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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

two days before he took his own life, accused sex trafficker Jeffrey Epstein executed a new estate plan One of the important things an estate plan does is ensure that the deceased person’s creditors are paid One of the main reasons people use trusts to do estate planning is because they provide a shield from

Families react to what is going on when it happens, rather than proactively plan for it. Construct a Plan for Long-Term Care Most seniors will need some form of long-term care as they age. It is important to address this plan with your parents. Speak with your parents about plans for how to pay for their care as they age. Planning now can help reduce stress, confusion, and complications later on.

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

In addition, you can ask your estate planning attorney to help you with the process. If something changes, contact your estate planning attorney to change your guardian choice.

Elder law attorneys who are also well-credentialed in estate planning can assist you plan for retirement He or she can help you take the proper precautions regarding finances, medical care, future government

experience cognitive disorders as they get older—your aging parents just might need your help now and in the future

The power of attorney is a powerful legal tool that requires careful consideration and planning.

Medicare to negotiate drug prices, there is hope that even more savings will become available in the future

As Texas-based estate planning attorneys, we have seen firsthand the pitfalls people face as they administer

Eddie planned on scheduling an assessment for his aunt in Houston, as his aunt wanted to prove that there At Your Legacy Legal Care, we meet with many caregivers to discuss long-term care planning for their

If you are married and own property you intend to gift, ask your estate planning attorney to check state This includes retirement plans (401(k)s, 403(b)s, etc.), IRAs, bank accounts, and insurance policies. Consult with an experienced estate planning attorney for help in creating this documentation as part of your estate plan. Reference: Sonoma County Gazette (March 1, 2016) “6 Basic Steps to Legacy Planning” #HealthCareDirective