Jan 14, 2019
Beneficiary designations at death take precedence over the provisions of a will or trust. Regardless of the planning that has been done for distribution of the estate, if there is a designated beneficiary or beneficiaries, that person or persons will receive the asset at death. These beneficiary provisions have from time to time been challenged…
Nov 14, 2018
Here is the usual scenario: Divorcee (client) wants an estate plan so that all her assets pass upon her death to her unmarried adult child (who has no descendants), but she wants to make sure that such assets never pass to her manipulating and greedy ex-husband. Since client’s child is single and has no children,…
Oct 29, 2018
It’s often not wise to use funds from a special needs trust to buy food or shelter for the beneficiary. If you are serving as trustee of a special needs trust, you need to know whether you can use trust funds to pay for food or shelter. The short answer, is you can, but you…
Oct 11, 2018
The Department of Veterans Affairs (VA) has finalized new rules that make it more difficult to qualify for long-term care benefits. The rules establish an asset limit, a look-back period, and asset transfer penalties for claimants applying for VA pension benefits that require a showing of financial need. The principal such benefit for those needing…
Aug 29, 2018
Texas is one of the most liberal states in the country when it comes to probate and the probate process. Probating a person’s Will is usually very streamlined and straightforward. However, there are some types of assets that make up a person’s estate that are considered “non-probate” and pass outside of what is controlled by…
Aug 7, 2018
You may be afraid of losing your home if you have to enter a nursing home and apply for Medicaid. While this fear is well-founded, transferring the home to your children is usually not the best way to protect it. Although you generally do not have to sell your home in order to qualify for…
Jul 25, 2018
The family reunion has always been an event everyone looks forward to. Family visits, games, stories and everyone’s favorite foods are always on the agenda. On the top of the menu is Grandmas Lemon Coconut Cake. Grandma always makes the traditional cake from her old family recipe. This year, however, the cake tasted a…
Jul 16, 2018
Roughly 35% of the 25 million persons in the U.S. at age 71 or above have mild cognitive impairment or dementia, according to a Duke University study. These people with impaired decision-making capabilities are highly susceptible to financial abuse. Financial abuse of elderly persons who are impaired in their decision-making can take several paths. First…
Jul 9, 2018
Long Term Care Planning is the process of preparing for and funding long term care. Long Term Care refers to a wide-range of medical, personal and social services for individuals who are unable to provide for their own needs for an extended period of time. This need for care from others may be caused by…
Jun 28, 2018
While the execution of wills requires formalities like witnesses and a notary, the reality is that most property passes to heirs through other, less formal means. Many bank and investments accounts, as well as real estate, have joint owners who take ownership automatically at the death of the primary owner. Other banks and investment…
