Serving Denton County Since 1992 | 6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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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.
What Is Undue Influence in Texas Probate Litigation?
In order for the terms of a will of a deceased person to be fulfilled, the will must have been executed when the writer was of sound mind. However, a person writing a will may have been influenced wrongly by someone who wanted the will to be changed for their own benefit.
Someone who suspects a parent or other loved one was unduly influenced when writing their will may try to challenge the validity of the will in court. Undue influence can be grounds for invalidating a Texas will.
Undue Influence Means Some Form of Coercion
In an undue influence case, there is someone who has access to or control over a will’s creator, known as the will’s testator. The person exerting undue influence knows that the testator is in a vulnerable position, and they attempt to take advantage of it. There could be the following:
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Active threats to the testator if they do not change their will (i.e., direct threats of physical harm)
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.
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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