Understanding the process of Medicaid eligibility and the look-back period is crucial, especially when planning your estate. One of the most essential aspects of Medicaid planning involves what's known as the "look-back" period. For the residents of Texas, this look-back period extends five years. What is the Five-Year Look-Back Period? The five-year look-back period is when Medicaid checks an applicant's financial transactions for any evidence of asset transfers below fair market value. … [Read more...] about Understanding the Medicaid Five-Year Look-Back Period
Too Much of a Good Thing – Enter the Family Incentive Trust
While we may have different ideas about what we want to happen after our death, there is a fundamental connection that unites us all - we all cherish our children's future, and we are all mortal, as President John F. Kennedy once said. As such, most of us strive to provide for our families and leave them better off than we were. However, it's important to note that additional financial resources may not always improve our children's lives. Giving children more money can sometimes make them less … [Read more...] about Too Much of a Good Thing – Enter the Family Incentive Trust
Estate Planning for the Elderly: Protecting Your Assets
Estate planning is important for people of all ages, but it is particularly crucial for the elderly. As we age, it becomes increasingly important to protect our assets and ensure that our wishes are followed after we pass away. If you're estate planning yourself or helping an elderly loved one, contact us online or via phone at 817-899-3286 to learn more about the process from a professional attorney. Here are five points to guide you: 1. Create a Will or Trust One of the most … [Read more...] about Estate Planning for the Elderly: Protecting Your Assets
Home Sweet Home
Home sweet home. our home is not just a building; it holds immense emotional and financial significance. Your home is where your family resides, and you feel secure, connected, and comfortable. For younger people, it represents endless possibilities, whereas, for those in their middle age, it's full of energy and vibrancy. And for those in their later years, it's a place of familiar comfort that brings back the memories of the joys of earlier days. Apart from the emotional significance, your … [Read more...] about Home Sweet Home
Asset Protection Planning in Litigious Times
Asset protection is becoming an increasingly important issue in our litigious society. All of us have exposure to potential creditors. You may have exposure due to the assets you own. Perhaps you cannot shovel the sidewalk in front of your home and your neighbor slips and breaks a hip. Perhaps you own a rental property and the roof collapses. You may have exposure due to your employment. Perhaps you are a physician whose patient has a bad outcome and whose family believes you to be … [Read more...] about Asset Protection Planning in Litigious Times
Protecting Your Assets
Part of estate planning is keeping your estate and assets from being diminished by taxes, but also unforeseen expenses, liabilities, etc. The increased litigiousness of American society has made asset protection more important than ever. Here are a few of the basics. First, assets from others that are given to you can be shielded from creditors. So, if your parents are giving you money, it should be placed in a trust with someone else as trustee and with discretion to pay or not … [Read more...] about Protecting Your Assets
What’s Important in Your Life?
Facing difficulties in life sharpens our focus. When tragedy strikes, we recognize what’s important in our lives: Our family, our friends, and our values. Henry Wadsworth Longfellow, the famous 19th century American poet, said “Into each life some rain must fall.” We have all had “rain” in our lives. Our tragedies typically are quite personal: the death of someone close to us, a life-threatening illness, or a violent crime. Sometimes our tragedies are shared by countless others: … [Read more...] about What’s Important in Your Life?
The Prime of Life
Compliments of the McGee Law Firm, Attorney Brandon McGee Nobody expects the unexpected. That truism was very apparent in Heath Ledger’s death on January 28, 2008. The 28 year old actor died of an accidental overdose from the interaction of prescription medications. Heath perhaps was best known for his Academy Award-nominated role in the 2005 film “Brokeback Mountain.” Heath Ledger died with a Will prepared in 2003 which left everything to his parents and siblings. After the preparation … [Read more...] about The Prime of Life
What Successful People Do
Compliments of the McGee Law Firm, Attorney Brandon McGee Bill Gates, Warren Buffet, and J.R. Simplot are names which have become synonymous with success. Bill Gates founded Microsoft Corporation and became a multi-billionaire at a very young age. Warren Buffet is known as the “Oracle of Omaha” and is known for his value-based approach to investing, which has turned his Berkshire Hathaway into a dominant force. J.R. Simplot pioneered the frozen french fry, was the provider for McDonald’s … [Read more...] about What Successful People Do
When Time Is Short
Compliments of the McGee Law Firm, Attorney Brandon McGee As you drive your mom to her regular doctor appointment, you think of everything you need to do: Drop off Bobby at soccer, pick up Sally from softball, pick up groceries, make dinner, etc. It seems the list is endless. You wonder how your mom had time to do it all and still have time to be so loving. After flipping through old magazines in the doctor’s office, you go in with your mom for her appointment. Your mom had some … [Read more...] about When Time Is Short
