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Do I really need it? Whole life can be helpful, but it’s not necessary for everyone. if you spend all of your retirement funds; Are the parent of a lifelong dependent, such a child with special needs—a life insurance payout can fund a special needs trust; or Maxed out contributions to tax-advantaged If you’re in need of permanent coverage, but can’t afford the premiums, look at a term life insurance If you want it for estate planning, the payout needs to cover the estate taxes so that your heirs don

that everything is settled and taken care of, but there are still several important steps that you need Do After Probate is Over in Texas Once probate is over, there are several important steps that you need You will need these copies to close accounts, transfer assets, and handle other matters related to the Need Help Navigating Post-probate Actions? FAQ: Post-probate Actions Do I need an attorney to handle the probate process in Texas?

pension or retirement accounts, bank accounts, divorce records, birth/adoption certificates, real estate deeds

(k) by taking advantage of matching funds and rolled this to an IRA when you retired, you might not need If the beneficiary is disabled, there is a risk of potentially losing needs-based government benefits The RMD doesn’t need to begin until the spouse reaches age 70 ½ or April 1 of the following year. protection for the beneficiary who’s in a bad marriage, a high-risk profession, has addictions or has special needs.

Supplemental (Special) Needs Trusts are often used in Texas to plan for future support of special needs Supplemental (Special) Needs Trusts Supplemental (special) needs trusts are the most effective trusts There are two different types of special needs trusts: Third-party Special Needs Trusts Typically, a parent, grand-parent, or legal guardian funds a third-party special needs trust with their assets as First-Party Special Needs Trusts A parent, grandparent, or a legal guardian usually creates this trust

Will you or a loved one need long-term care soon? In order to qualify for Medicaid, you need the assistance of an experienced Houston Medicaid planning lawyer to ensure your assets are protected and you do not need to drain them to pay for care. You can create a plan that ensures you receive the care you need while protecting your family’s future Need for long-term care — If you or a loved one needs long-term care for some other reason, planning

So, does this really circumvent the need for wills and trusts administration?

incapacitated, what assets are distributed to children from a previous marriage, and how children with special needs can remain eligible for government benefits while still receiving their inheritance. 3) It Spares Estate If you want your loved ones and your assets protected, now is the time to talk to an attorney who specializes

If you need assistance regarding guardianship matters, contact  one of our Houston offices today. facility placement such as memory care or group home therapies, and similar resources to meet your needs For example, if a loved one with special needs is transitioning out of high school, the court assesses and whether supports and services like day programs or habilitation can be put in place to avoid the need

owner avoid probate in the state of Texas: the Lady Bird Deed and the Transfer on Death Deed. The Lady Bird Deed Also known as the Enhanced Life Estate Deed, the Lady Bird Deed was designed to help Transfer on Death Deed Much like the Lady Bird Deed, the Transfer on Death Deed is designed to avoid If you’re an executor and need help with this process, contact a probate attorney . For example, if you have a sentimental item you’d like to pass down to your child, you can specify that

The issue of whether your Social Security benefits are taxed is based on your “provisional income.” half of your Social Security benefits. You can invest up to $125,000 from your IRA or 401(k) in a special version of a deferred-income annuity income it generates when that income is being reinvested because you’re recognizing income you don’t need But don’t focus only on Social Security taxes—look at overall tax-efficiency.

When you work, some of your income (currently 6.2% of eligible wages) is withheld for Social Security When you retire, you’re eligible to get a Social Security benefit, which is a source of income based Social Security uses a formula to determine how much you’re eligible to receive when you reach your full Hard to believe, but delaying your Social Security benefits as long as possible is the best thing for Our Social Security program was created for and is funded by U.S. workers.