Archive: June 2022

Planning what will happen to your estate when you are no longer around can feel overwhelming. Among the many challenges you may face is the question of what the tax implications of the transfer of assets might be for you or your heirs. Fortunately, an irrevocable trust is a useful tool that has significant tax benefits for both the creator and the beneficiaries of the trust.

As with most financial tools, irrevocable trusts have their drawbacks as well. Having a full understanding of the advantages and disadvantages of irrevocable trusts can help you make an informed decision as to whether they might be a useful part of your estate plan.

If you have pressing questions about Irrevocable Trusts, don’t hesitate to contact the experienced legal team at Staubus, Blankenship, Legere and Walker PLLC. We’re here to help.

What Is an Irrevocable Trust?

An irrevocable trust removes taxable assets from the grantor’s estate and transfers them into a trust under the control of a trustee. When the trust is created, the grantor sets up specific conditions under which the assets should be distributed to the beneficiaries.

The key provision that gives an irrevocable trust its name is that once the grantor places an asset into an irrevocable trust, they are then unable to revoke the trust, remove the asset from the trust, or change the list of beneficiaries. In other words, except for in certain rare circumstances that generally require the approval of both the court and the beneficiaries, the grantor permanently loses any legal ownership claims to those assets as soon as the trust is created.

The inability to change an irrevocable trust is one of its main downsides. However, some people will find that the benefits greatly outweigh the drawbacks.

What Are the Benefits of an Irrevocable Trust?

An irrevocable trust offers many advantages when it comes to planning and distributing an estate. These include:

• Taking advantage of the estate tax exemption – Once a property has been transferred to an irrevocable living trust, it is no longer included in the gross value of an estate. This can be particularly helpful for minimizing the tax liability of estates that are very large.
• Spendthrift protections – The grantor of the trust can stipulate specific conditions for when and how the assets should be distributed. For example, a parent may decide that a child who is a beneficiary should not receive the assets until they have reached a certain age, so that the child does not misuse the money they inherit.
• Protection against creditors – Courts generally rule that since beneficiaries are not capable of voluntarily transferring the future rights of the trust to another person, creditors should not be able to confiscate these assets.
• Preserving income – An irrevocable trust allows the grantor to put assets into their trust while simultaneously retaining the income from those assets.
• Protecting asset value – Appreciable assets that are placed into an irrevocable trust are removed from the estate while also giving beneficiaries a step-up basis for purposes of appraising the assets for tax purposes.
• Transferring a home – An irrevocable trust allows you to gift a principal residence to your children under tax rules that are far more favorable to them.
• Protecting life insurance proceeds – You can house a life insurance policy in an irrevocable trust as a way of removing the death proceeds from the estate.
• Qualifying for government benefits – Placing a large proportion of your assets into an irrevocable trust can ensure that you are eligible for Social Security income and Medicaid for nursing home care. You can also set up an irrevocable trust for a special needs child in order to keep any assets they inherit from disqualifying them from government benefits.

While these benefits may make an irrevocable trust a great solution for your estate plan, it is important to recognize that setting up this type of trust is a complex process. For this reason, it is important to work with an estate planning attorney who has experience creating irrevocable trusts. You can have the peace of mind that your assets are being managed in a careful manner that is tailored to your family’s specific needs. Contact us today.

Contact an Experienced Dallas Estate Planning Attorney

If you feel that an irrevocable trust is a good option for your estate planning needs, or if you have more questions about how they work, the seasoned Dallas estate planning attorneys of Staubus, Blankenship, Legere and Walker PLLC are here to help. Our skilled and knowledgeable lawyers have helped many clients create irrevocable trusts to ensure that their families can receive their assets without unreasonable tax burdens. Contact us today for a consultation, and we will let you know what all your estate planning options are. Call us now at (214) 833-0100.

Imagining what life will be like for your family after you die is difficult. It is one of the main reasons people put off making an estate plan in the first place. However, the idea that your death may lead to arguments among your heirs over your estate can be a particularly painful thing to think about. It is not uncommon for siblings to argue about who should get what, and due to the emotional memories attached to many possessions, these confrontations can become serious very quickly.

One of the chief purposes of a well-considered will is to prevent the drama that can come about when there are unclear intentions about how assets should be distributed. By communicating with your family and anticipating the kinds of problems that may arise when you are gone, you stand a much better chance of ensuring that your passing does not have any unnecessarily adverse effects on your heirs or their relationships with one another.

If you, or your loved ones are facing questions on how to divide assets, don’t hesitate to contact our experienced legal team at Staubus, Blankenship, Legere and Walker PLLC today. We’re here to help.

Prioritize the Most Important and Valuable Items

When drafting your will, avoid making it overly long by attempting to list every item in your possession that you want to keep in the family. Instead, create a list of the most valuable and important items, and attach that list to your will.

It might be helpful to have a conversation with the members of your family about the items that each person holds most dear. This can help you to make these decisions and broker compromises if more than one individual wants to inherit the same thing.

You can create this list informally before you collaborate with an attorney to execute your formal will. Alternatively, you can write the attachment afterward. In either instance, while this document does not need a witness, it may be a good idea to have the statement witnessed and dated if you think there is a chance that it might be challenged. Either way, be sure to keep the statement with your will so that it is readily accessible to your executor.

Other Options

If there are valuable items that nobody expresses a particular wish to own, you can direct that these items be sold. For example, if you have a highly valuable piece of art, you can choose to have it auctioned off after your death. The proceeds can then be distributed equally among your heirs.

You can also get appraisals for your items ahead of time so that you can understand their monetary value. This can allow you to stipulate how to distribute the proceeds when high-value items are sold. Alternatively, if one of your heirs expresses a particular desire to have one of these items, you can stipulate that they can buy out those who would be otherwise entitled to a share of it.

One further option would be to employ a lottery system to distribute physical items. The executor of your will can preside over the process, and each heir can draw a number to determine the order in which they will select the items that are available. Contact us today.

Lifetime Gifts

You may also wish to consider giving some of your assets away while you are still alive. Doing so will reduce the amount of work that needs to be done when you are gone. There are a few things to keep in mind when you make gifts to your family:

• Ensure that everyone is aware that you are giving something away and to whom. Otherwise, there may be accusations of theft after your death.
• You have the option of making a “deed of gift” for physical items, which will allow you to maintain possession of them while you are alive.
• Be aware that there may be considerable tax consequences for your heirs if you give away items that appreciate greatly in value.
• Have a conversation with your estate planning attorney so that you can understand all the implications of making gifts during your lifetime.

Speak to a Dallas Estate Planning Attorney Today

Even if you think you are dividing things in a perfectly fair way, there may be unconsidered circumstances that can lead to disagreements. For example, if one of your children has spent a lot of time and resources caring for you later in life, they may feel that they deserve a greater share of the estate than their siblings do.

Speaking with the Dallas estate planning attorneys of Staubus, Blankenship, Legere and Walker PLLC can help you understand how your individual situation should determine how you divide your assets. We will do everything we can to ensure you have all your bases covered so that your family has clarity about your estate after you have passed. Call us today at (214) 833-0100, or reach out online for a consultation about how we can best help you.

Suspecting that someone you trusted is abusing their power of attorney can be the cause of immense emotional anguish. However, power of attorney abuse does happen, and it is important to know how to handle the situation if you believe that someone is behaving unethically toward you or a loved one.

What Is Power of Attorney?

Power of attorney is a legal arrangement that provides a designated Agent to make legal decisions on behalf of another person (the Principal). Sometimes, for example, a particularly busy individual will give power of attorney to their financial planner so that they can sell and buy stocks on their behalf. In other cases, an Agent may be granted power of attorney if an older adult becomes incapacitated in some way.

What Is Power of Attorney Abuse?

Power of attorney abuse occurs when the Agent is not acting in the best interest of the Principal. In many power of attorney abuse cases, the Agent is taking advantage of an older Principal for the Agent’s own financial gain.

Power of attorney abuse can come in the following forms:

• Fraud
• Theft
• Forgery
• Misappropriation
• Self-dealing
• Breach of fiduciary duty

Contesting Power of Attorney

If a family believes that an Agent is taking the Principal’s property for themselves, the family may seek to invalidate the Agent’s power of attorney. Sometimes these cases can be resolved between parties through negotiation or mediation. However, if these methods fail, it may be necessary to go to court.

Proving Power of Attorney Abuse

Agents who have power of attorney are legally obligated to act in and for the best interest of the Principal. For this reason, financial records can usually make it clear when power of attorney abuse has happened because they will demonstrate that the Agent has gained something at the expense of the Principal. As soon as the Agent behaves in a manner that results in their own personal gain rather than that of the Principal, this constitutes a breach of the Agent’s fiduciary duty.

There are several signs that an Agent may be abusing their power of attorney, such as:

• A sudden change in the Principal’s financial position
• An Agent who refuses to share information or records with the Principal
• An Agent who demands that the Principal sign unexplained or unfamiliar documents
• Identity theft, financial exploitation, or fraud

If you notice any of these signs, it is essential that you contact an experienced lawyer as soon as possible. They will be able to investigate the matter and determine whether there is serious cause for concern. If an estate litigation attorney suspects that power of attorney abuse is occurring, they can send the Agent legal communications that may be enough to bring the abuse to a halt.

Will a Person Who Commits Power of Attorney Abuse Go to Jail?

Power of attorney abuse is considered a civil matter rather than a criminal one. For this reason, those who commit power of attorney abuse generally will not face any criminal charges and will therefore not go to jail.

Mediation, Negotiation, and Civil Court Proceedings

If court proceedings begin in power of attorney abuse cases, they will take place in a civil court. However, most estate litigation attorneys attempt to handle power of attorney abuse cases via mediation or negotiated settlements. This is because they can be resolved more quickly and at a much lower financial cost outside of court. Sometimes, once an Agent is confronted with evidence of power of attorney abuse, they will willingly return financial assets to avoid being taken to court.

If the Agent denies that they have committed power of attorney abuse, civil court proceedings become more likely. These proceedings can be time-consuming and expensive. However, experienced estate litigation attorneys will generally recommend taking a case to civil court if they expect that the assets recovered will exceed the court costs and attorney fees.

Contact an Experienced Estate Litigation Attorney Today

If you believe that you or a loved one may be the victim of power of attorney abuse, the Dallas estate litigation lawyers of Staubus, Blankenship, Legere and Walker PLLC are here to help. Our experienced legal team has helped many clients across the state of Texas reach favorable outcomes in matters involving power of attorney abuse, fraud, and exploitation. We are ready to do the same for you.

We will fight for your best interests at every step of the process. Contact us for a case evaluation by calling (214) 833-0100 today. We look forward to helping you through this difficult time.

Contesting a will is a process that seeks to invalidate the will of a deceased individual.

A will contest is never a straightforward procedure. Only certain individuals have legal standing to contest a will, and they face a complicated set of legal procedures and strict time constraints. Furthermore, some people who have valid reasons to believe that they should contest the will are hesitant to do so for fear that other family members will perceive them as greedy or manipulative.

However, there are instances where genuine grounds to contest a will exist. In these situations, you deserve the opportunity to create a resolution that is fair for everybody involved. If you have pressing questions about your case, don’t hesitate to contact our legal team today.

Who Is Eligible to Contest a Will in Texas?

In order to contest a will, an individual or entity needs to have standing, meaning that the outcome of the will contest will directly affect them. You have standing if you are:

• A named beneficiary in the will
• A named fiduciary in the will (if you represent an entity such as a charity or a bank)
• An intestate heir (someone who is eligible to inherit from the decedent’s estate if a will was not written)

Intestate heirs are determined through a list of kin known as intestate succession. Unmarried partners, friends, or charities are not eligible to be intestate heirs. Contact us today.

Grounds for Contesting a Will in Texas

If you fall into one of the above categories, you are eligible to contest a will in Texas on the following grounds:

• Lack of capacity – Texas law requires that the testator (the person who made the will) have full mental capacity and competency at the time the will was created. If you can prove that the testator lacked capacity due to conditions such as dementia, Alzheimer’s, or a mental illness that incapacitated them, the will may be invalidated.
• Revocation – If you can prove that the will was revoked and a subsequent will exists, you can contest the will that has been revoked.
• Undue influence – This is when a testator was compelled or coerced to execute a will under pressure. Often this occurs under the influence of a friend, health care worker, advisor, or relative. It is also frequently the case that undue influence is applied when the testator is functioning with a diminished physical or mental capacity.
• Fraud – If a testator was defrauded into executing a will that does not represent their true wishes, the will could be contested. For example, if one beneficiary told lies about another potential beneficiary with the intention of having that person written out of the will and it worked, this would constitute fraud.
• Undue execution/lack of proper formalities – For a will to be valid in Texas, the will must be signed by the testator or by the testator’s appointed agent, who must sign it in the testator’s presence. Furthermore, two credible witnesses above the age of 14 must attest to the will and sign it in the presence of the testator. If the will is missing any of these requirements, or if it was drafted improperly, it can be contested.
• Mistake – A will can be invalidated if the testator executed it by mistake.

What Are the Time Constraints for Contesting a Will?

In Texas, you have two years to contest a will. This time starts from the date that the will was admitted to probate rather than from the date of the decedent’s death. This time limit is necessary so that the decedent’s estate can be distributed in a timely fashion. Contact us today.

Replacing an Executor

While many will contests focus on changing or adding beneficiaries, sometimes the key issue is the fact that the will’s executor has breached their fiduciary duty and should be replaced.

The fiduciary duties of an executor include:

• Organizing documents and taking an inventory of the decedent’s assets
• Distributing assets
• Distributing property that is not subject to probate
• Managing benefits claims (e.g., life insurance, Social Security)

If the executor has not been organized or ethical in fulfilling these duties, you can move to have them replaced.

Contact an Experienced Contested Will Attorney

If you have reason to believe that there are problems with a loved one’s will, either due to mistakes or foul play, it is important that you have legal representation on your side. The experienced Dallas contested will attorneys of Staubus, Blankenship, Legere and Walker PLLC have the knowledge and skill necessary to handle the complicated legal processes involved with contesting a will. We will fight for your best interests in court, and we will keep you updated with frank and clear assessments of our progress at every step of the way.

Remember that time is of the essence when contesting a will. Contact us today at (214) 833-0100 for a case evaluation.

An estate plan is more than an outline of how you want your assets divided after death. A complete estate plan should include provisions specific to your wishes after death, what medical treatments you want if you fall permanently ill, and who you want to be in charge of making critical medical decisions for you if you are unable to decide for yourself.

One piece of an estate plan that may individuals overlook is a do-not-resuscitate order or DNR. Should you consider adding a DNR to your estate plan or advance directive? At Staubus, Blankenship, Legere and Walker PLLC, we want you to be well informed about all your options. Here’s what you should know about a DNR. If you have pressing questions about your case, don’t hesitate to contact our legal team today.

What Is a DNR?

A do-not-resuscitate order is a legally binding document signed by a physician that alerts other health care providers they are not to perform resuscitative measures. An active DNR will generally prevent lifesaving measures when a person stops breathing, their heart stops beating, or they suffer a medical emergency.

In Texas, a DNR order prohibits medical personnel from performing CPR, advanced airway management, and artificial ventilation. For a DNR order to be valid, the form must be written and dated by a patient declared competent. Contact us today.

Should You Consider a DNR?

Everyone has the right to make their own decisions related to medical care. In that sense, anyone can decide to obtain a DNR, even healthy individuals. Most healthy individuals don’t contemplate their own mortality often. Therefore, most healthy individuals do not take the time to consider what lifesaving measures they are comfortable with medical professionals taking. However, accidents can happen. If you are in the process of creating an estate plan, you should also consider whether a DNR order may be appropriate for you.

Often, those living with a terminal condition, health care concerns, and those who are elderly are the people who will generally pursue obtaining a DNR. These individuals may have faced challenging medical decisions in the past and want to be fully in control of the outcome of their situation. Additionally, they may not wish to prolong or extend their life through CPR or resuscitative measures when they are already in such fragile conditions.

While CPR can be a lifesaving technique, there are misconceptions about its effectiveness in the elderly and those who are medically vulnerable. One study indicates that among the elderly, only three to five percent of patients survive CPR and are discharged from the hospital. CPR can cause broken bones and other medical complications and may not even be appropriate for some patients, meaning there is no medical benefit for certain people. When a person has gone too long without oxygenated blood, CPR may be effective in resuscitating them. However, the person could be left with brain damage and damage to vital organs, negatively impacting their quality of life.

Obtaining a DNR

If you are interested in obtaining a DNR, schedule a time to talk to your physician. You will want to bring up your concerns and discuss the potential benefits and risks involved in resuscitative efforts. Once you have more information and feel comfortable with your decision, ask your doctor to fill out a DNR form. Your doctor can fill out the DNR order, but standard DNR forms are also available through the Texas Department of Health and Human Services website. Once the forms are completed, your physician will place the DNR in your medical record.

It is also crucial to talk to your family about your wishes. Let them know you have filed a DNR and do not want resuscitative measures taken. Contact us today.

Keep These DNR Facts in Mind

If you have a DNR on file or are thinking about filing one in the future, keep these things in mind:

• If you have a DNR on file, family members cannot override the document
• If you are incapacitated, a health care agent or legal guardian can agree to file a DNR order on your behalf
• If you change your mind, talk to your physician immediately. Your physician must be involved in rescinding a standing DNR order
• A DNR does not change other aspects of medical care

 Contact a Dallas Estate Planning Attorney Today

Looking for more information about DNRs, advance directives, or living wills? Call the Dallas estate and probate litigation lawyers of Staubus, Blankenship, Legere and Walker PLLC today at (214) 833-0100, or contact us online. We can help you manage all aspects of your estate plan and protect the things that are important to you.

Losing a loved one is one of the hardest experiences for a family. In addition to grieving their loss, family members and heirs often find that dealing with the business affairs of the deceased person is more complicated than they expected. One concern that comes up frequently is the length of time it will take to go through the process of probating the will. An effective probate process requires a specific series of events to take place. The timeframe also depends on how efficiently each of these steps happens.

Having clarity about the process can help you understand everything that needs to happen so that things can go as smoothly as possible. Contact us with questions about your specific case.

The Probate Process

The probate process for wills is handled in a court of law. In Dallas County, the Dallas County Probate Court has the jurisdiction to probate the wills of those who have passed away. This court also has the power to declare the heirs if the deceased did not have a will.

The probate process officially begins when someone files an Application for Probate of Will and for Issuance of Letters Testamentary with the probate court clerk. The person who files these papers is often the person who is named as Executor or Executrix of the will. An attorney can also file on their behalf. The application should include the original will.

After the application has been filed, the court clerk will then notify the relevant parties of the probate of the will’s estate. There is a requisite time of 10 days so that the court has enough time to notify the public that the will was filed to probate. After, the court will schedule a hearing to admit the will to probate and to issue Letters Testamentary. Once the hearing has occurred, the judge signs an order, and the Executrix or Executor swears an oath that they will lawfully administer their duties. Following the oath, the Executor or Executrix will then receive the Letters Testamentary, which will give them the authority to administer the estate.

Contact us today if you have pressing questions.

Executor or Executrix’s Duties During Probate

With the assistance of a probate attorney, the Executor or Executrix must notify creditors in the newspaper within a month of receiving the Letters Testamentary. They also need to notify known creditors of the issuance of the Letters Testamentary.

Within 60 days of the court order, the Executor or Executrix is also required to send letters to each of the beneficiaries along with a copy of the will.

Within 90 days of the order, the Executor or Executrix must also file a sworn affidavit notifying the court that they have completed the notice to the beneficiaries. Also, within 90 days of the court order, the Executor or Executrix must file an Inventory, Appraisement, and List of Claims with the court.

If an independent administrator is appointed as Executor or Executrix of the will, they will be able to complete all the other associated duties without the supervision of the court. They must pay due claims and taxes and disburse the deceased assets to beneficiaries according to the terms outlined in the will.

Probate Process Timeframe

If the probate is an independent administration and the estate is simple, the whole probate process can potentially reach completion in six months or less. However, several complicating factors can lengthen the timeframe considerably. If the probate is a dependent administration, the increased supervision and involvement of the court can mean that the process may take up to a year or even longer.

Other situations can also lengthen the timeframe, such as if the original will cannot be located or if beneficiaries or creditors file claims against the estate. Such circumstances will require additional time to resolve.

How a Dallas Probate Attorney Can Help

Hiring an experienced probate attorney can help you ensure that the probate process goes as smoothly as possible if you are the Executor or Executrix of a will. They can assist and advise you in properly discharging your fiduciary duties and drafting the necessary legal filings and pleadings quickly.

The Dallas probate lawyers at Staubus, Blankenship, Legere and Walker PLLC have the knowledge and experience to help you with the various procedures of the Dallas County Probate Court. Our seasoned probate legal team will be there with you at every step to streamline the process and help you see to it that your loved one’s estate is distributed efficiently and correctly.

Contact us online, or call us for a consultation today at (214) 833-0100.

There are many practical, financial, or sentimental reasons people want to leave their homes to their children. No matter your motive for wanting to do so, it is important to have an estate plan that is clear regarding property distribution. A clear estate plan help protect the best interests of both you and your family.

There are different ways of passing your home on to your children, including:

• Selling or gifting it to them while you are still living
• Bequeathing it to them when you die
• Signing a “Transfer-on-Death” deed

There are legal and tax implications for all these options. It’s important to carefully consider the various pros and cons to make sure that your property does not end up becoming a burden for your children.

Below is a breakdown of each of the various options. Feel free to contact us if you have further questions.

Selling Your Home to Your Children

As a parent, you have the right to sell your home to your children. However, it is important that you sell at a fair market value. This means that you should sell the house at a comparable value to what similar properties are selling for in the current market. Selling the home below market value will make the exchange partially a gift, which will have its own tax implications.

You have the option to loan money to your children so that they can purchase the home, but the law will require you to charge your kids interest. Furthermore, you’ll have to declare the interest you earn as income. However, one benefit of doing this is that you can structure the loan to provide a minimum interest rate. This is calculated by the IRS, which publishes its rates for loans between relatives on a monthly basis. These rates tend to be considerably lower than commercial mortgage rates, so their monthly payments will be significantly lower as well. If you have pressing questions about your case, reach out to the estate planning professionals at Staubus, Blankenship, Legere and Walker PLLC.

Gifting the Property to Your Children

If you would like to give the property to your children while you are still living, one option is to use an irrevocable trust. This can help in protecting against your kids’ potential creditors. Gifting a property outright can be problematic if the recipient gets into financial trouble at some point down the line. For example, if the child has to file for bankruptcy, the property could be foreclosed and removed from the family’s ownership.

For this reason, many people consider it a better option to transfer the home after they pass away.

Bequeathing Your Property When You Pass Away

An effective means of passing your property to your children at the time of your death is to do so through a revocable living trust. This will permit you to name your kids as successor trustees, which allows for a continuity of property management. You can change revocable living trusts during your lifetime, which gives you the option of changing your mind. It also allows you to be specific about how the property should be handled after you pass.

In the event that your children do not want to live in and manage the home, the trust can sell it after you pass. If one of your children wants to keep the house, but the others don’t, you can make a compensatory equitable financial arrangement, such as leaving extra money to the child who won’t inherit the property.

Deed Transfer

The state of Texas allows homeowners to sign a Transfer-on-Death deed. This works similarly to “payable-on-death” designations for transferring assets from your bank accounts to your heirs. Transfer-on-Death deeds can be helpful in that they can avoid probate on the home. You can change the designation at any point before you pass away.

You are permitted to sign a Transfer-on-Death deed for any property you own in Texas, even if it is not your permanent residence.

Call an Experienced Dallas Estate Planning Attorney Today

Whichever option you choose for passing on your home, the process can be very complicated. The Dallas estate planning lawyers at Staubus, Blankenship, Legere and Walker PLLC have the knowledge and experience necessary to help guide you through these complexities. Whether you are having trouble deciding which path is best for you and your family, or if you are feeling confused about the required paperwork, we are here to help you at every step of the way in this important decision. Contact a member of our legal team today at (214) 833-0100, and we will discuss all of your options. Let us put our experience to work for you.

One of the most common myths about estate planning is it’s only for the terminally ill or wealthy. However, anyone of any age could benefit from creating an estate plan. Even if you don’t have high-value assets or children, executing a will, trust, and other legal documents can protect your interests and your family’s future.

There isn’t a magic age when making an estate plan is necessary. You can begin right now. Execute your estate plan to protect your loved ones and take care of them even when you’re gone. To discuss your estate planning options, contact us today.

Documents Included in an Estate Plan

Many people picture millionaires with sprawling property, expensive jewelry, and fancy cars when they think of estate planning. However, an estate plan isn’t as extravagant as it sounds. It can provide security during a person’s life and after their death.

You can execute various documents while planning your estate. If you have questions regarding your estate planning, don’t hesitate to contact us.

Last Will and Testament

A will outlines a person’s final wishes and instructs an executor or administrator on how to administer the estate. A will can also determine which people should take on specific responsibilities, such as:

• Managing your estate plan
• Caring for minor children
• Selling or taking ownership of property
• Receiving assets

It’s critical to designate your beneficiaries and update the beneficiary designations in your will regularly. If there’s a death or birth in the family, you might want to change who you leave your assets to upon your death.

Your dependents should be named beneficiaries on bank accounts, so the funds transfer automatically when you die. You can also choose who you want to receive your retirement plan, real estate, personal belongings, and other property.

A living will might also be a good option if you want to instruct your loved ones on medical care should you become incapacitated. For example, if you suffer a coma from a car accident, your living will can outline your decisions regarding extraordinary life-saving measures and medical care. If you have a living will, your family can direct your medical team on what you want and don’t want when you can’t speak for yourself.

Power of Attorney

A power of attorney (POA) can serve multiple functions, including:

• Making medical decisions upon your incapacitation
• Handling your legal matters
• Managing your finances

When you create a POA, it’s vital to grant someone the authority to handle your affairs. You can execute a general power of attorney, allowing the chosen agent to manage various matters or create separate POAs to protect your medical, financial, and legal interests.

The three main types of POAs include:

• Medical POA – A medical POA gives the agent authority over crucial medical decisions if you’re unconscious, incompetent, or otherwise unable to speak for yourself. They can talk to your doctors about medications you avoid, surgical procedures you want, and have input on other medical services.
• Financial POA – With a financial POA, your agent can make decisions regarding your finances if the circumstances prevent you from doing it yourself. For example, if you’re in a different country for a significant period, you can give your agent authority over necessary decisions in your absence.
• General POA – A general POA is a broad document allowing the agent to manage a range of decisions, including those involving business operations, financial transactions, life insurance purchases, and gift contributions.

Trust

A grantor can set up a trust and transfer assets to be held in the trust until their death. Upon their death, the assets can be distributed to the named beneficiary without probate. Trusts are beneficial in estate planning because beneficiaries can receive the assets left to them without going through a time-consuming court process.

The appointed trustee is responsible for managing the account and transferring property when the grantor dies. If you set up a trust, you should choose a trustee you know will follow your instructions. It should be someone who will ensure that your beneficiaries receive your assets instead of transferring them to themselves for personal gain.

Common Life Events for Estate Planning

Significant events in life often spark a person’s interest in creating an estate plan. The most common include:

• Marriage or divorce
• Buying a home
• Birth of a baby
• Acquiring new or high-value assets
• Starting a new career
• Opening a business
• Death of a family member
• Receiving an inheritance

Maybe something in your life happened to make you think about estate planning. If you already have a plan in place, you might have to make changes depending on the new circumstances. For example, if your named beneficiary dies, you need to amend the document and pick a new beneficiary.

Contact Us

Staubus, Blankenship, Legere and Walker PLLC believes in helping our clients secure their futures and protect their interests. When you’re creating an estate plan, you want to ensure that your loved ones receive specific assets and won’t face the burden of making important decisions on your behalf when you die.

Call Staubus, Blankenship, Legere and Walker PLLC at (214) 833-0100 right now, or reach out online to schedule a consultation with one of our Dallas estate planning attorneys. You can discuss your needs with us, and our legal team will help you execute an estate plan that benefits you and your family.

Estate planning is necessary for anyone regardless of age, health status, and economic standing. It’s especially crucial to create a valid estate plan if any of your beneficiaries have special needs. Without a carefully drafted will, trust, or other legal documents, your dependent family member’s future isn’t secure.

If you die without a valid estate plan, you leave your dependent special needs adults without the financial means to afford their care. They might not be able to pay for medical treatment, household assistance, and other necessary expenses. If they depended on someone their whole life and that person dies, they’re left alone to fend for themselves.

You should create an estate plan specifically for the dependent adults in your life. If you’re their primary caretaker or pay for their nursing home bills, you should set aside funds and execute a will, so they continue receiving the care they need when you’re gone.

Below are tips you should follow for creating an estate plan for special needs adults. Contact us immediately if you have pressing questions. We have the experience you need.

Write a Letter of Intent

A letter of intent notifies your guardians, trustees, and other people involved in the estate about the care of your disabled or incompetent family member. You can outline this person’s routine, physical or mental impairments, interests, hobbies, medical needs, and other crucial details in this letter.

This isn’t a legal document. However, it’s valuable to any estate plan involving a special needs adult beneficiary. You should draft the letter immediately and regularly update it as your loved one’s needs change. It’s also important to have a conversation with anyone you address in the letter to discuss how they should handle these circumstances when you die.

Create a Trust

Dependent adults typically don’t have the ability to maintain employment. They need someone else to pay for their household assistance, prescriptions, medical treatment, and other costs. You could set up a Supplemental Needs Trust (SNT) for the special needs adult in your life.

An SNT is a special trust you can use to transfer and hold assets for the benefit of your loved one and to cover their needs. Like a trust for a minor child, funds can go toward the adult’s care. Additionally, an SNT doesn’t prevent a special needs adult from qualifying for government assistance programs, such as Medicaid. If you have particular questions regarding your situation, don’t hesitate to contact us today.

Appoint an Executor of the Estate

If you don’t choose someone to manage your estate when you pass away, the court could appoint an executor for you. That means someone in your family you wouldn’t want to have control of your assets could become your executor. It’s vital to choose an executor while creating your estate plan and mention them by name in the legal document. Specifically indicate that they should be in charge of administering your estate upon your death.

Your family member in need of care should receive the assets, assistance, funds, and anything else you leave for them. Discuss your decision with the executor ahead of time, so they understand the situation. You should pick someone you trust to carry out your wishes and keep the dependent adult’s interests in mind.

Choose a Power of Attorney

You might not realize the benefits of choosing a power of attorney (POA) during estate planning. An estate plan isn’t only necessary while planning for death. It should also include instructions on how to handle your incapacitation.

Let’s say you sustain a traumatic brain injury in a car accident and can’t speak for yourself. Your POA can step in and direct your healthcare team. Depending on your estate plan, they might also have access to certain assets while you’re incapacitated.

Your special needs adult child, parent, or family member won’t have someone to take care of them while you’re lying in a hospital bed. Your POA could take over temporarily by directing funds from your bank account to your loved one’s assisted living facility, medical providers, and other parties. They can become the caretaker while you recover.

Schedule a Family Meeting

Although you can leave instructions or letters in your estate plan for your surviving family, it’s best to also have open and honest communication in advance. Inform your family of your decisions regarding the dependent adult’s future.

You should discuss your plans for future care, financial support, and other important matters. If you choose an executor, talk to them about how you want them to manage your estate when you die and if you should become incapacitated. Proper planning ensures that everyone is on the same page and might prevent disputes down the road.

Contact Us

The Dallas estate planning attorneys of Staubus, Blankenship, Legere and Walker PLLC have over 100 years of combined legal experience. We bring extensive knowledge and skill to every case we take. When we represent you during your legal matter, you can rest assured that you’re in qualified and capable hands.

If you want to draft an estate plan to make provisions for the special needs adult you care for, do not hesitate to contact us at (214) 833-0100. We have the experience you need and will be happy to meet with you for a consultation to discuss your needs.

You may not have thought about placing your assets in a trust. It might seem too complicated, or you may think it’s just not necessary at this time. And thinking about a trust also means thinking about not being around anymore, and that’s never pleasant. But there are some good reasons to consider seeing an estate planner and discussing the pros and cons of putting your assets in a trust.

If you have pressing questions for our attorneys, don’t hesitate to reach out to us today.

What Is a Trust?

Very simply, a trust is a big box where you can store your assets until you’re ready to give them to someone else. Unlike a will, which is a list of directions for giving away your things, a trust is more like a gift you give to others when you’re gone.

Once you place items in the trust, your assets will stay there until you take them back out again. In an irrevocable or unbreakable trust, nobody can take them out. They are there until you die, and they are given to the beneficiary. In a revocable trust, you can take things out, but the beneficiary cannot. In some cases, you or the beneficiary may receive payments from the trust, like stock dividend payments.

A trust lets you control who has access to your property, and when. Trusts also allow you to disburse some of your assets before you die and to provide for minor children or for disabled or special needs family members who may not be able to manage their own funds. Your estate planner will discuss the benefits of a trust with you. Contact us today.

Four Reasons To Establish Your Trust

You may think you don’t need a trust, but consider these benefits:

• Control of your assets. The trust does not exist until it is made, but after that, the trustee has total control over the trust. You will be able to manage where your assets go, who has control of them, and when they are dispersed. For instance, if you want a trustee to handle your children’s finances until they are out of college, the trust structure provides the way for them to do that. Your children remain the beneficiaries and can receive payments from the trust.
• Avoids probate. A trust goes into effect immediately upon the death of the grantor (you). At this point, the trust becomes irrevocable, and nothing can be changed, so there is no need for a judge to make any decisions about interpretation. The trustee can make any distributions needed and manage the other trust property as before.
• Provide for minor, disabled, or spendthrift beneficiaries. By designating certain assets ahead of time for beneficiaries who will need a designated trustee, you can ensure these individuals are properly cared for. If you have beneficiaries whose access you want to restrict, there are ways to prevent them from receiving too much money at once.
• Protection in case of disability. Living to extreme old age in good condition is no longer an impossibility, but assisted living facilities are not cheap. Placing your assets in a trust today can be a way to ensure you have the funds you need to live your twilight years in comfort rather than squalor.

Special Considerations

In some situations, you should always have trust arrangements in place. If you have a special needs child who is unable to live outside the home, long-term financial planning is a must. Someday you will not be there for your child, and you do not want to leave them to the kindness of strangers.

This is also true if you have a family history of any mental or physical degenerative diseases, such as Alzheimer’s or Parkinson’s disease. The worst that could happen is that you reach healthy old age with extra money in your trust.

How We Can Help

There is no wrong time to make your estate plan. If you have concerns about your future, you should start thinking about how you want to have your property managed when you are not here to do it. Financial planning is the best way to be sure your loved ones are cared for if you are not here to look after them.

Anyone can establish a trust, provided they have something to put into it. You don’t need to be wealthy or have lots of property to have a trust. If you want to discuss your estate plan, contact the Dallas estate planning lawyers of Staubus, Blankenship, Legere and Walker PLLC at (214) 833-0100 to schedule a consultation to talk about your assets and the right kind of trust for you and your family. We have the experience you need.