It is timely to discuss a new option in estate planning that is available nationwide, including in Texas. With the growing availability of digital tools, it is not surprising for online start-ups to emerge that offer certain estate planning services. These services offer the benefit of storing estate planning documents and other pertinent information in a cloud-based "vault" and to maintain the information perpetually. In some cases, interested families may even keep a historical record of all estate information pertaining to generations of family members.
Estate planning twist emerges with cloud-based storage services
Long-term care planning can avoid spending down of assets
Despite the fact that many elderly persons lose substantial assets to long-term care expenses, the fact is that there are abundant remedies and planning tools that could have been used to avoid such disasters. Seeing one's home go to reimburse Medicaid, for example, is generally avoidable with a bit of early planning. To construct a plan that will protect assets and allow for long-term care assistance in accordance with federal and Texas laws, it is necessary to consult with one's estate planning attorney and, in many cases, with a financial planning professional.
Long-term care rights are honored nationwide this month
Long-term care residents are often treated like forgotten people due to their physical limitations and incapacities. However, this is a time to reflect on their contributions to society and their absolute right to enjoy a good quality of life in their residential facilities. In Texas and other states, October is National Long-Term Care Residents' Rights Month. This makes it an appropriate time to mention and reaffirm the rights of residents to receive person-centered care.
Serving as Executor of a decedent's estate is a demanding job
Serving as the executor of a decedent's estate in Texas and elsewhere is an important responsibility that requires serious commitment to the duties that must be performed by law. If the estate is not administered properly as required, there is potential liability against the executor. An executor must use sound judgment and must be committed to following the letter of the law.
New marriage ignites complex issues of estate planning strategy
Getting married for a second or third time complicates the estate planning picture for a person living in Texas, and all other states for that matter, by raising new issues and questions to resolve. For one thing, it adds to the potential number of heirs that one may want to provide for after death. The assets may have to be spread thinner or other investment vehicles may be needed to take care of every one's needs. Estate planning in this situation starts with taking stock of one's assets.
