There is a major difference between medicaid crisis planning and pre-planning.
Many individuals seem to have the mistaken belief that the terms “will” and “trust” are interchangeable. This belief can lead to significant costs that one assumed he was avoiding by executing estate documents. Below, I have listed a few differences that set wills and trusts apart. A will must be probated, but a trust does not. If you have a will without a living trust, then all of the assets named in the document must go through probate - a process that could potentially cost your
I recently had a client ask me if I could create a trust that would allow him unlimited access and control of his assets while providing protection from potential creditors and money-hungry claimants. Unfortunately, Texas does not have a domestic asset protection law. In fact, it is against public policy for a settlor to create a trust for his own benefit to insulate himself from creditors.Although a trust was not a viable option to meet this client’s needs, we were able to provide him with a
It is quite common for individuals to put creation of their estate plan on the back-burner. Why? Maybe because their passing isn't something they want to think about. Or maybe they just don't see the urgency of the matter. The problem with procrastination in this area is that it can have a significantly negative-impact on your beneficiaries upon your passing. There are many reasons why it is important you secure an estate plan immediately. I have listed the top 10 reasons below: To ensure that
"Make these decisions so your family doesn't have to."Estate planning is not just for the ultra-wealthy. Everyone over the age of 18 should have an estate plan in place. A complete estate plan includes more than a will to determine who gets what if you pass away; it should include durable and statutory power of attorneys, as well as health care directives. These allow you to make important decisions about who you want to in charge if something were to happen and you were