Estate planning for married couples can be tricky when one spouse is significantly wealthier than the other, and each spouse wants different beneficiaries to ultimately inherit his or her estate. One solution to this problem is the Lifetime QTIP Trust. What is a Lifetime QTIP Trust? One traditional estate planning model for married couples makes use […]
Today we are sharing a post from The Voice, the email newsletter of The Special Needs Alliance. This installment was written by Special Needs Alliance member, Lee M. Holmes, of Holmes, Holmes and Neisent, PLLC in Oklahoma City, Oklahoma. The law firm’s practice focuses on planning for persons with disabilities, estate planning, Medicaid and elder law. […]
It is a common misconception that financial management and estate planning are useful for only the wealthy. But estate planning is not just for the wealthy. Regardless of how much you have in the bank, you and your family can benefit from planning ahead for the future. If you fail to do so, you could leave […]
Leaving your hard-earned assets outright to your children, grandchildren, or other beneficiaries after you die may seem like the easiest and most desired form of distribution. Unfortunately such a scheme will make their inheritance easy prey for creditors, predators, and divorcing spouses. Instead, consider using discretionary trusts for the benefit of each of your beneficiaries. What […]
For most people, thinking about your mortality is unpleasant and therefore low on the list of priorities. While you may objectively recognize the need to plan for your future – and the future of your loved ones after you’re gone – it can be hard to summon the motivation to actually create a will or trust. […]
You can’t take them with you, obviously. But under certain circumstances, you can transfer them to your heirs. Unfortunately, the rules vary widely from carrier to carrier. (Hotels have policies that are more similar to one another’s.) It’s important to know that all carriers consider miles to be property of the airline, not of the traveler. […]
The Obergefell decision of 2015, which legalized gay marriage in all 50 states including Texas, greatly impacted estate planning for same-sex couples. Married gay couples are now able to take advantage of the estate planning techniques that had previously only been available to heterosexual married couples. However, despite the change in the law, a smaller percentage […]
A common misconception is that only wealthy families and people in high-risk professions need to have an asset protection plan. But in reality, anyone can be sued. A car accident, foreclosure, unpaid medical bills, or an injured tenant can result in a monetary judgment that may decimate your finances, leaving you with far less to live […]
