Inflation affects all consumers, but older Americans are facing an especially dramatic loss of buying power. A recent survey by the Senior Citizens League shows that Social Security benefits have seen a 36 percent loss in buying power since 2000. That number is actually an improvement from 2022, when the loss of buying power was …
Continue reading “Social Security Check Not Keeping Up With Inflation”
There is a widespread misconception that estate planning is simply a method of directing one’s assets to designated beneficiaries in the event of death. That’s simply too narrow of a view. Estate planning is necessary—crucial, in fact—in the event that you become incapacitated or otherwise need a loved one to manage your finances. This can …
Continue reading “Do You Really Need an Estate Planning Attorney?”
Recently, I met with a client who had lost their spouse. They owned a home together and had purchased the real estate 40 plus years ago. In order to sell the home, since the spouse passed without a Last Will and Testament, the surviving spouse could not sell the home. They would have to resolve …
A resume’ is a document that shows employers what experience, skills, and education you have, and how you might perform in a job. If you haven’t updated your resume’ in years, it might not accurately show your abilities. Similarly, estate plans need to be updated regularly to reflect changes in your life and the law. …
Continue reading “You Update Your Resume’, Why Not Your Estate Plan”
In past columns I have discussed the importance of having a Last Will and Testament. A Will is important because it allows you to direct the distribution of your assets and enables you to name a guardian for your children. However, a Will does not take effect until you are no longer alive. What if you have …
Continue reading “Help, I’ve Fallen and Can’t Get Up! Now What?”
I recently corresponded with my good friend, Matt Crider, who practices law in California. The system of probate in California is vastly different that here in Texas. In California, transferring a person’s assets through a Will can take 2 years and the court sets the fee. Probate is simply the administration of a deceased person’s …
We all face challenges, that is life. However, sometimes events occur that result in a loved one being hospitalized or finding themselves in need of extensive care or worse, loss of a loved one. These are just some compelling reasons to work on your estate plan now. Making sure that you have an estate plan …
A good friend and client pointed out to me that I had not done a column on lettres of instruction. So, this week, that is the topic I will cover. A comprehensive estate plan often includes writing a Last Will and Testament to transfer your assets to your beneficiaries. Once you’ve passed away, the executor of …
Continue reading “Letters of Instruction in Estate Planning”
When you are married to someone who is significantly older or younger than you, planning for the future can be different for each of you. To make sure you and your loved ones are protected, it’s important to have a detailed financial and estate plan. To make sure your plan works as intended, you should …
Met with a client recently to discuss the differences between a partnership, corporation and Limited Liability Corporation were. I thought that might make a good topic for this column and so I will start this week with describing a partnership. A partnership is an association of two or more persons to carry on as …
Continue reading “What is the Difference Between a Partnership and Corporation? Part 1”
