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Recent Blog Posts

Common Complications of Probate Court (And How To Avoid Them)

 Posted on November 27, 2024 in Estate Planning

Flower Mound, TX estate planning lawyerMaking arrangements for after your death is a delicate process. There may be people who you want to take care of, whether through financial support or other property you pass down to them. However, depending on how you plan for this time, your beneficiaries may have to go through probate court, which is the legal process of dividing up your assets in front of a judge. 

 

Probate court can be a long, tedious, and expensive process for your loved ones to go through after experiencing a devastating loss. However, there are measures you can address as part of your estate planning that can make the process more manageable for your loved ones. A Texas estate planning lawyer can help you sort out your affairs efficiently and with minimal stress, avoiding the various challenges associated with probate court.

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Living Wills: What You Should Know

 Posted on November 15, 2024 in Estate Planning

Flower Mound, TX estate planning lawyerMost people avoid thinking about death whenever possible, for understandable reasons. However, in the event of an unexpected accident, sudden illness, or even just getting older, a legal document, or will, can outline exactly how you want medical professionals to treat you when you cannot make a decision for yourself or express your decision.

A Texas estate planning attorney can assist in the process of establishing your living will. Attorney Stephen Colbert has years of experience protecting the rights of clients in elder law, estate planning, business succession, and probate.

What is a Living Will?

A living will is a legal document that dictates the terms of your care in cases of advanced illness and injury when you can no longer communicate on your own behalf or understand what is happening. This can give doctors the authority to continue your treatment to the end of your life or to withhold treatment if that is what you want.

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Including a Charitable Remainder Trust in Your Estate Plan

 Posted on October 18, 2024 in Estate Planning

Flower Mound, TX Estate Planning LawyerCreating an estate plan can be difficult for several reasons. First, there is the emotional aspect of making plans for a time in the future when you will either be incapacitated or no longer living. Second, it can be complicated to sort through all the possible arrangements you can make. Many people struggle to articulate exactly how they want to leave a legacy, and are often unsure how to benefit both their loved ones and important causes they support. A knowledgeable Flower Mound, TX estate planning lawyer can help you navigate this problem by working with you to create a charitable remainder trust.

What Is a Charitable Remainder Trust?

When people establish trusts and other ways to leave money to beneficiaries, there is a concern that taxes will be levied on any inheritance. One way to avoid saddling beneficiaries with hefty capital gains taxes is by setting up an irrevocable trust called a charitable remainder trust (CRT), which lets you accomplish three things:

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Is a Will or Trust Right for Me and My Family?

 Posted on October 03, 2024 in Estate Planning

Flower Mound, TX estate planning lawyerPlanning for the future can feel overwhelming, especially when choosing between a will or a trust. Both are useful estate planning tools that help protect your family's future, making it easier to manage your estate after you are gone. To understand which option is right for you, consult an estate planning lawyer.

What Are the Benefits of a Will?

A will is a legal document that explains how your assets should be distributed after you pass away. While creating a will might seem simple, it is recommended to get legal advice, especially in Texas. Key features include:

  • Simplicity: Wills are generally easier and less expensive to set up compared to trusts.

  • Control: You decide who gets your assets, appoint guardians for minor children, and choose an executor to manage the estate.

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3 Differences Between a Will and a Transfer-On-Death Deed in Texas

 Posted on September 23, 2024 in Estate Planning

Denton County Probate LawyerWhen someone starts thinking about what they will leave behind when they pass away, it can be difficult for two reasons. First, it is emotionally challenging to plan for our own death, something most of us would prefer not to focus on. Second, there are so many options available that it can be confusing to sort through it all. This article will compare two estate planning options - wills and transfer-on-death deeds. Both are official ways to leave things behind for loved ones after your death, but they have different characteristics that make them preferable for different circumstances. Contact a knowledgeable Flower Mound, TX estate planning attorney to discuss which option makes the most sense for you.

How to Decide Between a Will and a Transfer-On-Death Deed

Transfer-on-death (TOD) deeds and wills are two options commonly used for bequeathing your assets to people you leave behind when you die. While they accomplish similar goals, there are some important differences that might make one method better suited to your needs:

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Planning Your Own Funeral in Texas

 Posted on September 09, 2024 in Estate Planning

Flower Mound, TX estate planning attorneyPeople tend to care a lot about how big events in their lives are marked. Why should a funeral be any different? Since your funeral will leave a lasting impression of your life on all who attend, it is not unreasonable for you to have certain ideas about how it should be. To that end, it is common for people to include their funeral plans in their estate planning arrangements. If this seems relevant to you, speak with a skilled Flower Mound, TX estate planning lawyer to learn more about how you can plan your own funeral.

Why Would You Plan Your Own Funeral?

Most people do not relish the idea of making plans for when they die, but as Benjamin Franklin famously said, nothing is certain but death and taxes. With death being a certainty rather than a possibility, it can be sensible to try to plan for when it happens. 

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Establishing a Texas Special Needs Trust

 Posted on August 26, 2024 in Estate Planning

TX estate lawyerParents of children with special needs typically want to do everything they can to get them every resource to help them live a great life. That also includes setting up ways to ensure that they will keep getting the care they need after their parents are no longer around. Often in situations like this, a family might decide to establish a special needs trust, which can leave someone with financial resources but maintain their eligibility for programs that offer care and basic needs. If you are interested in taking steps to protect your child’s financial future, speak with a skilled Flower Mound, TX estate planning lawyer to learn more.

Government Programs for People with Special Needs

The government has programs like Supplemental Security Income (SSI) and Medicaid that offer financial support to people with special needs. However, if someone has a certain amount of resources, they can be disqualified as a Medicaid beneficiary. A special needs trust is a way to hold assets that can be used for someone receiving Medicaid benefits to pay for a nursing home or other type of long-term care.

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Tax Considerations to Keep in Mind for Your Texas Estate Plan

 Posted on August 12, 2024 in Estate Planning

TX estate lawyerWhen you live in Texas and are granted an inheritance, you benefit from the fact that the state does not have an inheritance tax. There are also some federal estate tax exemptions you might be entitled to. All that can make you think you have nothing to worry about when you inherit something. However, Texas residents might still need to pay federal estate taxes depending on the circumstances of the inheritance. If you are trying to plan for your financial future, speak with a skilled Denton County, TX estate planning lawyer who can explain your options for protecting assets.

How do Estate Taxes Work in Texas?

There is currently no state-imposed inheritance tax in Texas. As for federal taxes, if an individual inherits up to $13.61 million or a couple inherits up to $27.22 million, they are exempt from taxes. Since these amounts are so high, many people will not be liable to pay taxes, but it is best to be aware that laws can change.

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Understanding the Lookback Period for Medicaid Trusts

 Posted on July 20, 2024 in Estate Planning

TX estate lawyerOne important but less discussed aspect of estate planning is something called a "lookback period," which is the time when financial transactions - particularly involving trusts - are scrutinized. This is done to determine Medicaid eligibility. If you are considering Medicaid planning, speak with a knowledgeable Flower Mound, TX estate planning lawyer to understand the implications of this lookback period.

How Do Medicaid Trusts Work?

Medicaid is a federal and state-funded program that provides healthcare benefits to eligible individuals with limited financial resources. To qualify for Medicaid’s long-term care benefits, applicants must prove that their financial situation necessitates them. They need to meet strict conditions, with any assets they own not exceeding a certain limitation.

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Texas Closes the Loophole Used to Defraud Seniors and Others

 Posted on July 10, 2024 in Elder Law

TX elder law attorneyS.B. 576 went into effect almost a year ago to restrict the exploitation of senior citizens and mentally disabled people. While scams and scammers change from week to week, this vulnerable group of seniors and the mentally disabled are common targets of "friends" and caretakers looking for a quick buck. All too often, these fraudsters have been able to get away with stealing money, possessions, and even identities, thanks to a loophole in Texas law. Comprehensive estate planning can help prevent unscrupulous people from taking advantage of the elderly.

If you suspect a vulnerable person is being taken advantage of by dishonest caretakers, friends, or greedy family members, take immediate action. A skilled Flower Mound estate planning attorney can help determine whether fraud has occurred and, if so, how to hold the person who committed the fraud accountable and ensure your loved one is safe. This can be a difficult time and a complex situation that benefits from speaking to an experienced lawyer.

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