The Advantages and Disadvantages of Revocable Trusts

There is a peace of mind that comes with estate planning. It allows you to be prepared for the unknown. One of the biggest mistakes about estate planning is that many believe it to be a single document. Your attorney has a multitude of documents to choose from that each address different planning needs. They choose and create each one based on your needs. Another common misconception is that for some, estate Read More

How Do You Write an Estate Plan for Digital Assets?

When people first come across the idea that their digital assets should be put into an estate plan, they may dismiss it. Or they may not understand how to write an estate plan for those digital assets. Some people incorrectly assume that they don’t have cryptocurrency or online gaming accounts, so they also assume the issue doesn’t apply to them. Digital assets extend beyond these. When was the last time you used Read More

2 Ways to Avoid Estate Taxes

Can you avoid estate taxes? There are some ways to do so. We will look at two ways to reduce your estate taxes. There are two different ways in which your estate can be taxed: by the federal government or by your state. Not every state has estate taxes, and those states that do tax at different percentages. Texas, for instance, does not implement an estate tax.  Some states do have inheritance taxes, and Read More

Use Estate Planning Now to Get Medicaid Help for Long-Term Care Later

You may know that Medicaid can help cover long-term care costs. And, you might know that for this coverage, you should have few assets. To reach that point, you can use estate planning to protect your assets and get Medicaid’s help for your long-term care costs. Long-term care is a living facility that assists with daily activities and provides medical treatment in some cases. For the majority of people who need Read More

What Is the Difference Between A Will vs. A Trust?

You’re not alone if you are new to estate planning or simply don’t understand the difference between a will and a trust. There can be a considerable amount of misunderstanding associated with the two things. Some common misinformation that circulates is that trusts are for wealthy people and their children. And if you create a will, you’re all set. Both trusts (and there are several kinds) and wills are two very Read More

Does Texas Have a Medicaid Spend Down?

Most of us will require nursing home care at some point in our lives. What’s worrying is how expensive it is. Perhaps you’ve heard of the possibility to reduce your assets before this time comes. You may wonder if it is possible to do a Medicaid spend down in Texas. On average, private and semi-private accommodations in a nursing home cost $8,365 and $7,441 respectively. While overall costs vary based on location, Read More

5 Times in Life When You Need to Update Your Estate Plan

One of the only things certain in life is change. When your estate plan was originally created, it was based on your circumstances at the time as well as the current state and federal estate planning laws. If you reflect on what’s happened in your life between then and now, it’s easy to see how the constant change makes it necessary to revisit your estate plan. In general, you should update your plan every three Read More

The Top Three Reasons Estate Planning Isn’t Just for the Rich and the Elderly

There’s a common misconception that if you aren’t fabulously wealthy or very old, it’s not important to worry about estate planning. This simply isn’t the case! Estate planning is important for everyone, regardless of your age or economic status. In today’s blog post, we’re looking at the top reasons to create an estate plan even if you’re a young person without many assets. It can spare your loved ones a lot of Read More

The Difference Between Elder Law and Estate Planning

The terms “elder law” and “estate planning” are often used interchangeably, but in fact, they are two separate, yet related, areas of law. As the average lifespan increases, individuals have to consider what type of quality of life they want in their golden years and how they will achieve it. They also, of course, must make considerations for what will happen after they pass away. This is the primary difference Read More

Understanding the Difference Between Dependent and Independent Estate Administration

There are generally two ways to settle estates in Texas: dependent and independent estate administration. The probate process will depend on the route you take, so it is important to understand the difference between the two types of administration. Here is how dependent and independent estate administration differ.  Dependent Administration  Dependent administration is usually used when there are disputes Read More