When drafting a will, especially for the first time, the process may seem overwhelming. With so many things to consider, finding someone who can help you navigate the process is your best bet.
Once you draft your will, is it a good idea to give a copy to your family? If you do not, who executes the estate upon your passing?
When starting a business, an entrepreneur settles on a product or service that appeals to his or her talent and interests. The fun part of the process often includes selecting a name and a logo, perhaps finding a partner, sketching a business plan and deciding whether to open a storefront.
When the dust settles, and a newly minted business owner begins to dig the foundation, pour the concrete and start building the structure, some realities emerge. The entrepreneur faces unexpected financial issues, a morass of state and federal laws, tax responsibilities and an uncomfortable awareness of all the unknowns.
Have you ever stood in front of your refrigerator and carefully examined the expiration date on a carton of milk? Even if the date had passed, did you sniff the carton and make your own assessment of your milk’s freshness? Like the milk in your refrigerator, your last will and testament may have effectively expired.
Because thinking about death can be uncomfortable, many Texans put off writing a will. Once you finish the task, it may be tempting to never think about the document again. Unfortunately, if you fail to regularly ensure your will continues to reflect your wishes, you may miss the mark. Here are four signs your will may be out of date.
The winter holiday season is the perfect time to update your estate plan. During this time of year, you reflect on what is most meaningful in your life. You also deal with some stressful circumstances during the holidays.
It is vital to review and revise your estate plan on a regular basis, so why not start now? Here are some reasons why the holiday season should motivate you to ensure your estate planning documents are up to date.
As a parent, you want to provide for your children in the best way possible. A proper estate plan may help you in providing for and protecting them beyond your lifetime, and throughout the rest of their own.
An estate plan can be comprised of several different documents. There are three key elements to incorporate into a successful plan.
It is paramount for people to make a durable and medical power of attorney when they are still young and all their mental faculties are intact. A power of attorney will give someone else the power to make medical and financial choices for you when you cannot make them independently. In the event that you delay making a power of attorney, then at some point, it may become too late. The process becomes much harder when a person loses his or her cognitive functions without a power of attorney in place.
It is never too early to give someone power of attorney. In fact, you can help circumvent headaches down the line by giving a loved one, such as a spouse or child, this designation well before you actually need it.
Reaching the point when you and your parents know they need long-term care outside the home can be very difficult and emotional. You want the best for your parents in these final years of their lives, and trying to find a place that meets all your criteria is no small challenge, especially when you have a price range. Genworth Financial reports that the 2017 median cost of one month at an assisted living facility in Texas was $3,500. A semiprivate room in a Texas nursing home was $4,563.
Those who have low income qualify for financial assistance through Medicaid programs in Texas. What if your parents are above the maximum income and have too many assets for Medicaid but still not enough means for the expense of long-term care?
Perhaps you prepared your last will and testament years ago and have not looked at it since.
Time has passed, and changes have no doubt occurred in your life that might affect your original beneficiary designations. Could updates be in order?
If you have an elderly parent who is no longer able to manage his or her affairs, and he or she did not appoint a power of attorney when there was still time to do so, you may find yourself in a difficult situation. This is a time when guardianship may be an option, so you can help your parent manage his or her affairs in a competent and responsible way, despite the fact that he or she is no longer personally able to do so.
The court has to order a guardianship, in which you then supervise your parent's affairs and make decisions on his or her behalf, including financial and health care decisions. Gaining guardianship is a process you can do through seeking the assistance of an estate planning attorney. Here are three tips that guardians should keep in mind.
It is never easy to see your parents age. If everything went as you hope, your parents would stay sharp and healthy until their dying day. Unfortunately, it does not always go this way for Texas senior citizens. Numerous age-related cognitive and physical conditions may make it difficult or impossible for your parents to take care of themselves or make sound financial decisions.
Therefore, you might wonder about the best time to consider a power of attorney. This type of estate planning gives a trusted representative the authority to make financial, medical or physical decisions on behalf of the elder. The following situations might signal it is time to consider a power of attorney:
Serving South Texas For Three Generations
323 E. Jackson Street
Harlingen,
TX
78550
Phone:
956-320-1320
Fax:
956-423-4976
Harlingen Law Office Map
