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How can an irrevocable trust help you qualify for Medicaid?

As you start planning your estate, you will want to start thinking about future healthcare costs. While you may still be in good health now, you may reach a point where you can no longer take care of yourself. Planning for the future can prepare you for the high costs of nursing homes.

According to a 2018 survey by Genworth Financial, a private room in a nursing home can cost on average $8,365 per month. Most people use Medicaid to afford the care they need. But Medicaid has strict qualifying standards for income and assets.

Can a trust protect your heirs from themselves?

As a parent, your children mean a lot to you. You want to provide for them after you pass away. Therefore, part of your estate planning involves leaving them a portion of your money. However, one of your children may be financially irresponsible, and he or she may spend money recklessly or not be entirely sure how to properly manage finances.

To protect them from blowing their inheritance in a short period, you can set up what’s known as a spendthrift trust. A spendthrift trust is a way for you to control how the beneficiary spends the funds in the trust, even after you pass away, but you may be asking: How does it work?

Texas state eminent domain reform bill: denied

There is rapid population growth and a surge in economic activity happening in Texas. Meaning, oil, gas and water pipelines, power-lines and new roads are becoming a prominent need. The government and pipeline companies are relying on eminent domain in order to keep up with the growth.

Eminent domain gives the government and other entities, the power to seize private land for public use. The goal of eminent domain is to fulfill public needs at private landowners’ expense. But, eminent domain compromises with property owners by providing them compensation for their land.

Which warranty do you have on your home construction job?

Everyone enjoys peace of mind and that’s why warranties are so popular. Everything from the car in your garage or the blender in your cupboard came with a warranty. You like knowing that you’re protected against defective products in the early stages of your ownership.

Many construction companies and contractors also offer warranties on their work. It’s a way of standing behind the work they perform on your home. There are two types of warranties that Texas recognizes when it comes to construction law

How to talk to your parents about estate planning

You know how important estate planning is. That’s why you’ve tried to encourage your parents to get more serious about things like wills, trusts, powers of attorney and things like that. Having an estate plan is important not only so they receive the care they desire and that their property goes to the proper places after their death, but to spare you and your family added stress and potential conflict.

People postpone these conversations for many reasons, including the potential for awkward or uncomfortable conversations. Yet, it’s important to push through the discomfort and have a productive conversation about estate planning. If you need help getting started, here are few strategies to get started:

Who will make your medical decisions if you become incapacitated?

Many people understand that they can use their estate plan to make known what they would like to happen after they die. However, people often do not realize that they can also plan what they would like to happen if they become incapacitated.

When planning for incapacitation, one area of concern may be medical decisions. Fortunately, you can plan who will make medical decisions if you become unable to make them yourself.

Proposed eminent domain law aims to protect Texas landowners

Government entities and private companies frequently use condemnation and the power of eminent domain to acquire land necessary for oil and gas pipelines, roads, and public transit lines.

State law requires these entities to make a good faith offer to buy land from property owners at a fair price. But, many claim that initial offers often do not match the true market value of the property.

How Should You Choose A Trustee?

Getting older typically involves many things that may make you uncomfortable. You might need to ask for assistance from others, and you may need to move into a smaller home. Difficult conversations may also be important as you age, since it is important that you create a sound plan to carry out your wishes, which may include setting up a trust to pass along your assets to your loved ones.

Part of the creation of a trust involves naming a trustee who will be responsible for administering your estate according to your wishes. With certain duties involved, you will likely want to choose someone who is capable of performing that role according to your specifications. Choosing a trustee is an important decision, but do you know how to decide who that person will be?

Planning for nursing home costs with Medicaid

If you or a loved one is planning for nursing home care, you may find the cost of long term care alarming. Many people turn to government assistance through Medicaid to help pay for care. In Texas, some refer to this program as STAR+PLUS. The Medicaid laws and application process can be very frustrating and confusing, but planning ahead with a trusted professional can make a big difference. Here are a few terms you should know when applying for long term care Medicaid assistance in Texas.

 

5 tips for an effective oil and gas lease

Many Texas landowners benefit from leasing their land for oil and gas production. Perhaps an operator has approached you with an offer. If you are thinking about leasing your land, but aren’t sure where to start, here are five tips for negotiating a lease that may help you make your decision:

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