A family farm or ranch may be a treasured possession, but without effective estate planning, this treasure can turn to rust. Without any Will, or with the most common type of Will, ownership of family farms gets split among children and grandchildren through each passing generation. As each person dies, to correctly transfer the family [...]
If you are contemplating remarrying, or are in a second marital relationship, what special concerns are there for your estate planning? The major issues are: Determining whose assets are whose; Deciding if you have a joint plan or two separate estate plans; and How to ensure that your estate plan succeeds if you are the [...]
A question we get often in our practice is — “Is it too late to go through probate”, whether you're talking about your mother, sibling, parent’s estate, grandparent’s estate or great-grandparents estate? The answer is, No. It's never too late to do probate. Unfortunately, probate problems don't go away with time. They don't [...]
A well-drafted Revocable Living Trust in another state should be fully enforceable in the State of Texas. In fact, the Trust should state that the law where the Trust was drafted is applicable, so moving to another state does not subject the Trust to a different set of laws. It is advisable that if you [...]
For many, a Revocable Living Trust is a wonderful substitute for a Will to do estate planning. There are many advantages, and a few disadvantages, to a living Trust, so we do not make a blanket recommendation that everyone have a Revocable Living Trust. However, it is not uncommon that we are approached by someone [...]
David Pyke here with a special announcement because this week Senate Democrats proposed a new piece of legislation that would fundamentally alter the rules for taxation of assets received from estates, significantly limiting a current tax benefit known as the step-up in basis. As you know, President Biden has proposed massive spending on [...]
Should everyone have a Revocable Living Trust instead of a Will? Pyke & Associates does not recommend that all of our clients have Revocable Living Trusts. For many, estate planning using a Last Will and Testament and Powers of Attorney is very effective. A Living Trust can be more expensive to create and it can [...]
If you represent creditors, a defendant in your lawsuit that has died, or your client already has judgments against a deceased person, here's a brief overview of your client’s rights. First, a person's death does not end claims against them. Second, collection rights may be better against the estate than the living debtor, as most [...]
Medicaid planning seeks to ensure that your assets provide you quality care while maximizing what you pass on to your heirs. The probability that you will need long-term care is extraordinarily high: More than half of those turning 65 will need some type of long-term care services in their lifetimes. As life expectancy continues to [...]
I want to talk to you today about a Medicaid qualification issue. Most people are familiar with what they call the “five-year rule” or the “sixty-month look back.” The issue is whether you are disqualified from Medicaid if you've given away too much money during the five-year look back. And people think, [...]