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Texas state probate law requires that all estate assets are gathered and that all the decedent’s remaining debts get settled out of those assets. Only after all liabilities have been resolved can the estate’s assets be allocated to the beneficiaries as outlined in the will or, if there is no will, according to Texas intestate...
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The probate process begins with a knowledgeable attorney, skilled at balancing all the moving components of probate: beneficiaries, executors, estate administrators, and wills. There are many aspects to having a will probated, and it is likely not something you want to endure alone. Getting a Will Probated in Texas In the time following the passing...
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When a Medicaid candidate has an overabundance of assets, the Medicaid Asset Protection Trusts (MAPT) can be an invaluable plan of action to satisfy Medicaid’s asset restriction. This sort of trust allows an individual who would have otherwise been disqualified for Medicaid to become eligible again and be provided with the care they need in...
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The legal needs of seniors are varied and numerous. What was once easy for us becomes very difficult as we age. Possibly we are becoming a bit more forgetful, or we’re experiencing difficulty with our mobility; perhaps some people we regularly depended on are no longer accessible to us, and we are beginning to stay...
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The initial step to creating a revocable trust is to sign a trust agreement. There are many alternatives to go about this matter, such as writing your own, visiting a local law library, purchasing software to draft you one. Still, most people would concur that it is best to hire an attorney. The trust agreement...
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What is a living trust? A trust is a legal entity that is utilized for the administration and distribution of assets. The legal title to the assets and the right to manage them is controlled by one person referred to as the trustee. The other party is referred to as the beneficiary and has the...
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An estate plan is the framework of arrangements, set up during an individual’s lifetime, for the administration of that individual’s assets and affairs when they become incapacitated or pass away. Estate planning is crucial, as well as periodically reviewing and updating the plan to keep up with any developments in life. Reviewing and updating your...
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What is an independent administration? Texas stipulates for independent administration free of court oversight. In other words, following the approval of an administrator or an independent executor and an inventory of estate assets (or an affidavit instead of an inventory) has been filed, the administrator or executor may handle the management of the estate without...
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Yes! Medicaid pays for long-term care in a nursing home. It pays for long-term senior care in the home in a few states as well. However, Medicare does not pay for long-term care. If I give away all my money and my house, will I qualify? You will no longer qualify for Medicaid. There is...
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After a person dies, most Texas estates need to go through probate. Probate is the legal process where the deceased person’s estate is settled, including collecting (known as marshalling) the assets, paying any existing claims and debts, and distributing the residual estate to beneficiaries as outlined in the will if there is one. However, if...
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