For many, a Revocable Living Trust is a wonderful substitute for a Will to do estate planning. There are many advantages, and a few disadvantages, to a living Trust, so we do not make a blanket recommendation that everyone have a Revocable Living Trust. However, it is not uncommon that we are approached by someone [...]
David Pyke here with a special announcement because this week Senate Democrats proposed a new piece of legislation that would fundamentally alter the rules for taxation of assets received from estates, significantly limiting a current tax benefit known as the step-up in basis. As you know, President Biden has proposed massive spending on [...]
Should everyone have a Revocable Living Trust instead of a Will? Pyke & Associates does not recommend that all of our clients have Revocable Living Trusts. For many, estate planning using a Last Will and Testament and Powers of Attorney is very effective. A Living Trust can be more expensive to create and it can [...]
If you represent creditors, a defendant in your lawsuit that has died, or your client already has judgments against a deceased person, here's a brief overview of your client’s rights. First, a person's death does not end claims against them. Second, collection rights may be better against the estate than the living debtor, as most [...]
Medicaid planning seeks to ensure that your assets provide you quality care while maximizing what you pass on to your heirs. The probability that you will need long-term care is extraordinarily high: More than half of those turning 65 will need some type of long-term care services in their lifetimes. As life expectancy continues to [...]
I want to talk to you today about a Medicaid qualification issue. Most people are familiar with what they call the “five-year rule” or the “sixty-month look back.” The issue is whether you are disqualified from Medicaid if you've given away too much money during the five-year look back. And people think, [...]
Most people understand that Medicaid is for the poor, and they may know a family member who lacks assets to pay for a decent nursing home and was put in a "Medicaid facility." If you have known someone in such a facility, you probably weren't impressed with the care. So why would I want to [...]
Guardianship is a strange word that most lawyers are not even familiar with. That is why to represent someone in a guardianship matter, the attorney has to have a special certification from the State Bar of Texas. At Pyke & Associates, all of our attorneys have those certifications. Guardianship is the legal process of the [...]
If your parent has died and you are entitled to their house, how do you get the deed? Property is normally transferred by instruments called deeds from one person to the next. The deeds are all recorded in the County Clerk's office so that a title examiner can research and find the history of a [...]
Hi, here’s a common question we get: Can my ex spouse interfere with my estate? And the answer is, yes, they can. They can’t do it directly because an ex spouse is not someone who will inherit from you, and if there was ever a will that left them anything, the divorce nullifies [...]