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Insurance products and terminologies can be confusing, just like investing and the game of cricket. In addition, cash value life insurance can have products inside of the policy that can protect the cash

But wlbz2.com’s article, “Getting remarried? Get a financial plan first,” says that many folks do little planning, and that ends up increasing the conflict and chaos that often occurs down the road when “death do us part.” Most don’t get that marriage automatically gives significant rights to the new spouse. They’ve never heard of spousal elective shares or homestead rights, and have not thought of the effect of their remarriage on their estate when they die. For example, in some states, the rights that a spouse automatically gains upon marriage may include: The right to be the guardian for the other spouse; The right to be the personal representative of a deceased spouse; A right to an “elective share” percentage of the other spouse’s estate; A right to the ownership or use of the house; A right to personal property of the deceased spouse, including heirlooms; An automatic right to be a beneficiary of the deceased spouse’s ERISA accounts; and A right to be supported under state filial support laws. The simple fact is people just don’t like dealing with these issues, whether it’s their first marriage or their fifth time around. But if you plan on getting remarried, or already have, here are some of the things to keep in mind: Consult an expert. State laws vary, and people thinking of a remarriage should meet with a qualified estate planning attorney to understand what their rights are and how to handle those rights and powers. Get a prenuptial. Folks getting remarried should think about getting a prenuptial agreement, especially if they have a home or business they want to pass to their descendants from an earlier relationship or if each spouse wants to retain the right to pass on their personal investments and property to their respective descendants. Once married, if a new spouse dies without a prenuptial agreement, the surviving spouse will get to inherit what state law allows (a spousal right of election). Even if the deceased spouse leaves assets to children from a prior marriage, it won’t fly without a waiver of the spousal right of election—a document which is frequently signed in conjunction with a prenuptial agreement. Get your fair share. There are two ways in which a surviving spouse can get an intestate share of a deceased spouse’s estate. First, if a married person dies without a will, then the surviving spouse is entitled to a share of the estate—generally limited to the intestate estate; and if the decedent leaves no descendants, then the surviving spouse will usually get 100% of the intestate estate. Where you live matters: in some states, the surviving spouse gets a minimum dollar amount or minimum percentage of the intestate estate, even if there are surviving descendants or surviving parents. Second, in most states, if the decedent’s will existed before a marriage and was not made in contemplation of the marriage, the new spouse is entitled to an intestate share of the estate. Reference: wlbz2.com (March 10, 2016) “Getting remarried? Get a financial plan first” #AssetProtection #ProbateAttorney #ElectiveShare #Probate #ProbateCourt #PrenuptialAgreement #Inheritance #ClearLakeEstatePlanning

The laws concerning marriage typically aim to protect the rights and interests of both spouses.

public charities that are in good standing with the IRS, so you can’t make gifts to split-interest trusts like a charitable remainder or charitable lead trust.

the book are part of the public domain in the United States, which means they do not have copyright protection in its country of origin, it does not have protection in other countries. Thus, under this theory, the Salinger Literary Trust has no right to try to block the book’s publication On the other hand, the trust claims that the Berne Convention is more complicated and the copyright laws copyrights will want to watch this case closely to determine whether or not they have the right to protect

Michael Jackson: Didn’t Fund His Trust Michael Jackson’s estate and will have been an ongoing discussion Although Jackson created a trust, it was not adequately funded. The main takeaway from Jackson’s estate planning mishap is that a trust should be properly funded. Lawyers that focus on estate planning will be able to keep a copy of your will or trust on file to make

lifelong dependent, such a child with special needs—a life insurance payout can fund a special needs trust Note: you will want to create an “irrevocable trust” to own the life insurance and to be the beneficiary

An estate planning attorney can help evaluate if a trust is a better option all around. grandchildren’s parents, as your plans might have unintended consequences for the kids’ financial aid prospects aid because funds in the child’s name will be considered when financial aid packages are offered by prospective

found overwhelming support, as some feel the new legislation is unnecessary and that the current laws protecting

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

In such cases, legal representation is crucial to protect your interests and navigate the legal process Consulting with legal and tax professionals is crucial to navigate this process effectively and protect

At Your Legacy Legal Care™ , we make estate planning efficient, effective, and easy so you can protect Contact us today to schedule a strategy session and learn how we can help you protect your assets and