Many Houston area residents will eventually get to the point where they realize that they need to have an estate plan drafted. There are many different reasons for why people finally get to this realization; perhaps a child has been born, or the family is beginning to realize that they have accumulated significant assets. Whatever the reason, it is always a good idea to have an estate plan in place. However, when creating your estate plan, it is very important to do so carefully, and with the help of a skilled attorney. A lawyer can help you avoid the pitfalls that plague many people who try to rush or go it alone when creating a plan.
Posts tagged "estate planning"
Texans might be reluctant to think about estate planning due to the realization that it pertains to his or her death. However, it is imperative to put that negative feeling aside and consider the positives of doing so. Failing to move forward with drafting estate planning documents can cause family disputes and long-term problems after death. Remembering to take certain steps can remove the pain and fear from the process and be beneficial in the long and short run.
Many Houston residents are good at planning. They are organized, planning the events of their days to maximize their efficiency both at work and in their personal lives. So, why are there so many people who haven't started an estate plan yet?
For many different reasons, Texas residents avoid the issue of estate planning. For some, they just don't like the idea of making a plan for when they die. For others, it is just a form of willful neglect: they know they need to have a will or some other form of estate plan, but they just keep putting it off for another day. And then there are those who don't think they need an estate plan.
As our population ages, more and more of us are finding the need for long-term care such as that provided by assisted living facilities, home health aides, residential care communities and nursing homes. These types of caregiving, which range from minimal, part-time assistance provided by an in-home provider to full-service nursing home facilities with trained medical staff, can make a huge difference in the quality of life of both patients and their loved ones. The problem, of course, is that long-term care is notoriously expensive. Even lower-tier nursing home and other residential facilities can easily cost upwards of $10,000 per month. That kind of expense can quickly run through a person's entire life savings or leave their family destitute trying to pay for it.
Houston residents who begin the estate planning process want to get it right the first time. The problem is, most people who begin the estate planning process have quite a few questions about the options that are available. So, what are some of the best estate planning strategies that Houston residents should consider?
Texans who are considering the value and utility of moving forward with comprehensive estate planning need only look at the current news reports regarding the mistakes made by well-known people who failed to protect themselves, preserve assets, account for tax implications and detail their asset distribution in the event of death. Whether it is a wealthy person or one of more modest means, having a plan for the estate is an imperative. The case of the deceased entertainer Prince is a prime case study as to why this is paramount.
With 2017 in full swing, many of us are working on some resolutions we want to complete this year. Some of us may have already broken a resolution or two. But it’s not too late — or too early — to start thinking about ways to make this year better than the last.
It is understandable for individuals in Texas to want to avoid talking about end-of-life matters. However, discussions about these issues are important since medical advances today are making it possible for people to prolong their lives more than ever before. With estate planning documents known as living wills, people can ensure that things happen according to their wishes at the end of their lives.
People in Texas and other states often focus on increasing their financial wellness but neglect one important area: developing an estate plan. The estate planning process is not the same for everybody, as people are in different family and financial situations. However, it is critical for people of all ages, health statuses and wealth levels.