$27 Billion and Counting Elder Fraud Hits a New High A bombshell report on elder fraud was recently released by Comparitech, a consumer research company that focuses on the United Kingdom, the United States, and Canada. You are not going to like the conclusions. According to Comparitech’s research, senior citizens in the United States may lose nearly 25 times more to scammers than what is … [Read more...] about 7 Ways To Prevent Elder Fraud
One of the more difficult decisions that must be made after the death of a loved one is whether or not to probate the will. For our purposes, assume the will was properly drawn under the Texas law. The person who made the will is known as a testator (male) or testatrix (female). The person named as the administrator in the will is an independent executor (male) or independent … [Read more...] about To Probate Vs To Not Probate – Should You Avoid It?
In my 40 plus years of practice the same misunderstandings keep coming up concerning wills. This article is to help clear up some common issues about how and when wills work. How Wills Work and When They Go Into Effect Wills don’t go into effect until the will has been admitted to probate. No other common legal document must be approved by a court to go into effect, but wills are the … [Read more...] about 6 Common Misconceptions About Wills and Probate
Trusts In Different States Many people get invited to well-intended financial seminars in which the presenters push trusts for everyone. Or they move from states in which they had a trust, and they think they need to replicate that estate plan in Texas. But in Texas, we don’t all need trusts like in other states. In many other states (like California), the probate system is more onerous than … [Read more...] about Do I need a Revocable Living Trust?
Unfortunate fact: your debts do not die with you. They continue to burden your property after your death. This is a big deal. Your creditors can go after the property that goes through your probate estate and the property that passes under beneficiary designation. It is fair to say that your beneficiaries or heirs take their share of your property under the threat that it may … [Read more...] about This Is What Happens To Your Debt and Assets When You Die
In most estate planning you will be called on to select five fiduciaries: the agent on your medical power of attorney; the agent on your statutory durable power of attorney, a guardian on your declaration of guardian; the executor of your will; and the trustee of any trust you create. For each of these positions my advice is to select the best qualified person for the job. There are … [Read more...] about Selecting a Fiduciary