help, and you have to get rest. I watched my grandfather almost kill himself from taking care of my grandmother. He had a stroke, he wasn’t eating well, he was sleeping on a concrete floor next to her because she liked the couch. Because of this, I’m very passionate about making sure that caregivers take care of themselves and sometimes it’s just telling them the hard truths.” Kim goes on, “I had a lady come in, and the first time she came in, I could see she didn’t look that well, and we talked about it, and I gave her some options to consider so we could get her to where she needed to be financially and in better shape so we could do some long-term care planning for her. And next time, she came in looking even worse. And I looked at her and I said, ‘You’re not sleeping well and you’re not taking care of yourself. I’m going to spend 15 minutes with you. How long is the sitter at the house?’ And she said four hours. So I said, ‘Here are your options: you can go home and take a nap for three and a half hours or your daughter is going to drive you around until you fall asleep like a baby.’ And I looked at her daughter and she agreed with me. She really needed to take care of herself but she wanted so badly to take care of her husband at home. We finally got her husband into a very nice facility, and her health improved because now she was sleeping. So she could spend time with him and it wouldn’t be such an exhausting endeavor. I talk to a lot of clients in my elder law practice, and the goal is to not kill each other while taking care of ourselves. We’re supposed to have a good quality of life, and as we age, we need to put those things in place to make sure those kinds of things don’t happen.” Dale says, “We tell clients that support groups are great. Reach back out to your church family. A lot of them would love to come sit and visit with your loved one for a while just to hang out. You can create a Google Calendar and get lots of people to volunteer. It helps with caregiver costs to have people you know come in and volunteer. Familiar faces are always good; your loved one would much rather see a friend than someone they don’t know.” —————————————————————————————————————————————— The Gathering Place provides 42 hours of free respite in 10 different churches in Brazoria County each month. They also provide community education, conferences, free memory screenings in November, and first-responder training with the Sheriff’s department in Brazoria County. The Gathering Place offers several programs as a part of their education on Alzheimer’s and Alzheimer’s prevention, including Brain Camp, Medicamp, and Computalk. For The Gathering Place’s programs and resources, visit their website at https://gatheringplacebrazoria.org/ or call (979) 308-4525 Monday through Thursday, 10 a.m. to 3 p.m. We meet with many caregivers to discuss long-term care planning for their loved ones. If you need assistance getting your loved one with dementia into a nursing home without breaking the bank, contact us here today.

Estate planning is important – you probably already know this much to be true. Unfortunately, the importance of such a task does not make it any more appealing when it comes time to get your affairs in order. Nobody likes to think about their own mortality, and it is hard to feel motivated to put plans in place. Should you fail to prepare, though, you risk dying intestate, or without a will. This could lead to serious stress for the loved ones you leave behind. So what is the secret to getting started? Consider Whom You Are Planning For An estate plan is more than just a list of your assets and how you would like them to be handled after you pass away. Instead, it is an opportunity to offer guidance to your family one last time. Providing instructions as to how to care for minor children or pets can be an immense weight off the shoulders of your loved ones, especially since they would not have to make those decisions themselves. Having proper estate planning documents established will allow you to make your wishes known when it comes to minor children and pets. You will save them an enormous amount of time, energy, and money by sorting out your estate ahead of time so you can avoid probate, guardianship, or even both. Imagine What Happens Without a Will To further motivate yourself, consider what might happen if you pass away without an estate plan. Without a will on record, a court may end up deciding who inherits your assets or takes care of your kids. This is called “dying intestate,” which is a legal term for dying without an estate plan. When you die without an estate plan in place, the state law determines how your assets should be divvied up amongst your heirs (even if you did not want them to receive any part of your estate). Sometimes, a worst-case scenario is the kick in the pants you need to get started. Set a Timeline One of the most effective ways to get started with your estate plans is to schedule an appointment with a member of our team. Calling Your Legacy Legal Care today will give you a sense of accomplishment – once begun is half done! Once you put forth the inertia to start your estate planning endeavor, it will be over before you know it, which will allow you to sleep peacefully at night knowing your loved ones are protected. Once you have an appointment scheduled, you should have a conversation with potential guardians, charities, and other stakeholders about your intention. By the time you show up for your appointment, you are nearly done! Schedule Your Appointment If you have been putting off estate planning tasks, this is your sign to take action now. Don’t press your luck – call us at (281) 885-8826 or schedule your appointment online here with our experienced estate planning and elder law team today to gain peace of mind tomorrow.

Gathering your personal possessions and deciding who to distribute them to can be one of the most difficult tasks when creating an estate plan. To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear to those you leave behind. When passing on personal belongings to your heirs, savings, investments, and other financial accounts are easy to divvy up amongst your loved ones. Real estate can also be turned into cash (if you wish for the property to be sold upon your death) or co-owners can share ownership. The most difficult items to divvy up are personal possessions—silverware, dishes, artwork, furniture, tools, jewelry — items that are unique and don’t have a set resale value. In legal speak, these are known as “tangible personal property” and can become the focus of family arguments. Often one or more children claim that a parent had “promised” them a particular item that they would give to them. Things may disappear from a dwelling shortly after (or even before) a parent’s death, or a child may claim that her 90-year-old mother with dementia “gave” her a cherished diamond ring during life. These types of situations can create great suspicion and irrevocably split families causing siblings and other loved ones to not communicate for many years. Clarity about your wishes can go a long way toward avoiding these difficulties. Also, it is important that your executor or trustee secure your residence as soon as possible after death to make sure items do not go missing. Here are a few steps you or the executor of your estate can take to make sure dividing your stuff does not divide up your family: Direct specific items you want to be sold. If you have one or more possessions that have much greater value than others, it can be difficult to make your distributions equal. It may make more sense to sell the items of greatest value and distribute the proceeds from the sale amongst your loved ones equally. For example, in a family whose parents were able to save one painting by a famous artist when they fled Europe during the Holocaust, the children sold the painting and split the proceeds equally, since it would not have been fair for any one of them to have received the painting and none had the resources to buy out the other two. The painting was auctioned at Christie’s, the proceeds were split between the siblings, and ultimately avoided an argument that could have lasted for generations. List the most important items in your estate plan. While your will could get very long if you tried to list all your possessions, you may have a few family heirlooms or valuable artworks that you want to stay in the family. It may be easier for all concerned if you say who should get what specific item. Utilize the Memorandum Regarding Personal Property. Your Legacy Legal Care includes a Memorandum Regarding Personal Property as part of your estate plan. This document allows you to direct which personal belongings are to be distributed to a specific person. If your will references the memorandum, the executor will know what to do with the specific property. Be careful about how you describe each item so that there is no confusion – each item should be listed with every detail. Unlike your will, this list can be as long as you like, and you can change it without having to go back and redo your will. Give everything away now. Well, perhaps not everything, but the more you disburse during life, the less that will have to be dealt with upon your death. When you make gifts, make sure that everyone knows about it so that the person receiving the gift is not suspected of having ransacked your jewelry box, for example. There may be items that you would like to give away, but still want in your house, like artwork and furniture. If the person you are gifting the item to is agreeable, you can keep these items around. You might want to tape a note to the back or underside explaining that the China set in the dining room, for instance, belongs to your daughter, Jane. Be aware that for highly appreciated property, for tax reasons, it may be better not to make gifts during life because they will lose the step-up in basis. So, check with your experienced estate planning attorney or tax accountant first.  Also be very careful about gifting when you don’t have long term care insurance or a plan to take care of you if you become incapacitated. Get an appraisal. For the tax reasons referenced above and to guide you in deciding who should get what item, it can be useful to know the monetary value of the items you are giving away, whether it is during life or upon your death. This can also be very important for your executor or trustee in order to distribute the assets. Use a lottery. If you do not want to make choices regarding your estate plan, you can instruct your executor to set up a lottery system for distributing your personal assets. The executor can put names or numbers into a hat and someone can draw them out to determine the order in which the family members or other heirs will choose items. To initiate the process, the personal representative should create a list of the most valuable items, including their appraisal value if one has been obtained. If everyone is in the same location at the same time, they can simply take turns picking the items they want. If that is not possible, the personal representative can add pictures to the list to help identify the items and your beneficiaries can choose online or some other way of informing your executor of their choices as their turns come up. The more you decide who gets what item rather than leaving the decisions to your family, the less likely the distribution process will create family strife. Your Legacy Legal Care will assist you in making sure your wishes are clearly stated so your family can focus on what is important upon your passing – being together. Contact our office at (281) 885-8826 or click here to schedule your strategy session today to learn how to keep your family together when you are no longer here.

There is no doubt about it: pets are members of the family. Whether you are a cat person, a dog lover, or prefer the company of birds or guinea pigs, most people can agree that these furry friends are indeed precious and are treated like children. As you plan for the future, you may be wondering: what will happen to my pets should I become incapacitated or pass away? Thankfully, there are several options available to ensure the best possible outcome for your beloved pets. Pets in Your Will If you feel passionately about what happens to your pets after you pass away or become incapacitated, you may want to spell out your preferences for them in your will. For instance, if you are experiencing health issues and are concerned about what might happen to your beloved “fur baby” should you pass, you can list a preferred caretaker in your will. Such a clause might also outline how your fur baby’s feeding and veterinary costs will be covered. While you can bequeath the caretaker with money intended to pay for these expenses, they will not be legally required to use those funds as you intended them to be used for your pet. Trusts for Pets Eager to secure a fund for your pet’s care after you pass? You may want to weigh the benefits of creating a trust for your pets. With a trust, you can create a legal obligation to care for the pet as described in the provisions that are drafted throughout the trust. A trust also provides accountability for the money you will leave the caretaker to be sure it is used for your pet’s benefit. Such a document will even allow you to create a caretaking plan that goes into effect the moment you become incapacitated. Pet trusts are a more secure option than wills, but they are also quite inflexible. Should circumstances need adjusting, caretakers may struggle to make changes to the way your pet is cared for. Regardless of whether you make arrangements for your pets in your will or in a trust, you will want to include secondary caretaker designation, just in case situations change over time. Other Arrangements What if you do not have a trusted friend or family member to take care of your pets? You can also make plans to leave animals in the care of your preferred shelter or charity organization. There are rescues dedicated to helping rehome pets in this exact situation. By making a plan ahead of time, you can ensure a seamless transition for your furry friends and ensure they are taken care of even upon your passing. Your Legacy Legal Care has experience planning ahead for the well-being of your fur babies. To find out how to protect your pets, call us at (281) 885-8826 or click here to schedule your complimentary strategy session today.

We are all living through uncertain times, and dare I say it – unprecedented times. Nobody knows exactly how the COVID-19 pandemic will continue to impact our lives or when it will end. While the impact of the COVID-19 pandemic has indeed upended virtually every aspect of our modern lives, there are lessons to take away from the last year. The pandemic was certainly unprecedented, but feelings of uncertainty are nothing new. As you make plans for the future, it is crucial to factor uncertainty into the equation. Planning During Times of Crisis Even in the wake of a disaster, it is important to make plans for the days, weeks, and months to come. In fact, events like a pandemic highlight the need for advanced estate planning. Nobody could have predicted the sheer number of Americans who would become hospitalized by COVID-19. Odds are good that only a small fraction of those people had a Medical Power of Attorney in place before they got sick. Since this document allows somebody else to make medical decisions on your behalf upon your incapacity, it is crucially important to make arrangements before it is needed. Given COVID-19’s potentially fatal outcomes, the pandemic has forced many of us to come to terms with the possibility of death. It is never fun to think about our own mortality, but in times of uncertainty, it is a necessary evil. By forcing the fragility of all our lives into the spotlight, COVID-19 has given millions of Americans good reason to consider estate planning for the first time, especially for those that are considered to be high-risk or have an existing medical condition. Controlling the Controllable It is impossible to predict what the future has in store. Up against such impossibilities, it is important to use tools and strategies to help ride out the storms that may lie ahead. This is the essence of estate planning, after all: when you cannot stop the worst-case scenario from occurring, you will at least rest easy knowing you have a plan in place that will take care of your loved ones. Estate planning is different for everyone, but it is an excellent time to review beneficiary designations and any existing documents you may have established years ago. Should you or your loved ones pass away, you will want to minimize red tape and ensure your savings and assets are handled in accordance with your wishes while also avoiding probate. In addition to beneficiary designations and a Medical Power of Attorney, it is also a good idea to discuss establishing a will or trust – or updating an existing one. Regardless of your background, age, or lifestyle, these estate planning tools can help you prepare for the next “once in a generation” event while simultaneously protecting yourself and those you love. To find out how advanced estate planning will help protect you and your family, call us at (281) 885-8826 or click here to schedule your strategy session today.

Each year, more than four million Americans move to a new state. Amidst the chaos of moving boxes and mail forwarding, it is easy for small details to get lost in the shuffle. Every state has its own rules and regulations regarding state taxes, marital property, and inheritance, so you will want to spend some time ensuring your assets – and the best interests of your family – are protected. Here is what to keep in mind as you relocate: Marital Property Laws If you are married at the time of your move, the rules around what you and your spouse own together and independently can change. In community property states, for instance, spouses own together anything they purchase for the duration of time in which they are married. In other states, each person owns whatever is in his or her name. This difference may not seem like a big deal while you are happily married, but the impact can be significant when a couple files for divorce. Getting clarification on these laws will help bring serious peace of mind, even if you do not plan to separate. Executor Restrictions Most states allow you to name just about anyone you want to appoint as executor of your will or trustee for your trust. In a few places, though, you will be restricted on who can handle your affairs after you pass. In Florida, for instance, your executor must be related by blood or marriage or be a resident of Florida. If you move south but still plan to list a friend based in New York as your executor, Florida probate court will not allow them to represent you, which may cause a problem. Trusts Remain the Same A revocable living trust that was validly prepared in one state is typically honored in other states under the Full Faith and Credit Clause. Still, you will want to review your trust and ensure it is up to date once you have moved. If you buy a house in your new city, for instance, you will want to make arrangements to fund that asset in your trust. Adding a new property to your estate plans helps keep it out of probate at the time of your death. Not sure how to begin adjusting your estate plans after a move? A meeting with a trusted estate planning attorney at Your Legacy Legal Care can clarify your options. Call (281) 885-8826 or click here to schedule your strategy session today!

There are many unknowns when planning for your family’s future, but you cannot let the uncertainties get in the way of creating any kind of plan. Having an imperfect plan is usually better than having no plan at all. No plan means more problems for your children or beneficiaries and leads to family discord. When establishing your estate planning documents, you want to be able to consider all the angles, but there are inevitably a few “known unknowns” that can make planning difficult. These may include: How long you may live. How much money you will have left upon death, which can depend on longevity and potential need for long-term care. Your children’s health. Your children’s financial stability – now and perhaps many years into the future. There are also value judgments to make. Should you treat all children equally, or should their financial situations be considered individually? In any family, some siblings can be successful, while other siblings may struggle. Some children may have supported you in your old age and others may be estranged from you. Unless you have had a discussion with your children, it may be wise to treat them equally in your estate plan. You can provide differential support during your life, but unequal distributions at death may create great difficulties if they come as a surprise. Should you create trusts that protect assets for your children and grandchildren, or simply provide that the funds be distributed outright upon your death for them to use as they wish? Whom should you appoint in various roles—as agent under powers of attorneys, as trustees, as personal representatives? Not having definitive answers to these questions can make it difficult to finalize your plan. However, before you get overwhelmed and give up on estate planning altogether, you need to consider the following: Any plan is much better than no plan at all. We cannot predict the future, but must do the best we can based on what we know today. No plan is set in stone; you can make changes as circumstances change or if you rethink what you want to do or who to appoint in the future. As you age, it is important to review your plan every couple of years due to the possibility of changes in state laws and personal circumstances.  Elder law power of attorneys are needed to help prepare and plan for long term care. The best way to approach estate planning is to think through all of the questions you may have, and then create a tailored plan based on your current circumstances. Your Legacy Legal Care will help you talk through all of the options. Call us now at (281) 885-8826 or click here to schedule your strategy session.

The passing of a loved one can be a tumultuous experience. When you are tasked with executing their estate, the feelings of grief and responsibility can quickly become overwhelming. This is especially true if this is the first time you have ever had to administer an estate. We will let you in on a secret: starting is the hardest part. No matter what your situation is, taking even the smallest of steps in handling your loved one’s affairs can give you enough inertia to finish the job. Here are some ways to begin the process: Find Their Estate Plan If your loved one had a will, trust, or other estate plan in place, it is important to get your hands on it as soon as possible. The estate plan will guide you on what the next steps will be of making sure the distributions of their assets are accurate, so if you are having trouble locating it, contact their attorney. You can also check safety deposit boxes, safes that might be located at their home, or, for trusts, try asking their financial institution for a copy (although an original is required in most cases). Protect Assets No matter how messy or complicated a job you have as executor or trustee, the duty to protect assets must be prioritized. As a personal representative of the deceased, you owe it to them to handle their affairs with fidelity. You can start by contacting the local post office and have their mail forwarded to you, changing access information to key financial accounts, and remove any valuables from their home for safe storage. Start an Inventory You may be required to file an official inventory list with the probate court if their will has to be probated. Begin by creating an unofficial version, listing out their assets with as much detail as possible. This will mean contacting financial institutions, searching county tax records and appraisal districts for any land they own, and even running a credit check to better understand their financial standing. Solicit Professional Help Administering an estate on your own is not always the recommended thing to do, especially if you have never done it before. You will want to speak with an estate attorney to better understand your duties as a representative of your loved one’s estate and how to best carry out their wishes. The team of experienced estate planning and probate attorneys at Your Legacy Legal Care will work with you to ensure your loved one’s final instructions are carried out as intended. 2020 has had a track record for not being the best year, so let us help put you at ease if you are appointed as an executor or trustee for your loved one’s estate plan and have to go through the process of administering their estate. You do not have to go through this alone. Call us at (281) 218-0880 or click here to schedule with us today.

Americans are reconsidering their estate planning strategies following Joe Biden’s presidential election win. Biden made his desire to raise estate and capital gains taxes well known on the campaign trail, leaving many people to redouble their efforts to protect their assets. The good news: there is still time to take action before Biden is inaugurated. Your personal course of action may depend on your income, how much money you require to live, your charitable goals, and your own personal comfort level. No matter what your plans are, keep these considerations in mind ahead of inauguration day: Gift and Estate Taxes This year, the gift and estate tax exemption amount remains at $11.58 million per person, or a little over $23 million for couples. This figure was doubled by the 2017 Tax Cuts and Jobs Act. The enhanced exemption is set to expire in 2025 and return to $5 million (adjusted for inflation). With Biden winning the election, that means the expiration date may come sooner than anticipated. Biden’s proposal to increase the capital gains tax rates for those earning more than $1 million to 39.6 percent would also eliminate the tax code’s step-up provision. This currently allows heirs to sidestep taxes on gains accumulated before death. What does this mean for you? Well, if you are worried about losing your high exemption amount, you may want to up your charitable giving this year. Just be sure you can truly afford a charitable gift without it impacting your daily life – even if it means your heirs may pay a little more in taxes down the road. Capital Gains Taxes Since Biden’s win, some Americans have become worried about a possible increase in the capital gains tax. Current law treats capital gains on investments held at the time of a taxpayer’s death as freebies. Under Biden’s plan, long-term gains and dividends may be taxed as ordinary income for those with a taxable income of $1 million or more. The top rates could go as high as 39.6 percent versus the current 23.8 percent now. This would be the highest rate increase in decades, so naturally, there is pressure to moderate the impact of such a change. Affected taxpayers may want to accelerate any large gains this year instead of waiting to see what Biden has in store. To ensure your assets are protected and your estate taxes are minimized as much as possible, contact Your Legacy Legal Care at (281) 885-8826 or click here to schedule your strategy session today.