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That’s according to a report in the Chattanooga Times Free-Press entitled “Brock estate battle lives But the children’s attorneys disagree and plan to appeal. The kids’ attorneys plan to appeal the ruling because the previous wills show undue influence and how The lawsuit also alleges that their father’s second wife—and former secretary—joined forces with two Reference: (Chattanooga) Times Free-Press (February 5, 2016) “Brock estate battle lives on as attorneys

Contact the Texas Estate Planning Attorneys at Your Legacy Legal Care By working with a knowledgeable and experienced Texas estate planning attorney, you can better understand the estate planning process and develop a plan to ensure that your wishes for the future will be carried out. Legal Care, we understand the emotions, confusion, and frustration that can come from not having a plan for one’s estate.

raid savings for one expenditure to use for another and to make it easier for you to spend money as planned 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.

This should be a priority, and you should understand your investment timeline and plan for when funds This should be the starting point in determining how much of your portfolio and funds should be at risk you should know before placing assets in a trust” #HoustonAssetProtection #IRAs #IrrevocableTrust #PlanningfortheFuture

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 The bad thing is that the income accumulated is taxed at ordinary income rates when withdrawn.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

Situations where formal estate planning would have provided some certainty and protection from pain, Making A New Plan We figure out what sort of care you will realistically need in the coming years, how It is the same sort of analysis we do when anyone comes into our office for estate planning advice, but Contact us today to schedule a meeting with our experienced team of estate planning attorneys.

If you plan on both being owners and taking part in the day-to-day management of the business, a partnership However, under Internal Revenue Service (IRS) rules, a married couple conducting a qualified joint venture This could come into play during a divorce, the untimely passing of a spouse, or if one of you simply

If you’re just socking away a few percentage points of your salary each year, you may be under-saving When you have created your plan, save aggressively, in your retirement accounts and elsewhere, and invest As morbid as it sounds, it’s critical to plan now so as not to leave your loved ones in the lurch. Talk to an experienced estate planning attorney and have your will drawn up.

Other estates that hold copyrights will want to watch this case closely to determine whether or not they Contact a qualified estate planning attorney if you own any intellectual property rights.

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

Also, before disease strikes, it’s time to consider Medicaid planning.

patient; An agent with financial power of attorney or a conservator; or The guardian of the patient’s estate At that point, the provider names the surrogate and that person is recorded in the patient’s medical This is an important document to have, so discuss its ramifications with an estate planning attorney and ask about other estate planning documents such as wills, durable powers of attorney for finances,