COVID-19 is no excuse to put off conversations with older parents about their long-term care
Use this holiday season to observe their well-being and broach the subject, even over Zoom As a Dallas elder law and estate planning attorney, I hear concern edging into my clients’ voices every first of January, post-holiday-visit. After the plum pies are eaten and the grandkids tucked into bed, adult children are often left with worries about their parents’ safety and ability to live on...Read More
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How to Keep a House Out of Probate—Or Make The Process Easier
Failing to plan ahead can tie up your real estate in a lengthy probate process. The main issues that come up are the various delays and expenses that impact beneficiaries. Learn how to transfer a house or property without the costs of probate and how to make the probate process easier if a loved one is already deceased. Read More
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Social Security: The Basics
WHAT IS SOCIAL SECURITY? The Social Security Administration was founded in 1935 after the Great Depression to ensure that American citizens would have a reliable stream of income when they retire through no effort of their own. Social Security is a pay-as-you-go program, which means that you get Social Security taxes taken out of your paycheck today, that is then paid out to beneficiaries,...Read More
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Problem with Joint Accounts
Here’s an idea that sounds better than it is: Put childrens’ names on the parent’s bank account. That way, children can sign checks if parents can’t pay bills when they become ill. When the parents pass, the money goes directly to the children with no court involved. Simple. Simple does not mean good, however. Joint bank accounts are owned equally by all who are named on the account. All can...Read More
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How Children Influence your Estate Plan
Young Kids Create Special Considerations for Estate Planning When you have kids—especially young adults or minor children—estate planning is more critical than ever. Children introduce several unique concerns. There are more questions to think about, and there’s more riding on getting it right; so this is a crucial matter to think about early. There are two central...Read More
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So the Estate and Gift Tax has doubled – does that mean anything for you?
The Tax Cut and Jobs Act of 2017 has doubled the Federal Estate and Gift Tax exemption amount from $5.6 million to $11.2 million (2018 numbers). This means that if you are married, under portability rules, you and your spouse have a $22.4 million federal estate tax exemption (at least through 2026). Many people may not have paid too much attention to these new numbers. They believe their...Read More
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Individuals You Need to Consider Naming in Your Estate Plan
Overview An estate plan asks the client to name individuals for a variety of responsibilities – responsibilities that differ from one another and may lead the client to determine that more than one person is best suited to fill each of these roles. Executor/Trustee For the client The executor of a will is responsible for following the directions set forth in the will – in other words,...Read More
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