The Vermillion Law Firm proudly serves residents of Irving, TX, and we have been doing so for a very long time. This area is one of the most vibrant, historic, and interesting places in the entire country, and we feel fortunate to be able to enjoy all that it has to offer. If you choose to work with us when you are creating your estate plan, you will immediately feel a sense of familiarity. Our attorneys were educated here in Texas, and our Irving area roots run deep. We understand the needs of people in this specific community, as we have helped many families preserve their legacies.
Irving, TX Wills and Trusts
The facilitation of postmortem asset transfers is at the core of the estate planning process. Everyone has heard of the document called a last will or last will and testament. Though people are aware of the existence of this document, many of them harbor misunderstandings about wills.
There is the idea that a will is a very simple document that will get assets into the hands of your loved ones in a direct, efficient manner after you are gone. In reality, this is not the case at all. The executor cannot start to distribute assets to the inheritors until the probate court closes the estate. Though the executor would handle the estate administration tasks, the court would supervise.
Probate is a time-consuming process. Exactly how long it will take will depend upon the circumstances. However, generally speaking, you are probably looking at somewhere in the vicinity of a year if there are no complications.
This is not the only drawback. During probate, a number of expenses will typically accumulate, and these expenditures reduce the value of the estate before it is transferred to the heirs. Lost privacy is another negative. Anyone who wanted to find out how you planned your estate could access probate records, and this can cause friction among family members and associates.
If you decide that you would like to avoid probate and the pitfalls that go along with it, you could choose to use a living trust as your assets transfer vehicle. You would maintain control of assets that you convey into this type of trust while you are living, so you would have access.
After you pass away, the trustee that you name in the document would be empowered to distribute assets to the beneficiaries outside of probate, so these pitfalls would be be avoided. This is one type of trust that can be quite useful for a wide range of people, but there are others that can satisfy some advanced estate planning objectives.
For example, high net worth individuals can be exposed to the federal estate tax, and there are a lot of wealthy people in and around Irving. There are irrevocable wealth preservation trusts that can be used to gain estate tax efficiency.
Medicaid Planning in Irving, TX
There is a very important factor to take into consideration when you are planning your estate. A significant percentage of seniors will ultimately require living assistance toward the end of their lives. Many of them will reside in nursing homes. In fact, 25 percent of people who are 85 years of age and older are residing in nursing homes.
These facilities are extremely expensive here in Irving, so a few years in a nursing home can have a considerable impact your legacy. Unfortunately, you can’t look toward Medicare for assistance, because the Medicare program does not pay for custodial care.
Medicaid is a jointly run federal/state government health insurance program that is available to people who can prove that they have a significant level of financial need. This program does pay for long-term care. A lot of people who were never poor ultimately seek Medicaid coverage when they need long-term care.
As Irving. TX Medicaid planning attorneys, we assist clients who are looking ahead toward future Medicaid eligibility. With the proper planning, it is possible to keep your legacy intact as you take steps that lead to Medicaid eligibility.
Get in Touch with an Irving Estate Planning Attorney
Estate planning is a must for all responsible adults, and every existing estate plan should be reviewed from time to time so that necessary adjustments can be made. If you are ready to get started, our doors are open.
We offer no obligation consultations, and we would be glad to answer all of your questions, gain an understanding of your objectives, and make the appropriate recommendations. To set up an appointment, give us a call at (972) 366-7201 or send us a message directly. We look forward to serving you!