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Recent Blog Posts
Who Should I Choose as the Executor for My Estate?
Your choice of an executor for your will is crucial. This person will perform a vital role in administering your estate. Your heirs are relying on the executor to properly execute their duties. You should look for certain qualities in the person who you will trust. A Texas estate planning attorney can help review your situation and advise you on your choice.
Pick Someone Trustworthy
Above all, the person whom you select should be dependable. The executor takes on fiduciary responsibilities to the heirs that they must uphold. The executor may be transacting on behalf of the estate, and they must be trusted to do the right thing. In this context, the “right thing” means both that the executor uses reasonable care, and they put the estate’s interests above their own.
Select Someone with Financial Savvy
The executor may be called on to perform financial transactions on behalf of the estate. They may need to sell estate property or respond to creditor claims. The executor should be someone who is familiar with financial principles. While they do not need to be an expert, they should have some degree of financial literacy.
How Does the Lookback Period Work for Texas Medicaid Trusts?
You cannot simply move assets out of your name and immediately qualify for Medicaid coverage to pay for your long-term care in Texas. The state will be able to look back for five years to see if you have transferred assets. Thus, you need to establish a Medicaid trust well before the time that you may need long-term care. There is a point where it can be too late to protect your assets from high nursing home costs.
Medicaid Trusts Can Protect Your Family
Families often consider establishing trusts to preserve assets and still be able to receive long-term care. Medicaid has certain income and asset requirements in order to restrict benefits to people with lower incomes. If you do not qualify for Medicaid, you would need to use your own money to pay for nursing home care. With annual costs topping $100,000, your assets may become depleted, keeping you from leaving your money for your loved ones.
What Are the Advantages of a Spendthrift Trust?
Most of us have experienced situations in which we spend more money than we intended to. Whether we neglected our budget on vacation, overestimated our ability to manage expensive car payments, or let a love for shopping lead to significant credit card bills, overspending is something most people have done at least once in their lives.
If you intend to leave an inheritance to a loved one who tends to overspend, you may be worried about him or her misusing the inheritance funds or spending the funds too quickly. A spendthrift trust is a trust specifically designed for this type of situation.
Basics of Spendthrift Trusts in Texas
Many people assume that the only way to leave an inheritance to a loved one is through a will. Although wills can be useful in a variety of situations, they are also quite limited in their functionality. Trusts offer much greater control over how and when assets are distributed to beneficiaries.
Signs It May Be Time to Change Your Durable Power of Attorney Agent
The individual you select as your power of attorney agent has significant decision-making authority. A power of attorney for healthcare allows somebody else to make medical decisions on your behalf. This may include making decisions about artificial ventilation, tube feeding, dialysis, and other medical treatments. A financial power of attorney has control over your finances and is expected to pay bills and manage assets if you are unable to do so yourself.
Circumstances change over time, and sometimes the person selected as the power of attorney agent is no longer the appropriate choice. In this blog, we will discuss some signs that it may be time to choose a new power of attorney and how you can do so.
Your Power of Attorney Agent Has Suffered a Serious Illness or Personal Problem
Acting as a power of attorney agent is a serious responsibility. An agent has considerable authority and is asked to fulfill complicated, often emotionally charged duties. If the person you originally selected has come down with a long-term illness or disability, they may not be up to the task.
What is a Family Settlement Agreement in a Probate Dispute?
Countless issues can lead to disputes regarding a loved one’s estate. Family members may worry that an elderly loved one was coerced into making changes to their will or that they did not have the testamentary capacity needed to make an informed decision about the terms of asset distribution. Accusations of forgery or fraud may also lead to a will contest. In some cases, family members believe that an honest mistake was made during the writing of a loved one’s will and that the will does not reflect the testator’s true wishes.
Whatever the reason, disputes regarding a deceased person’s estate can be contentious and complex – both legally and emotionally. A Family Settlement Agreement is one option for resolving a dispute regarding a loved one's will. Read on to learn more.
The Basics of Family Settlement Agreements During a Probate Dispute
A Family Settlement Agreement is a legally binding agreement about how a deceased person’s assets should be distributed. For many families, reaching an agreement is the best way to resolve a probate dispute without the need for litigation. Heirs negotiate the terms of the agreement and discuss various options until they reach a distribution of assets arrangement that everybody can agree to. The heirs all sign the agreement and then file it with the court. The agreement is a legally binding contract that cannot be undone.
Understanding the Purpose and Benefits of a Living Will
If you pass away, would you want your organs to be donated to another individual? If you were in a coma and there was no chance of recovery, would you want doctors to keep you alive through artificial ventilation and feeding tubes? These are not easy questions. However, these are questions that you alone can answer.
A living will is an estate planning document that allows an individual to decide on what types of medical care they will receive if they are incapacitated. For example, if you were terminally ill and could not speak or otherwise express your wishes regarding medical treatment, doctors would follow the directions provided in your living will. A living will is a legal tool that often gets overlooked. However, it is essential to include it in your estate plans.
Why Should I Draft a Living Will?
A living will is an advanced directive that addresses medical decision making. The document instructs health care providers in the event that you cannot instruct them yourself. One of the greatest benefits of a living will is that it puts you in control of the medical care you receive regardless of whether you are conscious and aware. Another crucial benefit of a living will is that it shields your loved ones from having to make extremely difficult decisions on your behalf. Too many families end up in huge disagreements or even legal battles over whether to take a loved one off life support. When you describe your wishes in a living will, you save your loved ones the burden of making these decisions on your behalf.
An Irrevocable Trust Can Protect Your Assets from Lawsuits
We live in a litigious society, and for certain individuals, the threat of a lawsuit is ever-present. For example, doctors and other medical professionals are at significant risk of being sued at some point in their careers. Research conducted by the American Medical Association found that one in three physicians has had a medical malpractice lawsuit filed against them.
Business owners, real estate developers, and individuals in high-profile careers may also worry about the risk of being sued at some point. If this is a concern for you, one option you may want to consider is an irrevocable trust.
Irrevocable Trust Benefits
There are many different types of trusts that serve a variety of purposes. As the name implies, irrevocable trusts cannot be easily terminated or modified once they are established. When property is placed in an irrevocable trust, it becomes the property of the trust. The person who created the trust, the grantor, no longer owns the property. This means that if a grantor is sued, the assets in the trust cannot be touched – they are safe from creditors and plaintiffs. Furthermore, because the assets are removed from the grantor's estate, an irrevocable trust relieves the grantor of the tax liability generated by the assets.
What Should I Do If Medicare Denies a Claim?
Medicare is a crucial healthcare benefit for many older adults, but unfortunately, it can sometimes be difficult to get Medicare to pay for your medical treatment or services. If you have received a denial from Medicare on a claim you submitted, there are some steps you can take to try and appeal the decision.
If you feel that you have been unfairly denied a claim, your first step should be to consult an elder law attorney. Your attorney will help you understand the details of the denial and advise you on how to proceed with an appeal.
Responding to a Medicare Denial
Dealing with health concerns is difficult enough. When Medicare denies you coverage of a medical service, supply, or medication, it can exacerbate the stress immensely.
If you have received a denial from Medicare, you should review the denial notice carefully. It will let you know why your claim was denied and provide instructions on how to submit an appeal if you choose to do so. You should also contact your healthcare provider or supplier for additional information about the denial.
5 Questions to Ask Yourself When Selecting a Power of Attorney
Life is anything but predictable - which is why estate planning is important for individuals of any age. A power of attorney (POA) document allows you to designate a trusted individual to make decisions on your behalf should you become incapacitated.
When selecting an individual to serve as your power of attorney, it is essential to choose someone you can trust with the responsibility and authority that comes with the role. To help ensure you make an informed decision, consider the following five questions.
Can This Person Handle the Responsibilities that Come With Being a Power of Attorney?
Serving as a power of attorney means making significant decisions and taking on important financial responsibilities. The person you select should be able to handle the potential challenges that come with the role. Ask yourself if this person has the skills to make sound decisions and handle the legal and financial aspects of managing your affairs.
How Can I Incorporate Charitable Giving into My Texas Estate Plan?
Giving money to charity is a great way to leave a legacy and help others in need. Incorporating charitable giving into your Texas estate plan can have several significant benefits, both for you and the organizations that will receive your support. In some cases, thoughtful philanthropic planning can also reduce the amount of tax due on your estate.
When it comes to estate planning in Texas, there are several ways to incorporate charitable giving into your plan. Some of the most common methods include creating a charitable trust, donating through an estate plan beneficiary designation, and making a bequest in your will.
Exploring the Benefits of Charitable Trusts
A charitable trust is a legal document that establishes an account funded by your assets and held for the benefit of one or more charities. Charitable trusts allow you to donate a large sum of money to the organization(s) of your choice and receive significant tax benefits, as well as the satisfaction that comes with supporting the causes you believe in.
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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