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The challenge of caring for a disabled or special needs family member can be rewarding, but also exhausting financially and emotionally. By establishing a special needs trust, you can provide additional financial support for your elderly parents, disabled children or other loved ones without affecting their government support. A special needs trust can help you...
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A revocable trust is a great opportunity while you are alive to designate exactly how you would like your estate, including property and assets, to be handled in case you become incapacitated or if you should pass away. Revocable trusts are not just for the rich and famous. They are an important component for all...
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Probate is the legal process where authority over your property is passed to someone else under court supervision and control. After the court determines that your will is valid, the personal representative is responsible for taking control of your assets, notifying and paying any creditors, filing income and estate tax returns, and distributing your property...
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Probate administration refers to the handling of an estate of a person who has died. Whenever a person dies, their estate needs to be collected and managed. Estate administration involves gathering the assets, paying the decedent’s debts, and distributing the remaining assets. Without a basic understanding of the estate administration process, the whole experience can...
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Most people are familiar with the legal term “power of attorney,” but many do not realize how important it is to designate another party to handle their affairs in situations where they are not able to do so. When you least expect it, your life can take a turn for the worse, putting you or...
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When it becomes necessary to put family members in long-term care facilities, we expect our loved ones to be treated well. Unfortunately, a recent study by AARP revealed that cities such as San Antonio and all throughout the state of Texas ranked towards the bottom (35th overall) for quality of life and care in this...
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People are living longer and life expectancy continues to increase. As a result, planning for the possibility of long-term health care has become a critical component of estate planning. Long-term health care is expensive. Whether the health care is provided in a nursing home or the patient’s home, costs can quickly deplete even the wealthiest...
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For some business owners, a limited liability company, also known as an LLC, is the optimum business structure because it limits the owner’s legal responsibility and has features similar to both corporations and partnerships. LLC means that the member cannot be held personally responsible for business debts and obligations. In an LLC, the member’s personal...
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A living will is one type of a multitude of estate plans that exist. It allows a person to express their medical and end-of-life treatment decisions and provide clear medical instructions to family members and healthcare professionals. The purpose of a living will is to ensure that a person’s medical care wishes are honored should...
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A revocable living trust is a written agreement designating someone to be responsible for managing your property and estate. It’s called a living trust because it’s established while you’re alive. Common reasons for creating a living trust include: avoiding probate increased confidentiality since living trusts are never made a matter of public record reducing taxes...
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