Estate planning requires a close review of an individual's future plans and needs, taking into account a family and other individuals close to them. An estate plan may involve only simple wills and accompanying documents such as a durable power of attorney, or they may include more complex mechanisms, for example structured charitable gifts or residential and life insurance trusts. Estate planning requires a careful review of all assets, their ownership structure and title. Finally, a good estate plan involves making decisions about an individual's needs should they ever be unable to take care of themselves.
Careful planning for the future provides clients with peace of mind. Estate plans give appropriate consideration of a number of tools, including the use of GRATs, QPRTs and charitable giving plans.
Everyone should put in place a will, regardless of their financial or family situation. A last will and testament is a simple tool that can be used to dispose appropriately a client's assets in accordance with his wishes. It is considered the basic building block for any estate plan. It can be drafted to serve the myriad requirements of most individuals including charitable giving, providing for loved ones, establishing testamentary trusts. Importantly, wills help streamline the probate process and give guidance to your family on how to follow your wishes after death. The Law Offices of Rebecca Ryan drafts simple and complex wills and trusts including, where needed, bypass, QTIP, irrevocable life insurance trusts, living trusts and supplemental needs trusts.
A guardianship proceeding establishes a legal representative that has as his duty the protection of an incapacitated individual from exploitation, abuse and neglect. Individuals that may need such protections include elderly parents who are suffering from dementia as they age, or younger persons with cognitive impairments that affect their ability to live independently. Guardianships can take a variety of forms, including full and limited guardianships and guardianships of the person and/or estate. Rebecca will provide counseling, assistance and representation to families who are facing this process.
Growing populations of individuals today have been diagnosed with a disabling condition or "special need." Individuals with disabilities that qualify for government benefits such as SSI and Medicaid, however, cannot have assets amounting to more than $2,000, or their public benefits will be compromised. Families who want to be able to provide additional assistance beyond government benefits can use Supplemental Needs Trusts (or "Special Needs Trusts") as a mechanism to hold assets that would otherwise erode governmental benefits. Assets that are kept in these funds may only be used to supplement, not supplant, the benefits that the individual receives through governmental programs.
Supplemental Trusts are mechanisms that enable the parents of a child with special needs to provide supplemental funds that will enhance their child's quality of life. These are typically known as "third-party trusts." The trust can be established as a part of the family's estate plan, and specify how the trust will be funded. In some cases the fund is created but not funded until both parents pass away, and funded through life insurance benefits and the child's inheritance. Alternatively, other family members such as grandparents, aunts and uncles may want to leave money or contribute to the special needs trust.
Supplemental Needs Trusts can also be "self-settled"; that is, assets that the individual owns may be placed into a supplemental needs trust. For example, a self-settled trust is frequently used when an individual is to receive a settlement or award, and needs to maintain both his current governmental benefits as well as the settlement funds to supplement those benefits.
Rebecca assists families to establish the supplemental needs trust that is appropriate to their situation, whether it is a self-settled or third-party trust.
Rebecca helps her clients develop a comprehensive life plan tailored to their individual needs. These plans may include documents such as a durable power of attorney, a medical power of attorney, an advance directive, and a declaration of guardianship for individuals to ensure provisions are put in place in the event they become incapacitated.
A DURABLE POWER OF ATTORNEY is a vital document if an individual experiences a period of incapacity. By authorizing an individual to manage your property and finances when you cannot mange them for yourself, you are helping to protect your assets. It is important to know that while you can assign an "attorney-in-fact" to take care of your responsibilities, it does not prevent you from managing these things on your own.
A MEDICAL POWER OF ATTORNEY is an important document that appoints and authorizes a person to make health care decisions for an individual. The medical power of attorney serves two functions: it outlines an individual's health care wishes and provides decision making powers for the individual's chosen agent.
An ADVANCE DIRECTIVE allows a client to direct in writing that life sustaining measures be, or not be, made when a terminal condition exists. It allows the person to specify in advance what kind of treatment he wants if he is no longer in a condition to communicate that wish. Finally, it allows a person to designate decision-making powers to his agent in order to see that these wishes are fulfilled.
GUARDIANSHIP issues arise when a family needs to plan for the care of their children, or if a person wants to pre-select a guardian in the event one is ever needed. Rebecca counsels her clients to reflect on the best interests of the family members affected in order to assist that person with obtaining the necessary and appropriate supports when needed.
In addition to putting in place medical planning documentation for their future, Rebecca can assist clients with Medicare and insurance claims.
Texas allows a variety of ways to move through the probate process: independent administration, dependent administration, and muniment of title, among others. Whether or not a particular process is appropriate depends on the facts of each case. A knowledgeable lawyer can help guide the personal representative through that decision-making process.
Rebecca works with her clients to determine which of probate administrations is most appropriate for them. Rebecca has helped her clients through the following uncontested proceedings:
INDEPENDENT ADMINISTRATION is the term used to indicate that a will may be probated without the supervision of a court; that is, the executor of the will may perform certain acts without court supervision or approval. Typically, an independent administrator is designated in the will. This proceeding saves time and money for the decedent's family. There are a number of requirements, nonetheless, that must be completed in court.
A DEPENDENT ADMINISTRATION is similar to an independent administration, but, as the name suggests, requires supervision and approval of the executor's actions with respect to the estate by the court.
MUNIMENT OF TITLE is a proceeding that may be used when the decedent had a will and there are no debts, excluding liens on real estate, and there is no necessity for the administration of the estate. It can be used to transfer ownership of real property to the named beneficiaries without a full probate of the will.
An HEIRSHIP PROCEEDING is typically appropriate where the decedent has not left a will. It is a court proceeding that formally declares the heirs of the decedent. It can be used to record real property in the heir's names.
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