Estate planning is a complex and significant engagement. Getting a thorough, reliable, and impeccable trust can take several revisions before arriving at the final draft. With major benefits at stake, it is crucial to hand this task to someone who is experienced and well-versed with the job. The Houston law firms are one such name that is known for providing services related to estate law. Estate law encompasses estate planning, administration, trust, Medicaid and Medicare planning, Elderly law, and many more, which are discussed further.
About Houston Law Firm
Kevin Houston, the founder of Houston Law Firm PLLC, is a seasoned attorney providing legal services in estate management and planning. He is a participant of the estate planning and elder law segment of the North Carolina Bar Association. Kevin Huston has been interviewed on multiple occasions at radio stations to talk about estate planning. Moreover, he has spoken at several seminars about estate law.
Kevin Huston has built his firm to serve the community and help families that they work with. Adding to the purpose, many cases are handled on pro bono for people who have stringent resources.
Why Hire Houston Law Firm
When planning estate management, there are plenty of complex laws to look out for. Furthermore, there are dos and don’ts listed with tons of legal jargon to comply with. This gives rise to inconsistent and contradictory clauses in the contract. Hence, a lawyer can dismiss these mishappenings and lay out a fitting draft. Here are more reasons for hiring a law firm for estate planning.
Laws are complex
Laws are defined both by the State, which the estate owner has to abide by. These laws are difficult to follow and define a strict guideline of how and what can be included in a trust, will, and power of attorney. The laws also specify the requirements on witnesses and documents. A comprehensive understanding of these laws makes the process a convenient and smooth one. And that’s why estate planning firms play such a vital role.
Design conflict-free plan
Designing a plan that does not give rise to conflicts or ambiguity is essential for the success of the project. In the initial phases, most clients are unclear of their expectations and needs. Planning inheritance for relatives and younger dependents is challenging, especially when planning is done under particular circumstances and conditions.
Effortless updating
Once the estate plan is laid out, it is not done for once and all. The estate plans need to be updated as per the new laws and clauses that the States release. Doing all these activities by self is a humongous task. Most of the time, the latest updates go unheeded and create troubles later for the family. Having an attorney by the side eases the pain of keeping up with the new laws and following up with them.
Save incurring additional costs to family
An incoherent estate plan can stand unrecognized by the court. Forms downloaded through the internet have low credibility and accuracy. Also, there is a high chance that while filing the estate plan, one or two necessary documents were missed out.
The repercussions of such unintended mistakes can be huge for the family members. The relatives might end up paying hefty sums of money to get the plan legalized and lose time in the process. Apart from the monetary, it also causes physical and emotional strain on the family members.
Address complex situations
There are specific scenarios where the complexity of laws and regulations multiply depending on the relationship of the family members. A person should assess his assets for planning to identify if they fit into any of the below classifications.
- In a second marriage
- Self-owned business either one or many
- Real estate in more than one State
- A disabled family member
- Minor children
- Special needs children
- No children
- Donate some or all estates to charity
- Substantial assets as per IRAs
- Recently divorced
- Recently lost a spouse or family member
- Own a taxable estate
If the above classifications fit a client, they should immediately seek consultation regarding estate planning as it may require additional documentation.
Services Offered By Houston Law Firms
Houston law firms work exclusively in estate planning and elderly law. The services offered are as follows.
Estate Planning- Wills and Trust
Will is used to transferring assets to the desired people or institutions. It requires a person who acts as Executor and Guardian in case of minor children under care. Will become active only after the demise of the drawer, while trusts can be active while the drawer is still active.
Probate & Estate Administration
After the family member’s demise, certain legal proceedings, taxes, and account settlements that the attorneys overlook. The attorneys handle all the probate and estate administration in case it is contested in court.
Medicaid Planning
Planning medicare for the elderly requiring admittance to a nursing home is crucial to their needs. The planning deals with two aspects of this scenario, first the qualification and secondly preventing Medicaid recovery. The qualification requires the elderly to fulfill specific criteria to avail of the service. The prevention protects colossal disbursement of the estates in long-term care.
Additional services are-
- Veteran Affairs Benefit
- Veteran Aid and Attendance Pension
- Guardianship
Conclusion
Any law firm providing service in estate planning and elderly law requires handling multiple concerns simultaneously. A flawless plan to carry out a client’s wishes is a priority while ensuring it is not cumbersome for the family members later. To work out plans smoothly, law firms use tools to achieve the desired results. The tools used are-
- Irrevocable Trust including Irrevocable Life Insurance Trust
- Revocable Living Trust
- Last Will
- Living Will
- Power of Attorney
- Limited Liability Company
The law firm offers personalized solutions designed after careful considerations of the client’s benefit. Keeping in mind that estate laws are prone to changes, the attorneys at the law firm ensure keeping clients up-to-date with new regulations. One of the law firm’s successes is the amalgamation of experience, knowledge, and commitment to community service.
