Serving Denton County Since 1992 | 6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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Components of a Comprehensive Estate Plan
Planning who will receive your assets and property upon your death is just one aspect of estate planning. Estate planning also involves deciding who will handle your finances and make medical decisions in the event that you are incapacitated.
A comprehensive estate plan will comprise several legal documents, along with beneficiary designations for certain accounts. This complex process is best handled by a Flower Mound estate planning attorney.
Last Will & Testament
Perhaps the most important document in a comprehensive estate plan, your will designates who will receive your assets and property when you die.
If your estate is probated, this legal document will tell the court who you want to be in charge of your estate (i.e., executor) and which beneficiaries will receive your assets. It also allows you to name a guardian to care for your children if they are still minors when you pass.
Identifying Financial Elder Abuse
Financial elder abuse occurs whenever someone uses your money for financial exploitation. The extensive baby boomer population is now seniors, with an estimated 10,000 people turning 65 years old each day.
The abuser might be a caregiver, neighbor, family friend, or family member. No matter who is committing the abuse, financial elder abuse is becoming a serious issue in the United States, and the aging population is at a high risk of being victimized.
If you have reason to believe that you or a family member are a victim of elder abuse, speak with a Flower Mound elder law attorney today.
What is Financial Abuse?
Financial abuse can happen to anyone, but it is especially devastating when it happens to an elderly person. Financial abuse can take any of the following forms:
Do You Need a Lawyer for Probate?
Probate is the formal legal process of validating a will in court and appointing a designated person to manage an estate and distribute assets to beneficiaries.
While you are not required to hire an attorney, the process affords no room for error. If you make a mistake, the probate process could be prolonged, stripping you of your time and money.
If you need to probate an estate, you will need the services of a Denton County probate and estate administration attorney.
How Does the Probate Process Work?
Probating a will is required if the decedent holds any assets in his or her name alone. While there are situations in which you can avoid probate, many times, assets do need to move through probate. If an estate needs to be probated, the will does not go into effect until the process is completed.
The probate process begins when the executor (appointed by the deceased in the will) files an application with the court. After you file an application, interested persons will be notified that the will is up for probate. These interested persons may be heirs, beneficiaries, or anyone related to the deceased. These interested parties are notified of the probate hearing, including the date, time, and location.
When is it Time to Update Your Estate Plan?
When most people consider estate planning, they might think about a last will and testament or trust so that upon their death, beneficiaries will be guaranteed assets.
Estate planning is much more than the distribution of assets, and even after a complete estate plan has been effectuated, there will come a time to update your current estate plan.
Below, our Flower Mound estate planning attorney discusses the components of a complete estate plan and three reasons to update your current estate plan.
Components of a Complete Estate Plan
Estate planning involves distributing the greatest amount of assets to beneficiaries while minimizing taxes. An important aspect of any estate plan is protecting assets during the testator’s lifetime.
3 Ways to Transfer Assets Outside of Probate
While comprehensive estate planning can achieve several important goals, one of the most important is ensuring that your assets go where you want them to after you pass away. Additionally, a well-crafted estate plan will transfer those assets in the most efficient way possible, saving your estate and your beneficiaries time and money.
When you pass away in Texas with or without a will, your assets will need to go through a process called probate, where a court oversees the way it is handled. In many cases, this process is expensive and time-consuming, often involving attorneys, appraisers, accountants, and court fees. Fortunately, an experienced Flower Mound estate planning lawyer can often find ways to transfer your assets outside of probate.
Estate Planning 101
Estate planning is the process of making decisions and executing documents that provide for the distribution and management of your assets in the event that you pass away or become incapacitated through injury or disease.
The primary purpose of estate planning is protecting your assets and making sure that they go to the people or organizations you want them to in the future. In addition, a well-executed estate plan can avoid probate, which could cost your family significant time and money.
Importantly, estate planning is much more than executing a will - but a will is certainly part of a comprehensive estate plan. Some of the more common parts of a comprehensive estate plan are discussed in detail below. The best way to determine what you need in your estate plan is to discuss your circumstances with a Denton estate planning attorney today.
Key Life Events That Trigger an Estate Plan Review
A 2020 Gallup Poll revealed that just under half of Americans (46 percent) have a will outlining their wishes for their estate after their passing. Surprisingly, this statistic has remained relatively consistent since 1990. If you are among those who already have a will, you might think your job is done. However, it is crucial to recognize the importance of periodic reviews and updates.
This becomes particularly critical during significant life events such as marriage, the addition of a new child, or divorce. Seeking guidance from an experienced Denton County estate planning attorney is invaluable in ensuring your estate plan is up-to-date and aligned with your intentions while addressing any potential tax implications.
Review Your Estate Plan After Marriage
Whether it is your first marriage or a subsequent one, tying the knot prompts a necessary review of your estate plan. This moment is opportune for including your new spouse or even stepchildren in your plan. For those who have been through a divorce, this is a crucial juncture to confirm that your former spouse has no unintended entitlement to your estate.
Five Things to Know Before Appealing for Medicare Benefits
Appealing for Medicare benefits can be a challenging process. It is important to familiarize yourself with the necessary steps to ensure a fair and successful outcome in your appeal. Today, we will outline five crucial things you should know as you prepare to appeal for Medicare benefits. As you move forward with your appeal, it is in your best interest to obtain legal representation from a Medicare attorney, as the appeals process can be a long and difficult process, necessitating the assistance of a legal professional.
Understand the Appeals Process
Before diving into the appeals process, it is crucial to comprehend the different levels of reviews available to you. The Medicare appeals system consists of five levels:
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Redetermination
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Reconsideration
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Administrative Law Judge Hearing
Understanding the Benefits of Hiring a Medicare Attorney
Navigating the complexities of Medicare and understanding the rights and entitlements can be daunting, especially for those unfamiliar with Medicare and its complexities. That is where a Medicare attorney can play a crucial role. By providing legal advice and representation, a Medicare attorney can help you navigate the ever-changing Medicare system, ensuring you receive the benefits you are entitled to. Today, we will explore the various ways a Medicare attorney can assist you in dealing with Medicare-related issues.
Claims and Appeals
One of the primary roles of a Medicare attorney is to assist with claims and appeals. If your Medicare claim has been denied or you are unsatisfied with the provided coverage, a Medicare attorney can guide you effectively through the appeals process. They have the knowledge and skill to decipher complex regulations and advocate for your rights, increasing the chances of a successful appeal and working to get you the coverage or reimbursement you deserve.
The Top Five Mistakes that People Make During Probate
The probate process in Texas is difficult enough with all of the paperwork and requirements. But many people make it even harder on themselves when they try to handle the process on their own and make mistakes. Errors could mean further delays in the probate process, leading to additional stress and family fighting. Here are five mistakes that people make that can slow probate down.
Failing to Pay Income Tax
The executor of an estate must complete an income tax form for the last year that the deceased person was alive. Death does not excuse the obligation to pay full taxes to the federal and state governments. This obligation is passed along to the estate.
Not Paying Close Attention to the Paperwork
Courts are very technical about the paperwork requirements during probate. The important nature of interpreting and executing a will means that people must be very precise and that probate judges cannot give anyone the benefit of the doubt. If you make mistakes on your forms, they will be sent back. Having to complete them again will add time to the process.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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