Smells Like Teen Inheritance

Refinery29 recently published an interesting glimpse into the life of Frances Bean Cobain. If the last name looks familiar, that’s because Frances is the only child of the late Kurt Cobain of Nirvana fame. Ms. Cobain makes a cool $100,000.00 per month from her father’s old band’s royalties. More recently, Frances and her husband, Isaiah Silva, went through a very public divorce. Silva is currently seeking half of the couple’s assets due to a lack of a prenuptial agreement. For more on this story, check out the original article here. For questions about generation planning or prenuptial agreements, give us a call at 817.638.9016 or visit us at weaverlegal.net.

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Do You Have a Family Succession Plan? The World’s Richest Woman Didn’t

Lilliane Bettencourt passed away last week and Nestle is scrambling to figure out what to do with Ms. Bettencourt’s share of the company. Seeing as Ms. Bettencourt was the world’s richest woman at the time, this share is worth billions. For those of you with family businesses, do you have a plan in case something happens to you? Is this a plan you’ve shared with your family? Come see our attorneys to create a tailored plan for your succession. Then share that plan with your family members, preferably not after a heated political discussion. Just think, you can claim you have a better estate plan than the richest woman in the world.

817.638.9016 or weaverlegal.net 

Ever Wanted to Stretch Your Retirement Even Further . . .Here’s How

 

http://www.marketwatch.com/story/how-does-a-stretch-roth-ira-work-2017-09-22

 

Today, we bring you this poignant Q & A session from Marketwatch about stretching your IRA benefits. This type of planning can also be incorporated into a Trust for your children or even grandchildren and might allow your IRA to stretch on far beyond what you could imagine.

If you have questions about stretching your IRA or other questions about how retirement planning can mix with estate planning and Medicaid, please contact us at 817.638.2022 or at weaverlegal.net

When Will the Economy Start Caring About Home Care Work?

The Atlantic recently published a timely article about the struggles home care workers face un our current job market. Home care workers help the elderly and those in need of serious health care remain in their own homes for longer periods of time. Instead of moving to an assisted living facility or nursing home, these individuals can remain in their place of comfort while still receiving excellent medical care. Unfortunately, the cost of these services is staggering. Some Medicaid programs will cover this type of treatment. If more people can stay at home, Medicaid can use state and federal funds to help others in need. Check out the article below. If you or your loved ones are facing this type of issue or a looming nursing home stay, please come see us to discuss your options. Protect your life savings.

https://www.theatlantic.com/business/archive/2017/09/home-care-work-labor-wages/540822/

 

The Weaver Firm 817.638.9016 or weaverlegal.net

 

Do you have an Estate Plan . . . and I mean an Actual Plan?

 

Check out this information filled article from the New York Times about creating an actual plan for dealing with death. We can provide you with documents, and legal advice, but an actual plan involves family members, Certified Financial Planners, Insurance Agents, and more. Better to have some discomfort in your life now than to leave your loved ones with chaos down the road. Research funeral plans and costs to make sure your family members aren’t stuck with thousands of dollars in funeral expenses. Look at life insurance until your savings reach an amount you feel comfortable with. Do you have long term care insurance? Nursing homes cost around $7,000.00 a month. Does your Last Will and Testament cover all of your family members? Is it current? With proper planning and a good plan, some people can avoid probate altogether. Without a plan . . . chaos ensues.

Give us a call at 817.638.9016 to begin your plan.

Weaver Firm to Present at Tarrant County Probate Nuts and Bolts Seminar

ON Friday, September 15, 2017, the Tarrant County Probate Bar will host its annual “Nuts and Bolts” seminar at the City Club of Fort Worth. This seminar will cover topics including Guardianships, HIPAA protection laws, handling creditor claims in Estates, and most importantly . . . Medicaid and Veteran’s Benefits. Rick Weaver of the Weaver Firm and Earl Davidson, a certified financial planner who specializes in Medicaid and Elder Care Planning will present a guide to Medicaid planning and what changes to the law may be coming in 2017-2018. Considering the average cost of monthly care in a nursing home is nearing $7,000.00 per month, you can’t afford to miss this information.

To schedule an appointment with either Weaver Attorney for questions about Medicaid planning and how it might affect you and your family in 2017 and beyond, call 817.638.9016 or email us at TWeaver@www.weaverlegal.net    

Declutter and Downsize Your Lives

 

The New York Times published a great article about the growing amount of Baby Boom age Americans with overcrowded houses. 

The competitive accumulation of material goods, a cornerstone of the American dream, dates to the post-World War II economy, when returning veterans fled the cities to establish homes and status in the suburbs. Couples married when they were young, and wedding gifts were meant to be used — and treasured — for life.

As baby boomers downsize their homes for health or convenience, they are failing to downsize their possession as well. As Estate Planners, one of the most common problems we run into is what to do with excess personal items in someone’s home when they pass away? 

Estate sales are great for large items and valuable items, but what about heirlooms or items with little to no value? Here are some ideas for decluttering your lives and dealing with excess possessions when you lose a loved one.

  • Give your possessions to family members who will appreciate the items during your lifetime
  • Donate your items to worthwhile charities in the area (check out charity navigator for suggestions)
  • Sell your items online . . . if you need help, check out this guide from Lifehacker
  • Throw things away

Taking these above-mentioned steps helps your family members avoid costly moving services if you need to move to a new home. Estate sales can cost upwards of $3,000.00. Save your family the time, trouble, and expense of decluttering your life.

Apart from the financial benefits, having less junk around your house helps you feel better about yourself and makes cleaning up your house a breeze. You literally have money staring you in the face everyday. If you haven’t used that item in over a year, think about getting rid of it.

Estate planning doesn’t always have to involve Wills and Trusts, but if you don’t have those . . . consider contacting us to get those drawn up as well!

817.638.2022 or TWeaver@www.weaverlegal.net

 

Lifehacker’s Article on How to Create a Will (with edits by The Weaver Firm)

Recently, Kristin Wong at Lifehacker wrote a helpful article titled “How to Create a Will.” The attorney at the Weaver Firm took the time to dissect her article and add some helpful tips. We hope you enjoy.

“What Is a Will?

A will (or “last will and testament”) is a document that spells out what should happen to your assets after you die. It also designates guardianship of your children (and ownership of your pets), so even if you don’t own a bunch of property or have a bunch of assets, it’s a good idea to have a will.”

This is one of the best descriptions of why someone needs a Will I’ve ever seen. A Will covers any of your assets not designated with beneficiaries. This includes bank accounts, houses, vehicles, even pets. The next section deals with DIY Wills. The author lists some good reasons and options for drafting your own Will. The simplest way to create your own Will is to handwrite a Will and sign the Will at the bottom. Now I know what you are thinking . . . why would I give you advice on drafting your own Will when I do this for a living? The point of this website is to give you tools to live by. We’d love you to come to us with your Estate Planning questions, but we understand that isn’t always an option.

The author adds a great quote from a law school professor regarding DIY Wills and why you should avoid them:

“Three DIY will-making products—LegalZoom, Rocket Lawyer and Quicken WillMaker Plus—were evaluated on a number of quality measures by a law school professor who specializes in estates and trusts. He found that all three produced wills that are better than having no will at all and can be good for thinking about estate planning…but there were problems inherent with all of the DIY products if you have anything but very simple will-making needs. For example, two had outdated information. Also, some specific tax and trust issues couldn’t be handled by the software… If you have dependents, special tax issues, want to address digital assets, or just want to make sure your will is as comprehensive as can be, your best bet is to consult a lawyer.”

You can count on the Weaver Firm to stay up to date on the latest changes to the law and how it affects you.

 

Here are the author’s things to expect when you meet with an Attorney about a Will(with a few choice edits from me): 

“Pick an executor: This is the person who handles your property, assets, and everything else after you die. They won’t have control until after you go, but at that time, a probate court will give them power. Obviously, you want this person to be someone you trust to handle your affairs, maybe your spouse or one of your children.”

The Weaver Firm Addition: This person has a duty to gather your assets and follow the terms of the Will. Your Will can name someone as Independent Executor or Dependent. Independent Executors act without further Probate Court interference. Dependent Executors must submit their actions to the Probate Court prior to taking ANY action with the Estate.

“Designate your beneficiaries: The people who will inherit your assets — everything from your retirement savings to your person possessions — are called beneficiaries, and you want to designate them for everything you own. If you have pets, they’re considered property in your will, and you’ll designate who will inherit them, too. (Keep in mind, though, beneficiaries are not legally required to take care of pets, so you want to clear this with the person beforehand).”

The Weaver Firm Addition: If you really need help planning for Pets, check out our article about Planning for Pooches. The author raises one important point.

“If there’s someone in your family you want to make sure doesn’t receive anything, experts say you should detail that, too. As one estate planning attorney told U.S. News:

“Name that person and say that they aren’t getting anything,” Colby advises. “Otherwise, the implication could be that you forgot about them, and you could find your will challenged in court.'”

The Weaver Firm Addition: We always recommend naming all of your children in your Will, even if you are disinheriting them. A simple omission now could lead to years of litigation down the road.

As the author winds up her article, she includes two last points which I found very helpful.

Add a letter: If you want to say something to your loved ones after you die, write a “last letter” and attach it to your will.”

The Weaver Firm Addition: We even recommend sitting down and discussing your Estate plan with your family. Let the Executor know what his or her duties are. Let the guardians know why you named them as guardians for your children. Often, an honest discussion between family members (preferably NOT around the holidays) can avoid future issues.

    Get witnesses to sign your will: Finally, in order for your will to be legally binding, you need witnesses. Usually, this means you need two signatures from people who aren’t listed as beneficiaries. A notary might be the best person for this, although it’s not required.”

The Weaver Firm Addition: This is the only section, I wanted to clarify from the article. In Texas, a Will needs two independent witnesses (witnesses who are not beneficiaries or “interested” in the Estate) to sign in the presence of the Testator (the person whose Will we drafted) and in the presence of a notary public. If you are feeling extra efficient, include a self proving affidavit to avoid bringing witnesses to Probate Court down the road.

All in all, this article, written by a non lawyer, is pretty solid advice. Our job at the Weaver Firm is to go above and beyond average advice. If you have questions about Wills and Estate Planning, call our office at 817.638.9016 or email us at TWeaver@www.weaverlegal.net.

 

Bowie Knives and Saving Lives!

Based on the sign in front of this statue, this Bowie Knife is the largest of its kind in the world. In similar news, Travis attended the largest health fair in Bowie, Texas held in the last week. If you are impressed, you should be. At this fair, Travis learned important tips about safety in emergency situations like leaving your car running if you are trapped to make sure the airbags deploy. This fair also showcased many senior care options in and around Wise and Montague County.

 Travis also had the opportunity to make a short speech about the four documents you should have right now . . . and here they are:

  1.      Last Will and Testament
  2.      Medical Power of Attorney (with HIPAA language)
  3.      Financial Power of Attorney (use the new Texas form)
  4.      Physicians Directive a.k.a. Living Will

If you don’t have these documents or if your documents are older than your current car, call our office at 817.638.9016, or send us an email at RWeaver@www.weaverlegal.net to schedule an appointment. Make sure you sign up for our newsletter below to keep up with the latest and greatest legal news you and your family need to know.

 

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The Weaver Firm 2017 Trip Across Texas

Last week, Rick and Travis had the pleasure of traveling from the Red River all the way down to Galveston on a working vacation. The attorneys started their journey with a short stop in Muenster to enjoy some unseasonably cool weather in the Red River Valley.

After that short break, the attorneys traveled down to Galveston to attend the 19th Annual Estate Planning, Guardianship and Elder Law Conference.

At this conference, the Weavers learned about changes to the law regarding Medicaid, Probate, and Long Term Care Planning and how they will affect you, the clients in 2017 and beyond. The current political climate promises to shake things up in the legal world. Rest assured, the Weaver Firm is up to date on the most current laws and regulations affecting our areas of practice. We are even willing to drive hundreds of miles for it.

 Stay tuned for a back to school special article regarding everything you ever wanted to know about when estate planning and back to school planning meet. Expect fireworks.

If you enjoyed this update or want to learn more about Elder Law and Estate Planning, be sure to sing up for our newsletter at the link below:

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