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Kiplinger’s “8 Urban Myths of Personal Finance” unravels several urban legends of personal finance that Reference: Kiplinger (May 2016) “8 Urban Myths of Personal Finance” #AssetProtection #Guardianship #401k

rundown of revocable or irrevocable trusts, credit shelter trusts, generation-skipping trusts, and qualified personal-residence trusts. Qualified Personal Residence Trusts This trust lets you leave your home to your beneficiaries and decrease A qualified personal residence trust can be useful in locking in a lower value for gift tax purposes. Trust funds can be a big element in your estate-planning strategy, so talk with a qualified trust attorney

Understanding Trusts for Persons With A Disability A trust for a person with a disability is a legal Here are some key points about trusts for person with a disability: They protect the person with a disability's They ensure the person with disability needs are met. quality of life? Setting Up a Trust for a Disabled Person Setting up a trust for a person with a disability involves several

In Texas, a person can be appointed as a guardian under two circumstances. If the incapacitated person does not have family or family that sees them regularly, there is potentially In Texas, a person becomes a guardian in probate court. Having said that, a person could be the conservator of a child, like a parent, but that person may also Sometimes, a person may serve in both roles, but most of the time, the roles are separate.

Gathering your personal possessions and deciding who to distribute them to can be one of the most difficult Also, it is important that your executor or trustee secure your residence as soon as possible after death Utilize the Memorandum Regarding Personal Property. This document allows you to direct which personal belongings are to be distributed to a specific person If the person you are gifting the item to is agreeable, you can keep these items around.

Qualified Personal Residence Trusts. This might be more attractive when rates are higher—creating a trust to pass a primary residence or vacation A qualified personal residence trust will freeze the value of the property for gift-tax and estate-tax

scheduling a consultation online This spring, President Joe Biden outlined a new infrastructure plan In a break with his initial campaign promises, though, President Biden is no longer proposing an expansion Proposed Changes President Biden has proposed raising the top marginal income tax rate from 37 percent

For Medicaid eligibility, your primary residence is exempt provided you or your spouse live in the house or intend to return to the house to reside. That said, Medicaid will have an automatic lien on any interest in a residence in your name equal to One exception is for the transfer of a residence to a child who has lived in the home for at least two facility and who during that period provided the applicant with care and services that enabled that person

Texas residents thinking about these questions may want to consider making an advance directive. If the doctor knows what the person’s wishes are, then the doctor will carry out those instructions. Also, two witnesses need to sign the document, and there are particular people that do not qualify. Health Care Directive Estate Planning in Houston Texas residents may want to contact an estate planning That is why it is important to seek the counsel of a qualified estate planning lawyer in Houston to make

Years and years of school, and hours upon hours working through your residency is now paying off. protection attorney in Houston will tell you that a solid plan will allow you to build a wall around your personal an PC, LLC or LLP may also be necessary to separate the assets of your “business” from those of your personal Again, a qualified asset protection attorney here in Houston can help you work through all of your options There are several technical issues involved so it is always best to work with a qualified and experienced

can protect your investments for your own retirement and the next generation while still providing quality If they exceed the financial limits, they will not qualify for Medicaid assistance. are “non-countable assets,” which include IRA’s if getting required minimum distributions, primary residences (such as your homestead), personal property, and pre-paid funeral expenses.

The first step in the analysis is to back track to the previous state of residence. executed, the individual you designated as the executor might not be able to serve if the law of the new residence The last security step is to ensure that the plan makes sense in the new state of residence. You should conduct a thorough review of your estate plan with a qualified estate planning attorney whenever