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Five Things to Consider in Your Long-Term Care Plan
The average American man lives to just under 75 years, while women live an average of about five years longer. With life expectancy lasting well past the point most of us expect to retire, careful planning for how we spend our later years is essential. This includes planning for how we want to be treated, even when we can no longer make decisions for ourselves.
Although it is not always easy or pleasant to consider these things, we give the ones we love the most protection and care when we take the burden of difficult decisions off of their shoulders in moments of great stress. By doing so, we can also ensure that our needs and expectations are met. Here, our Texas elder law attorney lists five things your long-term care plan might include. Call us today to learn more.
Common Issues with Medicare Coverage
Medicare is a government health insurance program for people aged 65 and older and some younger people with disabilities. It has several parts, including Part A (hospital insurance), Part B (medical insurance), Part C (Medicare Advantage Plans), and Part D (prescription drug coverage). Many people struggle to understand what is covered under each part, which can lead to confusion about medical bills and coverage options.
A Texas elder law attorney can help by explaining the different parts of Medicare and reviewing your coverage to ensure you are not missing benefits or paying for unnecessary services. They can also help you determine whether a Medicare Advantage Plan or a supplemental insurance plan is the right choice for your needs and assist you if you are denied coverage.
What Do You Need to Do After a Parent Dies?
Losing a parent is a life-altering event that can leave you feeling overwhelmed and uncertain about what to do next. Alongside processing your grief, there are practical and legal steps you must take to manage their estate and honor their final wishes.
Handling these responsibilities can be emotionally and logistically challenging, but an experienced Texas estate planning attorney can guide you through the process with compassion and clarity.
Notify Family and Loved Ones
The first step after a parent's passing is to notify close family members, friends, and others who may need to know. It is often helpful to ask someone you trust to assist with this task, especially if you are feeling overwhelmed. Sharing the news can also provide an opportunity for loved ones to offer emotional support.
Common Complications of Probate Court (And How To Avoid Them)
Making arrangements for after your death is a delicate process. There may be people who you want to take care of, whether through financial support or other property you pass down to them. However, depending on how you plan for this time, your beneficiaries may have to go through probate court, which is the legal process of dividing up your assets in front of a judge.
Probate court can be a long, tedious, and expensive process for your loved ones to go through after experiencing a devastating loss. However, there are measures you can address as part of your estate planning that can make the process more manageable for your loved ones. A Texas estate planning lawyer can help you sort out your affairs efficiently and with minimal stress, avoiding the various challenges associated with probate court.
Living Wills: What You Should Know
Most people avoid thinking about death whenever possible, for understandable reasons. However, in the event of an unexpected accident, sudden illness, or even just getting older, a legal document, or will, can outline exactly how you want medical professionals to treat you when you cannot make a decision for yourself or express your decision.
A Texas estate planning attorney can assist in the process of establishing your living will. Attorney Stephen Colbert has years of experience protecting the rights of clients in elder law, estate planning, business succession, and probate.
What is a Living Will?
A living will is a legal document that dictates the terms of your care in cases of advanced illness and injury when you can no longer communicate on your own behalf or understand what is happening. This can give doctors the authority to continue your treatment to the end of your life or to withhold treatment if that is what you want.
Including a Charitable Remainder Trust in Your Estate Plan
Creating an estate plan can be difficult for several reasons. First, there is the emotional aspect of making plans for a time in the future when you will either be incapacitated or no longer living. Second, it can be complicated to sort through all the possible arrangements you can make. Many people struggle to articulate exactly how they want to leave a legacy, and are often unsure how to benefit both their loved ones and important causes they support. A knowledgeable Flower Mound, TX estate planning lawyer can help you navigate this problem by working with you to create a charitable remainder trust.
What Is a Charitable Remainder Trust?
When people establish trusts and other ways to leave money to beneficiaries, there is a concern that taxes will be levied on any inheritance. One way to avoid saddling beneficiaries with hefty capital gains taxes is by setting up an irrevocable trust called a charitable remainder trust (CRT), which lets you accomplish three things:
Is a Will or Trust Right for Me and My Family?
Planning for the future can feel overwhelming, especially when choosing between a will or a trust. Both are useful estate planning tools that help protect your family's future, making it easier to manage your estate after you are gone. To understand which option is right for you, consult an estate planning lawyer.
What Are the Benefits of a Will?
A will is a legal document that explains how your assets should be distributed after you pass away. While creating a will might seem simple, it is recommended to get legal advice, especially in Texas. Key features include:
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Simplicity: Wills are generally easier and less expensive to set up compared to trusts.
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Control: You decide who gets your assets, appoint guardians for minor children, and choose an executor to manage the estate.
3 Differences Between a Will and a Transfer-On-Death Deed in Texas
When someone starts thinking about what they will leave behind when they pass away, it can be difficult for two reasons. First, it is emotionally challenging to plan for our own death, something most of us would prefer not to focus on. Second, there are so many options available that it can be confusing to sort through it all. This article will compare two estate planning options - wills and transfer-on-death deeds. Both are official ways to leave things behind for loved ones after your death, but they have different characteristics that make them preferable for different circumstances. Contact a knowledgeable Flower Mound, TX estate planning attorney to discuss which option makes the most sense for you.
How to Decide Between a Will and a Transfer-On-Death Deed
Transfer-on-death (TOD) deeds and wills are two options commonly used for bequeathing your assets to people you leave behind when you die. While they accomplish similar goals, there are some important differences that might make one method better suited to your needs:
Planning Your Own Funeral in Texas
People tend to care a lot about how big events in their lives are marked. Why should a funeral be any different? Since your funeral will leave a lasting impression of your life on all who attend, it is not unreasonable for you to have certain ideas about how it should be. To that end, it is common for people to include their funeral plans in their estate planning arrangements. If this seems relevant to you, speak with a skilled Flower Mound, TX estate planning lawyer to learn more about how you can plan your own funeral.
Why Would You Plan Your Own Funeral?
Most people do not relish the idea of making plans for when they die, but as Benjamin Franklin famously said, nothing is certain but death and taxes. With death being a certainty rather than a possibility, it can be sensible to try to plan for when it happens.
Establishing a Texas Special Needs Trust
Parents of children with special needs typically want to do everything they can to get them every resource to help them live a great life. That also includes setting up ways to ensure that they will keep getting the care they need after their parents are no longer around. Often in situations like this, a family might decide to establish a special needs trust, which can leave someone with financial resources but maintain their eligibility for programs that offer care and basic needs. If you are interested in taking steps to protect your child’s financial future, speak with a skilled Flower Mound, TX estate planning lawyer to learn more.
Government Programs for People with Special Needs
The government has programs like Supplemental Security Income (SSI) and Medicaid that offer financial support to people with special needs. However, if someone has a certain amount of resources, they can be disqualified as a Medicaid beneficiary. A special needs trust is a way to hold assets that can be used for someone receiving Medicaid benefits to pay for a nursing home or other type of long-term care.
Whether you need legal assistance with estate planning, have questions about elder law, or are involved in a business litigation case you can trust Colbert Law Group PLLC to handle your case with the personal attention and commitment to a positive outcome that you deserve. From our office in Flower Mound, we serve clients throughout Denton County and Southern Oklahoma.
6021 Morriss Rd., Suite 101, Flower Mound, TX, 75028
972-724-3338
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