Houston TX Estate Planning Law Blog

While Houston residents may have once gushed over their mother's antique doll collection or fine china dinner sets, once their parents leave it for them in their will, beneficiaries are more likely to sell them than keep them. According to a study by the Center for Retirement Research at Boston College, baby boomers receive around $8.4 trillion in a transfer of wealth from the previous generation.

However, the younger generation grew up in completely different cultural times and do not hold onto everything as their elders did. According to a consultant studying generation trends, rather than value objects, younger heirs value time and experience. Rather than receive furniture, they would prefer inheriting money so they can travel or even pay off debts.

As many Houston residents know, taking care of aging parents with medical conditions is difficult. A helping hand is very useful in such circumstances - someone trained to help patients express themselves, communicate, alleviate their pain and relieve their distress is always helpful. Houston residents may not know that there are specialists trained to help patients with these specific concerns - they are palliative care physicians. Houston residents should understand the benefits of palliative care services so they can consider adding it to their long term care plan.

Even though the specialty is defined as "Hospice and Palliative Medicine," the two types of medical practice are considered different in America. Medicare allows hospice benefits for patients in the last six months of life, whereas palliative care may actually go a long way in extending a patient's life span. Hospice care is more often a home care service, whereas palliative care services are usually performed in outpatient or hospital settings.

Many people facing financial difficulties may think that coming into money may be the solution to all their problems. With an unexpected windfall, Houston residents may be able to pay off their mortgages and college debt and add to their retirement accounts. Improving an heir's circumstances may be one of the reasons Houston family members create estate plans establishing trusts.

While creating these trusts to provide for their beneficiaries' futures, Houston residents may not have considered the new trend emerging among younger heirs. Some younger heirs are deciding to empty the trust fund in order to give the money to people they consider deserving. Known as trust fund progressives, their aim is to make society more just and equitable by spreading the wealth they have inherited at a young age.

Houston residents hesitant to take estate planning steps may think they are saving money and time right now by not taking steps to ensure the proper distribution of their assets, but the truth of the matter is that they may be leaving a mess for their beneficiaries, who have to spend even more time and money to get what is rightfully theirs.

Creating a will, living will, power of attorney, medical directive and trust are all aspects of estate planning that Houston residents can use to protect their assets. As a widow raising two children on her own after her husband passed away suddenly in a biking accident discovered, dealing with legal issues, probate matters and will disputes takes away from dealing with emotional trauma. Suddenly, the mother had to deal with a lot of issues she had no idea how to tackle.