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

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.

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

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

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

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

But our firm can show you how to put assets into a trust that your loved ones can tap into after you

Multi-million dollar estates Disabled Children/Individuals with Special Needs Who May Require a Special Needs Trust