Skip to Content
Crain & Wooley Crain & Wooley
Call Us Today Plano: 972-945-1610 Mansfield: 682-356-4820 Fort Worth: 817-672-9442
Top

Blogs from May, 2024

Most Recent Posts from May, 2024

    • Clear All

  • Disability planning is a crucial financial and estate planning aspect that often gets overlooked. Many individuals may assume that disability will never happen to them, but the reality is that anyone can become disabled at any time due to illness, injury, or aging. By taking proactive steps to plan for the possibility of disability, you can ensure that your wishes are carried out and your loved ones are taken care of if you can no longer make decisions for yourself.

    1. Protect Your Assets

    One key reason disability planning is essential is to protect your assets. Without a plan in place, there is a risk that your assets could be mismanaged or depleted if you become incapacitated. By establishing a durable power of attorney and setting up a trust or other legal mechanisms, you can designate someone you trust to manage your finances and make decisions on your behalf if you cannot do so yourself.

    2. Ensure Proper Medical Care

    Disability planning involves protecting your assets and making arrangements for medical care in case of disability. By creating an advance directive or healthcare proxy, you can specify the type of medical treatment you want or do not want if you are unable to communicate your wishes due to disability. This ensures that your healthcare preferences are respected and followed even when you cannot speak for yourself.

    3. Provide for Your Loved Ones

    Another important aspect of disability planning is ensuring that your loved ones are provided for in the event of your disability. By creating a comprehensive estate plan that includes provisions for guardianship of minor children, distribution of assets, and inheritance planning, you can ensure that your family members are taken care of according to your wishes if something happens to you.

    4. Maintain Control Over Your Affairs

    By engaging in disability planning, you also retain control over important decisions regarding your affairs, even if you become disabled. Without a plan in place, decisions about your medical care, finances, and other personal matters may be left up to others who may not know what choices you would have made for yourself. Disability planning allows you to outline how these matters should be handled so that they align with your values and beliefs.

    5. Peace of Mind

    Ultimately, disability planning provides peace of mind, knowing that you have taken steps to prepare for the unexpected. By having a comprehensive plan in place, you can rest assured that both your own needs and those of your loved ones will be met if disability were ever to occur. Disability planning may seem daunting initially, but working with an experienced attorney or financial planner can help simplify the process and ensure that all aspects are addressed thoroughly.

    Dallas-Fort Worth Disability Planning Lawyers

    At Crain & Wooley, we understand the importance of disability planning and are dedicated to helping individuals and families in the Dallas-Fort Worth area create customized plans that meet their unique needs. Our experienced attorneys can guide you through the various aspects of disability planning, including drafting documents such as living wills, powers of attorney, and healthcare directives. Contact us today at (972) 945-1610 to get started. 
    Why Is Disability Planning Essential?
    Read More

  • When a loved one passes away, their estate must go through probate. Probate is a legal procedure that validates and distributes a deceased person's assets and debts to their heirs and beneficiaries. It can be a time-consuming and costly process that can delay the distribution of assets to beneficiaries for months if not years. However, there are ways to avoid probate altogether.

    1. Create a Living Trust

    Creating a living trust is one of the most common ways to avoid probate. A living trust is a legal document that names someone as the trustee who manages the trust during your lifetime. You can transfer ownership of your assets to the trust while you're still alive, so they'll still be accessible if needed. When you pass away, your successor trustee will take over management of the trust and distribute its assets according to your wishes without going through probate.

    2. Joint Ownership with Right of Survivorship

    Another option for avoiding probate is joint ownership with the right of survivorship. This means that when one owner dies, their share automatically goes to the surviving owner(s) without going through probate. This option is commonly used for real estate property or bank accounts.

    3. Beneficiary Designations

    You can avoid probate by naming beneficiaries on certain assets like life insurance policies, retirement accounts, or investment accounts like stocks or bonds. When you pass away, these assets will automatically go to your named beneficiaries without going through probate.

    4. Small Estate Administration

    If you have a small estate worth less than $100,000 (in some states like California), you may be able to use small estate administration instead of going through formal probate. This process involves filing a petition with the probate court and providing an inventory of the deceased's assets and debts.

    5. Gifts

    Finally, another way to avoid probate is by gifting your assets to your loved ones before you pass away. However, this option requires careful consideration and planning as it can impact taxes and eligibility for government benefits like Medicaid.

    Dallas-Fort Worth Probate Attorneys

    For those in Plano, TX, seeking to navigate the complexities of estate planning and probate avoidance, Crain & Wooley offers expert guidance and personalized solutions. With a deep understanding of both local and federal laws, our attorneys can help you craft an estate plan that ensures your assets are protected and your legacy is preserved. To learn more about our services and how we can assist you, contact us at (972) 945-1610">(972) 945-1610. Let us help you find peace of mind for the future.
    Can Probate Be Avoided?
    Read More