${site.data.firmName}${SEMFirmNameAlt} - CPAs and  Attorneys

Free Initial Consultation | Se Habla Español

800-569-2663

Bedford (Fort Worth) 817-545-3425 toll free 800-569-2663

Austin 800-569-2663 Addison (Dallas) 972-685-5202

Estate Planning Professionals Providing Peace of MindCPAs and Attorneys

July 2015 Archives

Proactive attention assures more effective elder law planning

When a crisis arises  with respect to the health of an elderly loved one, there may be remedies available in Texas and elsewhere to help ease the financial strain on the individual's family members. Those remedies, however, may be smaller and fewer if sought in the 11th hour. Elder law planning is best achieved when the individual is still lucid and competent to handle his or her affairs, generally at the age of retirement or older, or at the onset of a disability even if that happens prior to retirement age.                       

Estate planning may require sharing of financial information

When children have to confront a developing medical condition or other incapacity in an elderly parent, they should promptly try to have a frank conversation with that parent prior to a worsening of the situation. Unfortunately, human nature often makes parents unwilling to share their financial information. An aging person, whether located in Texas or another state, may be ultra-conscious about retaining a position of strength and may resent any attempts to suggest estate planning, elder law planning or even just the sharing of financial information.

Living will and power of attorney are strong planning steps

It is a natural inclination for someone who becomes incapacitated and in need of medical care to want to have a say in what happens. The appropriate way to set up that kind of assurance for an elderly family member is to have the forms drawn up and signed while the loved one is mentally competent and able to know the nature of the document being signed. In Texas, these forms are essentially comprised of two operative documents: an advance care directive, also called a living will, and a medical power of attorney.

Estate planning needed for the elderly single woman

The divorce rate for first marriages is hovering at almost 50 percent and that for second and third marriages even higher. Also considering that some women stay single by choice, some experts recommend that women should think in terms of estate planning and elder planning needs as though they will someday be single. The monetary funding of one's future needs in Texas and elsewhere is often the first and foremost challenge of the planning process.

Take advantage of smart steps for elder law planning

The amount of money a person will need to survive in old age is not something that can be precisely pinned down – indeed, determining age expectancy involves a bit of guess work. However, based on one's background, general health, genetic predispositions and current lifestyle, it may be possible to get a ball park figure that's fairly accurate. The amount needed will usually turn out to be significantly more than the individual had in mind. In Texas and other states, individuals will be best served by consulting with an elder law attorney and devising a long-term care plan as early in the game as possible.

Our Office Locations

The Livens Law Firm
2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
Toll Free: 800-569-2663
Fax: 817-545-9847
Map and Directions

Austin Office
3 Lakeway Centre Court
Suite 120
Austin, TX 78734
Phone: 800-569-2663
Fax: 888-545-9847
Map and Directions

Addison Office
14135 Midway Rd.
Suite G-250
Addison, TX 75001
Phone: 972-685-5202
Fax: 972-685-5206
Map and Directions

Free Initial Consultation | Se Habla Español

Member Wealth Counsel Elder Counsel Your success our commitment Excellence in elder law and  special needs Member NAELA National Academy of elder law Attorneys Inc. Member ASNP Academy of special needs planners members