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Reference: The Boston Globe (November 16, 2015) “An unequal sharing of the wealth” #Stepchildren #TrustsandEstates

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

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

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

Organizing your personal finances is especially critical for Baby Boomers who’ve recently retired or who need to make the most of what remains of their working years. There’s no time like the present to tune up your strategy (or make that appointment with the dentist!). The article, “9 ways for older Mainers to get a grip on finances in 2016,” from the Bangor Daily News has some great tips for starting the New Year right: Get ready for tax time. Set up a computer folder to collect tax-related papers as they arrive. If you don’t, April 15th will roll around and you’ll be wondering where you put those tax documents! Make a checklist of the documents you’re expecting and file as soon as possible after you have them all. Also, think about changing your withholding amounts to be closer to the taxes you expect to owe for the coming year. Update your estate plan. Review your estate documents, including your will, your medical and financial powers of attorney and your advance directive for end-of-life care (living will). If you don’t have any of these documents, talk with an experienced estate planning attorney. For your sake and the sake of your heirs, don’t put it off. Fine tune your investments. Review your investments to make certain they’re in sync with your retirement goals and life changes. This includes cash-on-hand needs and risk tolerance. Does your portfolio need rebalancing, or do under-performing assets need to be swapped out? Review your financial condition. Examine your overall financial situation by tallying your assets and liabilities, as well as your expected income and expenses for 2016 to help you decide if you need to use any of your savings or investments to pay monthly bills. Be wary of investment scams. Always research any unsolicited proposals or work with an attorney to do thorough due diligence on anyone who approaches you with a “sure thing.” Review beneficiary designations. This is for your retirement accounts, life insurance policies, and other assets to make sure they are in line with your estate planning. Review insurance policies. Check your life, health, long-term care, home and automobile policies for appropriate coverage and any needed changes. Reference: Bangor Daily News (January 2, 2016) “9 ways for older Mainers to get a grip on finances in 2016” #AssetProtection #HoustonWills #Inheritance #PlanningfortheFuture #HoustonTrusts #PowerofAttorney #HoustonEstatePlanningLawyer #TaxPlanning

#EstatePlanningLawyer #HoustonGuardianship #ProbateAttorney #TrustsandEstates #WillChanges #HoustonWills

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

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.

think about death, Prince could have avoided tens of millions in legal and administrative fees with a trust

Most families just aren’t prepared for the financial burden of dementia. They assume that Medicare cover all of the expenses. Not so. Patients and their families don’t realize that isn’t the case. Plus, everything gets more complicated when an individual has dementia. For example, if a dementia patient in a nursing home gets a fever, the staff may say that they aren’t equipped to handle it. They call 911. The patient is then admitted to the hospital. This can lead to complications for the patient suffering from dementia. They may get delirious and confused, slip or fall out of bed and sustain injuries, or they choke on their food. This can cause medical costs to sky-rocket. There are large disparities in out-of-pocket costs for the three diseases. Medicare covers discrete medical services like office visits and acute care, including hospitalization and surgery. These are the types of expenses experienced by cancer patients and heart patients. Those patients usually don’t need full-time home or nursing home care until the very end of their life, if at all. As a result, they don’t see that continuing cost. On the other hand, dementia patients need constant care for years. In addition, these dementia patients may not be sick enough for a nursing home, but they still will need supervision and care. When dementia patients are sick enough for a nursing home, the cost is not covered by health insurance. More than half of patients with dementia— with three-quarters of those from racial minorities—spend down, using savings to pay for the nursing home until the money is all gone. After that, Medicaid takes over. Talk with an experienced elder law attorney about care for the elderly, Medicaid, and dementia. He or she will have ideas on how to best address your family’s situation. Reference: The New York Times (October 26, 2015) “Costs for Dementia Care Far Exceeding Other Diseases, Study Finds” #PayingforaNursingHome #HoustonAssetProtection #MedicaidTrustPlanning #MedicaidPlanning #HoustonElderLaw #HoustonElderLawAttorney #Medicaid #HoustonTrustPlanning #Dementia #MedicaidNursingHomePlanning #LongTermCarePlanning

Many people believe that, unless they own huge sprawling mansions or complicated trust funds, they have

insurance benefits will go to the beneficiaries you indicated when you purchased the policy, not the trust