In Texas and elsewhere, the decisions that one makes regarding estate planning are important and they may carry significant consequences. That is why it is always better to have an experienced estate planning attorney as a key part of one's planning team. As always, when doing an important thing it is better to be safe than sorry.
Estate planning seeks to keep beneficiary designations updated
Long-term care planning can protect more assets of a spouse
Medicaid is generally recognized in Texas and all other states as the publicly-funded program that is available to help pay for the escalating costs of nursing home and other residential care in a person's old age. Medicaid exists on a combination of funding from federal and state sources. For a person to be qualified to receive Medicaid assistance for home care or nursing home costs, there are certain qualifying rules to meet. These rules and other considerations may be the subject of a beneficial long\-term care plan that a person or married couple may obtain through consultation with their elder law attorney.
The simple will is one of several estate planning documents
There are five basic documents that are used most often in estate planning in Texas. They are the will, durable power of attorney, health care proxy, HIPPA release and the revocable trust. Within those categories, there are occasionally sub-documents that may be preferred or applicable. Optimally, the choice of documents will be made in consultation with one's estate planning attorney.
Estate planning updates important for blended Texas families
It is not unusual for Texas residents and individuals across the country to marry more than once. In many cases, additional marriages often result in individuals gaining step-children and families blending together. Because new family members are gained by marriage and ex-spouses are lost through the process of divorce, individuals may want to ensure that they remember to make estate planning updates.
