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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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Yes! If a senior is medically and financially qualified, Medicaid will pay for virtually all of their long-term treatment expenses. In Texas, long-term care costs are extremely expensive, whether in an assisted living facility, home health care, or nursing home. Medicare coverage for long-term care is exceptionally restricted, private health insurance policies typically do not...
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A licensed specialist in elder law is an attorney who has undergone specialized training in elder law issues, has practiced in that specific area for a certain amount of time, and has been accredited as highly qualified in elder law by their State Bar or by another accrediting organization. The substantial benefit of employing an...
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Life expectancy in the United States has continued an upward trend over the last several decades. The average life expectancy for men is 76.4 years and the average for women is a healthy 81.2 years of age. What has not trended upward, however, is the number of people engaging in long term care planning. The...
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Many children find it difficult to have conversations about the future with their aging parents. It is often uncomfortable for all parties involved. Children may worry about how the conversation with their parents will be perceived. It can be tough to discuss the subject of money as children don’t want to be perceived as though...
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These days it seems you can do just about anything on the internet. So why not do estate planning? Just download some forms, follow the worksheet, fill in the blanks, and be good to go? When it comes to leaving your life savings to those you love, you should be more confident that your heirs...
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