Safeguarding Your Family’s Future With Thoughtful Planning

Estate planning remains one of the most underutilized resources available to Texas families. One of the most common misconceptions about estate planning is that it is only for older adults or those who have significant wealth. In reality, most single adults and married couples can benefit from planning early to protect themselves and their loved ones for whatever may lie ahead.

If you have been considering estate planning or have questions, we highly recommend working with an experienced family law attorney to help determine your legal and long-term goals. Palmer Law Group is a Katy, Texas law firm dedicated to helping clients face the future with confidence. Contact our law firm today to schedule an initial consultation to learn more about how we can help.

Why Is Creating an Estate Plan Important?

One of the most crucial steps you can take to protect yourself and your family members is to create a comprehensive estate plan. A well-crafted estate plan should include several legal documents that outline your final wishes as to how your assets should be distributed after your death, and to protect your hard-earned resources if you were to become incapacitated.

Some of the essential documents to include in your estate plan include:

• A will: Formally known as a last will, this document names your executor, who will administer your estate, outlines how your assets should be distributed, and can also appoint a legal guardian to care for your minor children should you pass away
• A Statutory Durable Power of Attorney: A legal document that designates a trusted person to be your appointed agent who will manage your personal and financial affairs even if you become incapacitated
• A medical power of attorney: This legal document grants your agent the legal authority to make medical decisions on your behalf if you cannot do so for yourself
• A living will: A living will communicates your choices for medical treatment if you are unable to make decisions yourself
• HIPAA release form: This release form grants your medical power of attorney the legal authority to access your protected health information so they can make decisions regarding your care
• A trust: A legal resource that you can use to protect your assets and help your family avoid probate. Even so, because there are several different types of trusts available, it is best to consult a knowledgeable estate planning lawyer to ensure you create one that aligns with your financial goals

How Often Should I Review My Estate Planning Documents?

It is recommended that you review your estate planning documents every 3 to 5 years, or immediately after a significant life event.

Periodic Reviews

Even if you do not believe that anything in your life has changed that would trigger a review, it is still best to have your estate plan evaluated by a legal professional. Your goal should always be to ensure that your estate plan still aligns with your current situation and that there have been changes to state or federal laws that could cause issues for your family down the road.

Immediate Review

Major life changes that should warrant an immediate review include:

• Getting married, remarried, or divorced
• The birth or adoption of a child or grandchild
• The death of your executor, successor trustee, or named beneficiaries
• Significant financial changes, such as receiving a large inheritance, buying or selling real estate, or any other events that could impact your financial status
• Significant health issues or the possibility of becoming disabled
• Moving from one state to another due to the differences in state laws

How Can Estate Planning Protect My Assets if I Should Become Incapacitated?

In Texas, the best option to protect your assets should you become incapacitated is through a trust. Even so, there are several different options to choose from depending on your needs.

Revocable Living Trust

A revocable living trust allows your successor trustee to step in and manage your affairs without the need for the court to appoint a guardian. A living trust can be set up so that there is a seamless transition from you to your successor trustee if you are unable to make decisions. Additionally, having a living trust also maintains your wishes for how you want your assets distributed after your death.

Irrevocable Trust

If you are concerned about protecting your assets from being taken by a nursing home, an irrevocable trust, also called a Medicaid Asset Protection Trust (MAPT), is a viable option. However, Medicare has a strict five-year look-back period that dictates any assets placed in a MAPT must have occurred at least five years beforehand to be protected. Long-term care planning can give you peace of mind knowing that your hard-earned assets are protected no matter what happens in the future.

To safeguard your property and other financial resources, the most effective strategy is to consult an estate planning attorney who can review which option offers the maximum protection.

What are the Benefits of Working With an Estate Planning Attorney?

Contemplating your own death and how your family will manage can be one of the most emotionally challenging issues you will ever face. Even so, proper planning can give your family peace of mind knowing that they will be cared for after you pass away.

An estate planning attorney understands the legal complexities of anticipating your family’s future needs. An experienced attorney can assist you with the estate planning process by thoroughly assessing your family’s situation and crafting a plan tailored to your unique needs.

Another considerable advantage of working with an attorney is that they will build a comprehensive estate plan that withstands legal scrutiny. The last thing you want for your heirs and beneficiaries is for there to be legal challenges that delay them from being able to access their financial resources quickly.

Suppose you have family members with special needs. In that case, they can also handle the legal issues involved in establishing a Special Needs Trust (SNT) to ensure they do not lose their eligibility for critical government benefits.

Contact Our Katy Estate Planning Attorneys Today to Start Planning for Your Future

Palmer Law Group has a proven track record of providing high-quality estate planning services to Katy residents. No matter your legal needs or family dynamics, we can create an estate plan that protects you and your loved ones.

Contact our Katy, TX estate planning attorneys today at (713) 766-5848 to schedule a confidential consultation to start planning for your future.