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for caregiving, the potential for its significant expense, as well as the risk that someone will take financial A good first step is to speak with an elder law attorney to examine your loved one’s will and financial Also, before disease strikes, it’s time to consider Medicaid planning. Medicaid “look-back rules” on the transfer of financial assets can be complex, and understanding them

With pre-tax retirement plans such as the traditional IRA or many of the employer-sponsored retirement plans, you must begin taking distributions after age 70½. Because of this, Roth are thought to be the best option for estate planning. Roth IRAs are super tools for estate planning. Reference: The Motley Fool (April 17, 2016) “8-Point Checklist for Choosing a Retirement Plan” #AssetProtection

Plan Ahead When Possible Obviously, it is not always possible to plan in advance for nursing home care When possible, however, planning ahead is one of the best things you can do to ensure you receive the If you plan earlier, when you are healthy, you can have so much more say in how the situation plays out

Some of the benefits of a 529 savings plan are that you can use the annual exclusion gift, now set at If you put the funds in 529 plans, you still have control of them as the owner of the account, and you A 529 plan is only designed to pay qualified secondary educational expenses. An estate planning attorney can help evaluate if a trust is a better option all around. for the kids’ financial aid prospects.

The County Treasurer Kurt Prenzler said he was ordered by the probate court to pay the heirs in Mary Petroff’s $1.36 million estate. Four dozen family members from Granite City to Bulgaria will receive the money left behind by the 97-year-old woman who died in 2011. Mary and her sister didn’t marry, and in their 90s, they began to suffer from dementia. Each was appointed a legal guardian. When Anne died in 2009, her estate passed on to Mary. Both sisters lived a modest life. After Mary passed away, the state of Illinois discovered she was a millionaire with no known heirs or will. Prenzler said following Mary’s death, her estate was placed with his office for safekeeping in accordance with Illinois law, which stipulates that unclaimed monies are kept in the county for a period of 10 years before being turned over to the state. However, in Mary’s case, there were people who came forward and claimed to be her relatives. The familial relationship was determined last month by a probate judge. Then the County Treasurer’s Office cut checks for 48 relatives. Mary’s heirs will receive anywhere from about $3,000 to $110,000 from her estate. The largest amount of the estate will be headed to Mary’s relatives in Bulgaria. An attorney who was tasked with distributing the checks for his clients—most of whom are from Bulgaria—commented that the laws regarding estates are different in each state. If Mary had lived in Missouri, mostly likely the distribution would have gone to fewer family members. Reference: The (Alton IL) Telegraph (January 25, 2016) “Treasurer distributes Granite City millionaire maiden’s fortune” #Intestacy #HoustonGuardianship #TrustsandEstates #HoustonEstatePlanning #HoustonWills #Probate #ProbateCourt #Inheritance

What legal tactic will work best to protect your assets depends on what your long-term financial goals Financial issues are the number one reason couples fight, so getting them out into the open relieves your assets and passing them on to the next generation, it is time to talk to an experienced estate planning You can take the law into your own hands by crafting a custom-made asset protection plan that fulfils It is unnecessarily risky to rely on the default legal rules or a cookie-cutter plan you could print

Talk to them and see whether they have financial goals above just covering their day-to-day expenses. Their plans may change over time, especially after important life events, like the birth of a grandchild Before your parents can legally let you handle their financial matters, you need to be listed as their Talk with your estate planning attorney. #HoustonAssetProtection #EstatePlanningLawyer #CaringforParents #ProbateAttorney #ParentsFinances #PlanningfortheFuture

This can create financial problems, as it leaves you with less money to cover unexpected expenses. If you can’t, settle on a plan to have it paid off by a certain date in retirement. If you have a qualified retirement plan, like a 401k or traditional IRA, you usually must start taking Neglecting to Plan for Long-Term Care. Having No Estate Planning Documents.

The article, “Time for seasonal planning for taxes, charities, more,” notes that one of the extenders However, that strategy doesn’t necessarily play out if you think you’ll have much larger deductible expenses gifts to a caretaker, routine bills not being paid, and changes to the person’s will or other estate-planning Reference:  Arizona Republic (October 23, 2015) “Time for seasonal planning for taxes, charities, more

Here are three simple steps you can take to reduce your stress and improve your financial well-being changes will have an impact on your tax situation and cash-flow, as well as your insurance and estate-planning The earlier you can take them into account in your planning, the more beneficial and less stressful their A little planning now can go a long way toward avoiding any surprises later. Organize your taxes. You can also automate monthly deposits to savings plans, like a 529 college savings plan or other investment

person selected as executor is a critical part of realizing the peace of mind that comes with a well-planned , the executor’s day-to-day responsibilities are in many instances shared or delegated to an estate planning

The Arkansas City Traveler’s article, “Planning your estate,” includes some very worthwhile moves to member with the authority of durable power of attorney so that he or she can pay your bills and make financial estate planning attorney. These designations on your financial accounts, like your 401(k), IRA, retirement plan, and insurance Work with an estate planning attorney to make sure all of the bases are covered.