As Estate Planning and Elder Law Attorneys, our services include Asset Protection, Medicaid Planning, Special Needs Planning, Veterans’ Benefits, Guardianship, and Probate. From Dallas to Little Rock, we have attorneys near your home to help you plan for your own possible incapacity, the transition of your assets upon your death, and much more.
Your family is not like any other. Our experienced Estate Planning team understands that you have unique needs and desires when it comes to protecting your assets and leaving a legacy for your heirs. When you work with our team in any one of our four offices in Texas, you will get the benefit of our extensive knowledge. We will present you with options for preserving your property and assets for the next generation with minimal tax consequences.
It is never too soon to start planning for the future. Many people think they don’t have to worry about an Estate Plan until they are ready to retire, but this is not true. The earlier you begin to think about your hopes for your later years and what you want to leave to your children, the better prepared you will be to handle the unexpected things life can throw your way. Reach out to us today to find out what we can do to help you protect your assets and your family.
Worrying about the possibility of needing a nursing home one day and how you are going to pay for it are common concerns as people reach retirement age and for good reason. Quality nursing home care is extremely costly. Without a plan in place to pay for it, many people burn through their life savings quickly and their dreams of leaving a legacy for their family are dashed.
When you meet with a Medicaid Planning Attorney before you or your spouse needs long-term care, you can take advantage of sophisticated tools that protect your assets and ensure that you will be able to afford the care you may one day need. The Elder Law Attorneys at Ross & Shoalmire help people plan for whatever life may bring. It’s never too soon to plan for the future.
Asset protection trusts provide protections against creditors by virtue of what are referred to as “spendthrift” provisions. Essentially, an asset protection trust would include a clause that stated that the assets of the trust cannot be used to satisfy a creditor of a beneficiary. Since such distributions are prohibited by the very terms of the trust, the creditor of that beneficiary cannot force them to be made. Spendthrift trust provisions are very well-established rules of law and have existed dating back to England before the founding of this country. But not all trusts are created equal. Once again, state laws play a significant role in the creation of asset protections trust. The good thing is, regardless of where a person lives, they can, under the right circumstances, create trusts that are governed under the laws of another state. For example, an Arkansas resident might create a trust based in Texas because Texas does not have a state income tax. A Texas resident might create a trust governed under Alaska law because he wants the trust to continue for 300 years. Ultimately, asset protection trusts should be particularly drafted to meet the individual clients needs and circumstances. There is no “one-size-fits-all” trust.
Probate & Guardianship
When a loved one is no longer capable of managing their finances or caring for themselves without help, you may want to step in as a court-appointed guardian. Even if the person in need is your spouse, you will have to go through a complicated process in Texas to become their guardian. Ultimately, Guardianship will be granted by a Probate court. Other situations that require Probate include executing a Will after someone has passed and handling the distribution of assets when the deceased did not have a Will.
Whether you are seeking Guardianship or are involved in the administration of a loved one’s estate, you will need a probate attorney by your side to help you navigate what could be a difficult process. The attorneys as Ross & Shoalmire, P.L.L.C. are available to guide you through the process in Texas and Arkansas, and can also offer advance planning solutions that could help you avoid Probate court altogether.
Special Needs Trusts
Parents of children with disabilities such as Down syndrome or autism know that their jobs as caregivers will extend far beyond their child’s 21st birthday. Often, their biggest concern is how their child will manage after they are gone. By planning ahead with a Special Needs Trust Attorney, however, parents can make sure there is money available for their child’s care after they are gone and that they will also qualify for necessary government benefits.
Parents of disabled children are not the only people who should consider a Special Needs Trust. If your spouse has been diagnosed with dementia or Alzheimer’s disease, you may also want to establish a trust so that there will be money to take care of her needs if you die before her.
Special Needs Trusts involve federal and state laws, as well as complex administrative rules, so you will need help in setting them up. The Estate Planning and Elder Law Attorneys at Ross & Shoalmire, P.L.L.C. have extensive experience with Special Needs Trusts in Texas and Arkansas and can advise you of your options for protecting your loved one.