Search Results

Talk to an experienced estate planning attorney and have your will drawn up. Fool (December 19, 2015) “3 Smart Money Moves You Should Consider Making in 2016” #AssetProtection #EstatePlanningLawyer

That’s according to a report in the Chattanooga Times Free-Press entitled “Brock estate battle lives Reference: (Chattanooga) Times Free-Press (February 5, 2016) “Brock estate battle lives on as attorneys

Smart Business reports that there are many money-saving opportunities for businesses and individuals—via IRA conversions or Health Savings Accounts (HSA)—but it’s important to do so within the law and banking regulations to avoid hefty fines that can eliminate any savings. The article, “Money-saving financial tips for individuals and companies,” says that the unique feature of a Roth IRA retirement savings vehicle for individuals is that, unlike a traditional IRA, it lets you withdraw all of the funds in the account tax-free. However, be sure to read the fine print. If you earn $193,000 or more, you can’t contribute to a Roth IRA, but you can make contributions to a nondeductible IRA, which has no income limit. The bad thing is that the income accumulated is taxed at ordinary income rates when withdrawn. However, there’s a work-around: you can make contributions to a nondeductible IRA, and then convert it to a Roth IRA. Beware that if you convert a nondeductible IRA to a Roth, any IRA you have is considered converted on a pro rata basis, which could create ordinary income. Speak with an experienced attorney before moving forward. Likewise, an HSA can work like an IRA. Contributions go into the HSA on a tax deductible basis and can then grow tax-free, but it can only be used for medical expenses. However, if you can afford to pay for your health care expenses out of pocket, the HSA builds up tax-free and will accumulate indefinitely. You can use it to fund your health care through retirement or leave it to beneficiaries and they can use it for medical expenses. You can actually increase money saved for retirement or beneficiaries, just like an IRA. Reference: Smart Business (December 2, 2015) “Money-saving financial tips for individuals and companies” #IRAs #HoustonEstatePlanning #RothConversions #RothIRA #HSA

Estate planning. Everyone needs some basic estate planning, especially those starting families. Set up a meeting with an estate-planning attorney to help you with this.

In the past, the only way single people could avoid having their home avoid probate—without adding someone to the title while they were still alive—was by creating a trust. This could be time-consuming and expensive. Starting in 2016, homeowners who want to use the new option will simply sign an instrument called a Simple Revocable Transfer on Death Deed. This will name who will receive the property. They must have it notarized and record it with their county within 60 days but can change their mind and revoke the deed at any time. This new law expires January 1, 2021 in order to allow time to study its effects. Transfer on death deeds that are executed between now and then would not be impacted, but would still be in effect and could be revoked at any time. However, new ones can’t be executed after that date unless the law is extended. The law requires the California Law Revision Commission to study and make recommendations regarding the new deed to the Legislature by January 1, 2020. Reference: The San Francisco Chronicle (November 9, 2015) “Californians have a new way to keep homes out of probate” #AssetProtection #ProbateAttorney #HoustonEstatePlanning #LeagueCityTrustsandEstates #SimpleRevocableTransferonDeathDeed #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

Solid estate planning can decrease or even eliminate the potential for this type of problem. No Contest Clause, which stipulates that if somebody files a lawsuit in an attempt to litigate your estate You need the help of a qualified estate attorney. #Probate #Inheritance #NoContestClause #RevocableLivingTrust #BlendedFamilies #WillContest #Wills #estateplanning

They’re an excellent estate planning tool.

Include real estate, cash, investments, life insurance cash value, jewelry and cars. Check on your estate plan. Review the titling of your accounts, your beneficiary designations, and your estate planning documents Schedule a visit with your estate planning attorney to make the revisions. Reference: Nerd Wallet (January 7, 2016) “How to Improve Your Finances in 2016” #HoustonAssetProtection #EstatePlanningLawyer

A nursing home is a facility that provides 24-hour healthcare, rehabilitation, and personal care services. Assisted living is an independent living facility that gives patients personal care and other personalized services. Adult day care services is a type of program that provides health and social support in a supervised setting during the daytime. In-home care is when a certified professional visits the home or lives there with the elderly person to provide services such as bathing, grooming, or physical therapy. They also assist with housework. Finally, home modifications can be made to adapt the senior’s home to allow for wheelchair ramps, railings, and grab bars. Paying and qualifying for a long-term care policy depends on a variety of factors, such as your age and health at the time of purchase. Many policies are less expensive if you buy them when you are younger and still in relatively good health. Most advisors recommend buying a policy in your 50s or early 60s. Another variable is the maximum amount you choose for your policy to pay per day, and the length of time it will pay. In addition, there are optional benefits you can select to add to a basic plan. Many policies offer different coverage options, so since it’s difficult to know what your long-term care needs will be, you might want to consider buying a policy with flexible options. You may not qualify if you’re in poor health or already receiving similar benefits through Medicaid. Likewise, if you have any preexisting conditions, you may be not eligible for long-term care insurance. There are certain conditions that must occur before you can start receiving long-term benefits. Benefits will begin when you need help with at least two activities of daily living, such as bathing, eating, dressing, or walking. Finally, the most important thing to know when choosing a policy is to select one that allows a cognitive impairment as a trigger—a senior suffering from Alzheimer’s may be able to do day-to-day physical activities, but still may need help to do them cognitively. Reference: Quicken (November 8, 2015) “What is Long-Term Care Insurance?” #PayingforaNursingHome #HoustonLongTermCareInsuranceEstatePlanning #HoustonEstatePlanning #ElderLaw #LongTermCarePlanning

You need some estate planning and should draft a will and name your power of attorney and beneficiaries

Having No Estate Planning Documents. Work with an estate planning attorney to create these documents and help your loved ones overcome common HealthCareDirective #AssetProtection #IRA #401k #Medicaid #LivingWill #Wills #Annuity #RetirementPlanning #estateplanning

nursing home care averages $225 a day for a semi-private room, which will quickly consume a modest estate Planning for end-of-life care should be part of retirement and estate planning. addition, the state may try to recoup its cost after your death, either through filing a claim against the estate GiftTax #MedicaidPlanningLawyer #CapitalGains #LifeInsurance #MedicaidNursingHomePlanning #ElderLaw #estateplanning