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Fewer than half of adult Americans have estate planning documents. and A Wealth Transfer Plan.” and a wealth transfer plan. A wealth transfer plan is a strategy that you undertake to prepare your heirs for their inheritance, Reference : Forbes (July 1, 2016) “The Difference Between Having an Estate Plan and A Wealth Transfer

Baby Boomers need to adjust how they think, especially about the thought of slacker Millennials living with their parents, depleting the fridge and glomming off others. When it comes to managing their financial lives, those in the generation born between 1982 and 2000—about 83 million Americans—are making smart, somewhat surprising choices. Maybe we can all learn something from today’s 20- and young 30-somethings. AARP’s article, “What Millennials Know About Money and Work,” tells us that about 40% of millennials bumped up their 401(k) contributions in the past year. That’s about twice the percentage as that of boomers, according to research from T. Rowe Price. In addition, more millennials know how to stick to a budget. About two thirds of 18- to 29-year-olds don’t have even one credit card, research from Bankrate.com showed. Compare that with about one-third of those who are age 30 or older. There are really two reasons for this: (1) millennials entered the credit space when the market was really tight and debiting was the only option available to them; and (2) they realize credit is a really fast way to get in trouble with debt. Are you overusing your credit cards? In other words, is your credit card balance going up every month, or do you use one card to pay off another? If yes, look to the millennials for some guidance and remove them from your wallet. Reference: AARP (December 2015/January 2016) “What Millennials Know About Money and Work” #ClearLakeAssetProtection #Millennials #TaxPlanning

in a carefully planned trust is the best way to perpetuate, preserve, and protect your wealth. He or she can help create a plan that will empower children and grandchildren, as well as generations Preserving and protecting financial wealth requires a sound understanding of, as well as a solid plan The three forces are: The division of assets among the generations; Transfer taxes and capital gains It takes careful planning to make wealth last.

Estate planning can be quite complex, but there are two very important deeds that can help a property about each of these deeds and what they entail, the better prepared you will be with your future estate planning Transfer on Death Deed Much like the Lady Bird Deed, the Transfer on Death Deed is designed to avoid Still, understanding estate planning can be complicated. You can always speak to the estate planning attorneys here at Your Legacy Legal Care .

These exceptions on home transfers can help you and your family during this time. Transfer the Home to the Right Family Member There are a few types of family members you can transfer your property to: You can transfer it to your spouse who already lives in the home. These transfers will not impact your eligibility for Medicaid. Transfer Through Deeds The primary deed we recommend for transfer after death is the Lady Bird Deed.

Dauman said there were plans in place to determine what happens to Redstone’s ownership interests in the subject of a recent article in the Los Angeles Times entitled “Viacom CEO explains succession planning Under the succession plan, seven trustees would oversee Redstone’s National Amusements interests, including The four other trustees are Redstone’s estate planning attorney, a Viacom board member and longtime Redstone Reference : Los Angeles Times (December 8, 2015) “Viacom CEO explains succession planning for aging media

If you plan to retire in the next 20 years, you need to start looking at your options and plan to make created retirement plan usually includes a review of your estate plan and portfolio investments, tax build and protect your wealth. Estate Planning. Tax Planning.

Medicaid planning is a crucial part of your estate planning strategy, and Your Legacy Legal Care is What is Medicaid Planning? strategies and helping you navigate the complex rules regarding asset transfer. However, Medicaid has strict rules regarding asset transfers, and improper transfers can result in penalties Trusted Medicaid Planning Lawyer in Houston, Texas Medicaid planning is a crucial aspect of estate planning

There are often misconceptions about estate planning that you should know when preparing your documents Estate planning serves to provide your family and loved ones with protection upon your passing, regardless of your wealth or assets. How Does Dementia Affect Estate Planning? Speak With an Attorney About Options for Estate Planning There are many myths about estate planning out

In order to create a comprehensive estate plan, it helps to be familiar with your state’s laws and regulations The Lone Star State presents a number of unique challenges when it comes to estate planning. Dynasty Trusts The perks of a dynasty trust for long-term wealth planning are significant. A married intestate decedent will usually have all property transferred to their surviving spouse if thorough estate plans.

Too often, though, banks inadvertently throw the most carefully laid estate plans out of alignment. Here’s how to be mindful of possible planning pitfalls: Transfer-On-Death Accounts Over the last few That’s because transfer-on-death accounts pass outside of traditional estate planning. can help you with your family’s estate plans and probate needs. Whether you are looking to craft estate plans for the first time, need help updating existing plans,

instance, the eligibility needs of the recipient of Medicaid can be denied if the person has assets or wealth that has been transferred within a certain time frame. When in doubt, it is best to work with a trusted Medicaid planning attorney from the start. Delaying Plans Another common Medicaid planning misstep? Waiting too long to cement plans. The earlier you start planning, the more options you will have available.