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Recent Blog Posts
Should I Seek Guardianship of My Aging Parent?
Texas law allows an individual to become another person's guardian under certain circumstances. A guardian is someone who is legally responsible for taking care of another person's physical or financial wellbeing. In the case of an aging parent, a guardian may be needed if they are no longer able to make sound decisions on their own or manage their own property.
If your parent is getting older and struggling with cognitive decline or physical health concerns, you may be interested in exploring your legal options. Guardianship is a serious decision, and it is important to understand exactly what the process involves before making any decisions.
Basics of Adult Guardianship in Texas
There are two main types of guardianship in Texas. "Guardianship of the person" gives an individual authority over another person's healthcare. A guardian of the person is responsible for making decisions about medical care and living arrangements.
Using a Special Needs Trust to Provide for a Child With Autism
As the term "Autism Spectrum Disorder" implies, autism exists on a spectrum. Some individuals with autism may require minimal support, while others require substantial assistance with decision-making and everyday life activities. If you have a child with autism, a special needs trust (SNT) is an important tool that can help ensure their financial security into adulthood.
A special needs trust allows you to set aside funds that are used exclusively for the benefit of your child without impacting his or her eligibility for government benefits. This blog will explain the fundamentals of a special needs trust as well as the unique benefits it may provide to families with autistic children.
Basics of a Special Needs Trust
A trust is a legal document that defines how assets are to be managed and distributed. A special needs trust is specifically designed for individuals with disabilities, such as autism, who receive government benefits like Supplemental Security Income (SSI).
Estate Planning for Texas Snowbirds
For many people, after working all their adult life and saving for retirement, the satisfaction when that last day of work finally arrives can be exhilarating. Once they retire, many people choose to split their time between states, depending on the seasons and weather. For example, some Denton County retirees split their time between North Texas in the warmer months and heading to warmer climates during the winter months. But just how does this splitting of residences impact a “snowbird’s” estate plan and which state laws should be followed? The following is a brief overview. For more detailed information about your particular situation, an estate planning attorney from our firm can help.
Establishing Residency
Each state sets its own estate laws, so where you live will determine which laws will apply to your estate it needs to be determined which state you actually live in. In some cases, this can be fairly easy. If you only own real estate property in one location, do your banking with one financial institution, and register your vehicle in one state, this would likely be your state of residence.
When Should I Update My Estate Plan?
Executing a will or creating a trust is not the end of estate planning. You may have created these documents years ago, or even decades ago. You may not even know where your original copies are anymore. If it has been a long time since you visited your estate plans, it may be time to dust them off and review them to make sure the plan you have on paper is still the plan you want. Additionally, laws change over time. A higher court ruling could have affected the way your documents will be interpreted since you made them. It is wise to have your estate plans periodically reviewed by a lawyer - and to periodically look over them yourself.
When to Revisit Your Estate Plans
If you have experienced any of these life changes, you may want to review and possibly edit your estate plans:
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Moving - If you changed apartments across town, you probably do not need to worry. However, if you sold your house and bought a new one, or you moved across state lines, then you will definitely want to take a look. Your old plan may specifically reference the address of a house you no longer own. Plus, state laws regarding estate planning can vary wildly.
Should I Use a Will or a Trust?
In a previous blog, we discussed incapacity planning. Incapacity planning is an important part of estate planning that involves planning for your own future care. The other part of estate planning - testamentary planning - is exactly what people think of when they hear the term “estate planning.” Testamentary planning is deciding during your lifetime who will receive your property when you pass away.
The two main ways to accomplish this are through trusts and wills. Some people choose one or the other, and others use both. Which one will work better for you depends on a number of factors, such as the size of your estate and who your beneficiaries are. Our attorneys can work with you and help you determine which documents you need in your testamentary estate plan.
Factors to Consider When Choosing Between a Will or a Trust
Each estate, each family, and each testator are unique. You will need to think about what your personal priorities are in estate planning. A few things to think about include:
What is Incapacity Planning?
You may or may not have heard the term “incapacity planning” before. Incapacity planning is a part of estate planning. It refers to making a plan for your own care in the event that you become incapacitated later in life. People are living much longer lives today than in the past. While this can provide a wonderful opportunity for many older adults to spend time with their children, grandchildren, and even great-grandchildren, it also means that people are more likely to face age-related capacity issues. Alzheimer's, dementia, and other causes of mental decline related to aging are very common. It is important that people plan ahead for the possibility that they will face these or other medical concerns. An attorney can help you decide what documents you need and walk you through the process of making these very important decisions.
What Documents Might I Use for Incapacity Planning?
A strong incapacity plan involves multiple documents that all serve distinct purposes. While it may sound complicated, a lawyer explain what each document does and why you need it. Some documents you might fill out during incapacity planning include:
Will your Texas estate need to pass through probate?
The Texas probate courts facilitate the administration of any estates of those who have died as residents of the state. The probate courts help interpret and enforce state law and oversee the administration of estates to reduce mistakes and conflict.
Probate proceedings can have a negative impact on the total value of an estate. People may spend thousands of dollars on court and other probate expenses. Ultimately, those costs will diminish what heirs and beneficiaries receive from the estate.
For some individuals planning their estates, avoiding probate is a priority. When is probate necessary under Texas law?
Most estates require at least some probate oversight
Texas generally requires that any property owned by someone who died to pass through probate. However, there can be much more intensive probate proceedings when the estate contains bigger and more complex property, including real estate and businesses. Smaller, less complicated estates can qualify for faster proceedings with less court involvement.
Do you need to draft a power of attorney to protect yourself?
An estate plan isn’t just your will. You can add documents to protect yourself, not just to name a guardian for your children and to distribute property to the people you love if you die.
Powers of attorney are documents that could help in the event of some kind of emergency. If you are unable to speak on your own behalf, make decisions about your medical care or manage your financial circumstances, powers of attorney will give someone the authority to handle those matters for you.
A power of attorney could help if you experience incapacitation due to Alzheimer’s or cognitive decline as you age. It could also protect you if you get hurt at work or in a car crash. When do you need power of attorney?
When you have needs that no one can legally meet
Many people, like college students, don’t realize that they need power of attorney. A 19-year-old student headed off to school will probably assume that their parents can help them in the event of an emergency.
How often should you update your estate plan?
You may already have a basic estate plan, and that’s great. It helps protect you and the people you care about if you’re injured or pass away.
That estate plan should be thought of as a living entity, though. Your life is always changing, and your wishes may change, too. As a result, it’s necessary to go back and look at your estate plan every so often to be sure that it’s still protecting you and your loved ones in the way that you want.
Reviewing your estate plan
There are some people who will tell you to review your plan annually or every few years. Others will suggest reviewing your estate plan only after major events.
The truth is that you should review your estate plan any time you:
- Have a major change in your life, such as the development of an illness or the birth of a new child in your family
- Are told there have been changes to the laws that may impact your estate plan
- Have a major change in your earnings
4 times in life when people really need estate plans
There are so many excuses people can invent to justify procrastinating about estate planning. Most people think that if they are getting ready to retire or don’t have hundreds of thousands of dollars in personal property that they don’t really need to estate plan.
However, there are many times in your life when having an estate plan is crucial for you and the people you love. Having a plan in place when you encounter any of the four situations below will do a lot to provide you peace of mind and protect your loved ones.
When you become a parent
Adding a new remember to your family through birth, marriage or adoption is an incredible experience. All of the joy of new parenthood also comes with the stress of parental obligations.
Your children will need a guardian if anything happens to you while they are still minors. They also will rely on you to leave some sort of legacy that can help them cover their living expenses and basic needs. Estate planning during pregnancy or after the birth of a child is very common.
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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