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Estate Planning Professionals Providing Peace of MindCPAs and Attorneys

January 2015 Archives

Elderly planning includes discussions about many subjects

When a child is helping an elderly parent with the potential needs of long-term care, it may be critical to get some planning done as soon as possible. This is important in the event of an untimely deterioration in the parent's health, which may make discussions and elderly planning highly problematic. For Texas residents, advance elderly planning can save substantial assets and ease the transition for all concerned.

Living trusts can be an integral part of wise estate planning

Living trusts can be an essential aspect of a person's estate plan. Estate planning in Texas and everywhere else utilizes a will to dispose of any assets owned at the date of death by the testator, who is the person who made the will. Estate planning uses living trusts to dispose of assets during life with the option of making the transfer of assets either revocable or irrevocable.

Many considerations go into elder law planning for a loved one

According to one specialist on the subject, long-term care in this country has become convoluted and in need of a legal overhaul. Because of the levels of uncertainty built into the system, elder law planning in Texas and elsewhere must take place as early as possible. As previously mentioned, it can be decisively important to have discussions and family meetings with the elderly loved one regarding desirable options.

Despite exemptions, taxes remain a component of estate planning

Estate planning with respect to federal estate taxes is fairly easy for most people: the person's estate at death has to be larger than $5.43 million in gross value to be subject to federal tax. Some states, however, collect an inheritance or other type of death tax. Texas does not have an inheritance or other death tax, making estate planning for taxes a fairly easy tax for the average Texas resident.

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