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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

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

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

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

Probate typically occurs when there are real properties or financial accounts involved.

Meet with an experienced estate planning attorney to determine if these wealth transfer strategies make Reference: NASDAQ (December 23, 2015) “Estate Planning: How to Adjust to Rising Rates” #EstatePlanningLawyer

Likewise, a recent study by True Link Financial estimated the problem costs more than $36 billion every But these statistics may be low because elder financial abuse crime frequently goes unreported. To help protect an older loved one from elder financial abuse, become familiar with the more common types Here are a few other important ways to guard against potential elder financial scams. Contact the police, the bank, the brokerage company, or other financial officials.

gift from being re-gifted or sold out of the family is to place a condition on the gift in your estate plan

More than 4,000 cases involved financial exploitation, and there were 3,661 reports involving vulnerable Financial abuse is becoming more prevalent, not just within the Copper State, but nationwide. Nationally, financial abuse and exploitation lead to seniors losing about $2.9 billion yearly.

There are many strategies that an experienced estate planning attorney can use to help you reduce the Without an estate plan, taxable assets take a 40 percent bite at each generational level Currently, the A generation skipping trust is just what it sounds like; it is a financial vehicle that “skips” your Ask a lawyer for help in crafting a comprehensive estate plan A generation skipping trust can be a powerful A knowledgeable estate planning attorney can advise you on the full range of legal options that can help

In some instances, those appointed to look after the financial assets of the infirm or incapacitated

policies, and there’s a good chance you can decrease the cost of your premiums by moving to another plan Even though each Medigap plan with the same “letter designation” provides the same coverage, the price For example, a 65-year-old man could pay anywhere from $1,092 to $6,519 in 2016 for Plan F—which is the most popular plan—based on the insurer. For example, if you have Medigap Plan F, your insurer may let you switch to a high-deductible Plan F