The Livens Law Firm

June 2018 Archives

Making the most of an IRA inheritance

An increasingly tough economy has left many people in difficult financial situations. Recent studies show one in three people in the United States are counting on an inheritance from family members to reach financial security. In Texas and elsewhere, one of the most common ways for younger generations to receive an inheritance is through unspent IRA balances.

Separation versus divorce in estate planning

When a person dies estranged from his or her spouse but the couple is not legally divorced, it can lead to a host of issues with an estate. More couples are opting for long-term separation instead of divorce and, in some situations, a separation does not extinguish spousal rights and privileges. In Texas and elsewhere, problems can erupt in estate planning without a final divorce decree.

Long-term care challenges for aging parents

One of the greatest challenges for any child is making decisions about an elderly parent's healthcare. Studies show that children are often sandwiched between raising their families and caring for elderly parents. They are known as the Sandwich Generation. Families in Texas and other states are often faced with the daunting task of securing long-term care for aging parents.

Power of attorney and end-of-life planning can be challenging

Experts say once a person turns 18 years old, he or she should have two legal documents. The first is a medical power of attorney, which appoints an individual who will make decisions regarding medical treatment in the event of incapacitation. The second is a financial power of attorney, who will specifically instruct how assets and property are to be distributed after death. Many people in Texas and elsewhere find it difficult to have conversations about death and dying with family members.

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