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proposed legislative changes to the current law in order to simplify the forms and add penalties for financial The current remedy in such instances is to compel banks and other financial institutions to accept a However, even if a judge orders the financial institution to recognize a valid power of attorney, the judge still can’t impose sanctions against the financial institution. Nonetheless, many banks and other financial institutions still require that their own forms be used.

Update your estate plan. If you don’t have any of these documents, talk with an experienced estate planning attorney. Review your financial condition. accounts, life insurance policies, and other assets to make sure they are in line with your estate planning 2016” #AssetProtection #HoustonWills #Inheritance #PlanningfortheFuture #HoustonTrusts #PowerofAttorney

It is essential to understand the impact of account ownership and the timing of distributions on financial Typically, it’s wisest to establish the 529 plan in the grandparent’s own name so it won’t impact need-based Although parent-owned 529 plans are included in aid calculations, qualified distributions used to pay In the college-planning process, first determine if your child qualifies for need-based aid at the schools College is a great investment, so be proactive and plan accordingly.

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 When passing on personal belongings to your heirs, savings, investments, and other financial accounts List the most important items in your estate plan. So, check with your experienced estate planning attorney or tax accountant first. 

you put them together, along with your 401(k)s and IRAs, then you have a more stable and diversified financial can to cut healthcare costs in retirement by considering supplemental medigap and Medicare Advantage plans Retirement” #PayingforaNursingHome #HoustonAssetProtection #SocialSecurity #HoustonLongTermCarePlanning #PlanningfortheFuture

rollover into an HSA (health savings account) from an IRA—but not from a 401(k), 457, or other retirement plan

Make sure you have detailed information from the trustee before making plans to sell those inherited Every trust is different, so get sound advice from a qualified estate planning attorney.

However, there are some financial advisers that now say many Americans might not need a will. says that a simpler life may mean you will need a less complex estate plan.

Carefully laid plans can help prevent sibling arguments from breaking out after the loss of a parent. Here are a few of the most common reasons our estate planning attorneys see for family fighting after That is why it is so important to discuss your estate plans with your loved ones as you make them. Careful advanced planning can eliminate much of the “to do” list that so often accompanies a loss. The best way to avoid such fights is to talk about inheritance plans while you are still here.

Long-term care insurance and pre-planning tools and annuities can help to set you up for later in life However, by planning you can make decisions to protect your eligibility. While it’s best to pre-plan 5 years prior to when you believe that you will need nursing home Medicaid , it is never too late to plan. Some examples include pre-paid funeral plans, purchasing a new car, making repairs and upgrades to the

One of the cool things about 529 plans is that you can change the beneficiary to another qualifying family Another benefit of 529 plans is that there is no time limit on when you must spend the savings, which In addition, your estate planning attorney may suggest that you one day use a 529 plan as an estate-planning tool. 529 plans offer a unique opportunity: the value is removed from your taxable estate, but you are You cannot take a principal-only withdrawal from your 529 plan.

Estate planning does not have to be a long, complicated process. Everyone will need to do this at some point during the estate planning process and the sooner you get this completed, the sooner your estate plan will be finalized. accounts Stocks and bonds Life insurance and Annuity policies Deeds for properties you own Retirement plans The result is a more streamlined process and a stronger sense of control over the planning of your estate