In Texas, there are many ways to transfer assets after death without going through probate. Real estate can pass by a right of survivorship deed or a transfer on death deed. Retirement accounts such as IRAs and 401(k)s allow for beneficiary designations, and life insurance policies have long included beneficiary designations. Even bank accounts held [...]
There are two key things to do to make your estate simpler to handle. The first is what we do: prepare good estate planning documents and keep them up to date. Revocable living trusts and wills do not become invalid because of the passage of time; however, they should be reviewed periodically to make sure [...]
What do you do when your loved one needs long-term care in a facility but can't afford to pay for it? Medicaid is the answer for 70% of this country's seniors. Medicaid is a means tested, federally-funded program for long-term care that is administered by the Texas Health and Human Services Commission. The [...]
The most common will is one involving a married couple that says all to the surviving spouse and then equally to our children. Those wills have severe flaws. The first is that the surviving spouse, upon receiving the assets, has the full right to re-gift them how they wish. You might not imagine that your [...]
In prior articles, we have considered that planning in Texas can be done with a last will and testament or a revocable living trust. Which is best for you? A Texas will, when probated, gives an executor authority to transfer all assets in the State of Texas which includes personal property regardless where the financial [...]
What is the difference of doing your planning with a will or a living trust? A will is generally a simpler document to draft and therefore you save some up-front costs in creating the document. However, since probate is required of a will, you have costs that are going to be incurred when [...]
What's the difference between doing planning with a will versus a revocable trust? Most people understand the concept of a will. It is someone's written legal instructions as to how their assets are being divided and who is going to be in charge - their executor. A revocable living trust is something that many [...]
Are you new to Texas? Well then, "Howdy!" Over 150,000 have joined us in our corner of the Lone Star State in the last year. Hopefully, before you moved to Texas, you had good, up-to-date estate planning. But, since estate planning laws are different from state to state, if Texas is now your residence, you [...]
I have been a resident of Dallas for 61 years, so I find it amazing that there are people who don't live within ten miles of the hospital where they were born. Many, because of careers or wanderlust, move frequently from state to state. Many others who may have lived in one state for many [...]
There are so many ways to transfer assets upon someone’s death. Texas now permits virtually all property, real property and otherwise, to be transferred by a right to survivorship deed or agreement. Tax deferred accounts such as IRAs and 401Ks can be transferred by beneficiary designations. Life insurance policies have always had beneficiary designations. Bank [...]