Rainey Attorneys Law

What is Medicaid?

The government established an assistance program to serve those in low-income situations with their long-term healthcare needs if they could not work due to age or physical condition. All states adopted this program, and they called it Medicaid. The name is short for “medical aid.” While Medicaid is run by guidelines set forth by the federal government, the program is run by state and local governments and can vary from state to state.

Patients with Medicaid benefits typically do not pay costs for covered medical expenses or may rarely pay a small copay.

For What Long-Term Care Would Someone Need Medicaid?

A person may require long-term care for a multitude of reasons.

• Age – As we get older, we require help with basic tasks.
• Disability – Accidents or chronic illnesses may cause difficulty in performing basic tasks or cause health reasons why a person would need constant long-term care.
• Health Status – While not disabled, someone with a chronic condition such as diabetes or high blood pressure may be more likely to need long-term care.
• Living Arrangements – If someone lives alone, they are more likely to need paid care than if they are married or living with a partner or relative.

Any of the above reasons could cause someone to need help with basic tasks of living – bathing, dressing, personal hygiene, housekeeping, meal preparation, or eating. As many as 70% of people over 65 will use some form of long-term care during their lives. Many more may need it but not be able to afford it. For these reasons, many people find it important and of high priority to be able to qualify for Medicaid.

What Are the Basic Requirements for Long-Term Care Medicaid Eligibility in Texas?

The basic eligibility requirements for long-term care Medicaid in Texas are:

• Income:
  • Medicaid income limit for an unmarried Medicaid applicant is $2,163 per month.
  • For a married couple, the limit is $4,326 per month
  • If both spouses live in a nursing facility, the income limit is doubled
• Resources:
  • Resources accessible to the applicant may be ‘countable’ or ‘excluded.’
• Medicaid Facility or Medicaid Bed:
  • Applicant must be in a Medicaid-certified facility in a Medicaid bed for at least. 30 days
• Nationality and Residency:
  • Applicants must be U.S. citizens or qualified aliens
  • Applicant must also be a resident of Texas and intend to remain in Texas or return if not currently in Texas
• Medical Necessity:
  • Applicants must have a “medical necessity” for nursing home care, meaning their condition must be considered serious enough that it requires licensed nurses in an instituional setting.

What Next?

If you’re concerned you may not qualify for Medicaid but will need its benefits; there may still be options. Call (254) 457-5083 today and speak with an attorney from Rainey & Rainey, Attorneys at Law, LP, to discuss your options.

Trusts hold property while a grantor or testator is living and allow those assets to be passed down more simply than by a Will upon the death of a family member.

Trusts can also reduce a family’s taxes by shifting certain assets and fiduciaries to relatives in lower tax brackets or by controlling the finances of spendthrift family members.

As you can see, trusts serve many types of functions. There are several types of trusts created for various reasons.

Understanding Testamentary Trusts

In Texas, testamentary trusts are a type of trust or estate created upon and resulting from the grantor’s death. The terms of such trust are written in the grantor’s Last Will or are established via a court order concerning the deceased’s estate. Essentially, the trust does not exist until the grantor’s death, and upon this event, all of the grantor’s assets listed in the Will pass through probate after being moved into the trust.

You may change the terms of the trust any time before the grantor’s death. They can be contingent, indicating that the trust will only be developed or developed differently, depending upon certain conditions.

Understanding Living Trusts

Often known by the Latin name “Inter Vivos,” a living trust is created during the life of a grantor and is funded in the same way. Assets contained within living trusts bypass typical probate procedures. Also, a grantor’s death may end the terms of the living trust, or the trust can be designed to persist long after.

Living trusts may be created as “revocable,” meaning the grantor can terminate the trust itself or “irrevocable.”

What are Irrevocable Trusts?

When a grantor makes their trust irrevocable, it can no longer be revoked or amended. This designation means that even the grantor cannot change the trust’s recipients, alter the trust’s terms, or remove any asset from the trust.

The assets within an irrevocable trust are not included in the grantor’s gross estate for estate taxes, which means that the grantor may save substantial amounts of money in estate taxes, which is often why these types of trusts are created.

Understanding Totten Trusts

A Totten trust is created to deposit assets, typically financial, to beneficiaries gradually throughout their life. Often this is to keep the ‘presents’ off the taxes of the children who control their property or estate.

Do I Need a Trust, and If So, Which Type?

The misunderstandings and misinformation surrounding Texas trusts is vast and varied. If you want to understand the best possible routes to make your money and assets move in the ways you wish for them to, call Rainey & Rainey, Attorneys at Law, LP, for assistance at (254) 457-5083.

When someone passes away, probate administration begins, regardless of the existence of a will. During the probate process, a probate lawyer assists and guides the will’s executor or, in the absence of a will, the estate administrator in their duties during the probate administration process.

What is a Texas Probate Lawyer?

When someone passes, the probate lawyer’s job is to assist in disseminating the deceased’s assets. The probate lawyer assists and works alongside the decedent’s executor or estate administrator as a legal guide.

In some cases, where no one is more appropriate to perform the duties, a probate lawyer may be assigned as estate administrator and would solely perform the administration or executive duties. These may include:

• Property Accounting and Evaluation
• Settling an Estate’s Debts
• Paying Taxes Owed by the Estate or the Decedent
• Disseminating Assets to the Decedent’s Beneficiaries

What Are the Responsibilities of a Texas Probate Lawyer During the Probate Process?

Some other responsibilities for a probate attorney may include:

• Locating, securing, and evaluating a decedent’s estate
• Finding and collecting insurance policies
• Appraising a decedent’s assets or subjecting them to appraisal
• Managing the finances of the estate during the process
• Determining debt validity and advising payments
• Filing required court documents
• Securing tax accounts or working with accountants during the final income tax filing

Do I Need a Probate Lawyer in Texas?

If you have been placed in a position where a loved one has a large estate, with or without a will, you may consider consulting with a probate lawyer. The process of being an estate administrator is an arduous one. Ask yourself the following:

• Do I have a solid grasp of my state’s estate laws?
• Have I handled the probate of an estate previously?
• Are the surviving family members likely to get along?
• Is there sufficient money to pay the estate’s debts?
• Is there a will or trust in place?

If you have a tough time answering any of the above questions, you should likely speak with a probate lawyer for an initial consultation.

Can I Speak to a Probate Lawyer in Texas?

The experienced attorneys at Rainey & Rainey, Attorneys at Law, LP, would love to speak with you regarding consultation in your probate case. If you would like to schedule an appointment with one of our esteemed attorneys, call (254) 457-5083 and schedule an appointment. The lawyers at Rainey & Rainey, Attorneys at Law, LP, have over four decades of experience in elder law and estate planning, so they will be able to help you with anything you need regarding probate law.

When two people join each other’s lives “until death do us part,” it may seem like a foregone conclusion that what’s one spouse’s is the other and vice versa. When planning estates and each spouse’s last will, they may want to leave everything to one another. If this is the case, they may create a joint will.

However, while there is also the assumption that creating a joint will is more efficient and less expensive in Texas, there are some issues regarding joint wills that both spouses should know.

What is a Joint Will in Texas?

A joint will is a legal document combining two people’s bequests into a single last will and testament. Married couples typically make this decision because they wish their final wishes to be the same.

In most cases, a joint will includes terms that, at the death of a spouse, the surviving spouse will inherit everything. Then, upon the surviving spouse’s death, the remaining property is distributed to the couple’s surviving children.

What Are the Advantages of a Joint Will in Texas?

• A joint will can assure that your surviving spouse isn’t able to leave the property to someone of whom you did not approve if that is a concern.
• A joint will can provide financial security for their spouse, as they will know exactly what assets the spouse will eventually receive.
• A joint will ensures that, upon both spouses’ passing, the children receive everything the parents choose to pass on.

What Are the Disadvantages of a Joint Will in Texas?

• A joint will typically includes terms dictating its irrevocability. This means that, without your spouse’s (who has presumably passed away) permission, you cannot change the terms of the will.
• The surviving spouse may be unable to;
• Assist grandchildren in paying college expenses
• Sell or gift assets in the will
• Add monetary restrictions for fiscally irresponsible children
• Gift a portion of a child’s inheritance in response to a major life event
• Downsize or sell the house to afford assisted living
• Joint wills are not legal in every state, so moving from Texas may be a hassle if a joint will is involved.

Should My Spouse and I Get a Joint Will in Texas?

Everyone has different financial expectations for their assets, so it is difficult to answer considering only sweeping generalizations. Joint wills are heavily dissuaded, but it may be the right choice for you and your spouse. To consult with an experienced estate planning professional regarding your and your spouse’s final wishes, call (254) 457-5083 and speak with an attorney at Rainey & Rainey, Attorneys at Law, LP.

Several types of trust exist to help people protect their assets, avoid costly estate taxes, or ensure their beneficiaries get the assets they are entitled to while avoiding the expensive and lengthy probate process. One of the ways someone can distribute their assets after they are gone is via a charitable remainder trust.

What is a Charitable Remainder Trust?

A charitable remainder trust is intended for a grantor who has built a sizable estate and is searching for a way to receive reliable payments.

This type of trust provides the grantor or their beneficiaries with income from assets inside the trust for the rest of their life or a period not exceeding 20 years. At the end of the term of the trust, the remaining balance within the trust is donated to the charity of the grantor’s choice established at the beginning of the trust’s terms.

There are two types of charitable remainder trusts (CRTs):

• Charitable remainder annuity trusts (CRATs) pay a fixed annual annuity amount, disallowing new contributions. CRATs do not change their annuity amount.
• Charitable remainder unitrusts (CRUTs), which pay a fixed percentage of the trust’s assets, are reviewed annually, and allow contributions. Each year, the income received from a CRUT will vary.

What Are the Advantages of a Charitable Remainder Trust?

• You receive partial tax deductions for the donated assets through a CRT
• There are no capital gains taxes paid when donated assets are sold
• Contributed assets are no longer part of your estate, meaning they are not included when figuring estate taxes
• You can receive income from reinvested CRT proceeds
• Upon a CRT’s termination, you can decide which charities receive its assets

What Are the Disadvantages of a Charitable Remainder Trust?

• For there to be income for yourself and value to the charity, you must make large contributions to the CRT
• A CRT is typically irrevocable; therefore, you cannot change your mind once you have finalized your provisions and terms
• The funds placed in a CRT are no longer in your control, and you do not have access to them
• Income received from your CRT can reduce the total contribution left to your charity of choice
• If you plan to obtain high amounts of income from your CRT, you risk leaving nothing to the charity once the terms are completed or you pass away

How Can I Decide If a Charitable Remainder Trust is Right for Me?

If used for the right reasons and set up correctly, a charitable remainder trust can be a significantly beneficial type of trust, not only to the person setting it up but to the charity receiving the donation at the end of the CRT’s term.

If you are looking to correctly set up a charitable remainder trust in terms that are beneficial to yourself and the charity of your choice, call Rainey & Rainey, Attorneys at Law, LP at (254) 457-5083 to set up your initial consultation.

A handwritten Will, also known as a “holographic Will,” is not valid or recognized in every state. Laws regarding estate planning, final wishes, and dissemination of property after someone passes are set in place by locality; often, a state or county may have different laws than neighboring areas.

The way a Will is written and its determining validity in the court in which the decedent resided can go a long way to deciding how effective and reasonable the probate process is and whether or not it will be a giant headache for the family left behind.

So, if a loved one has left behind a Will, written by hand and not typed, is that a valid interpretation of the deceased’s last wishes?

Are Holographic or Handwritten Wills Valid in Texas?

The short answer is yes, a handwritten, holographic Will is valid in Texas. In fact, if the Will is properly notarized and satisfies all of the state’s requirements of being called a Will, a handwritten or holographic Will is just as effective as one that has been typed.

What Are the Requirements of Holographic Wills to Ensure Validity in Texas?

A Texas court Will honor a holographic Will so long as its creation meets the legal requirements put forth by the State. Those validity requirements are as follows:

• The testator (owner of the estate) writes the Will in its entirety.
• The testator provides a valid signature on the Will.
• It is determined that, at the time of the Will’s creation, the testator has testamentary capacity and intent.

What is Testamentary Capacity and Intent?

In movies or television, perhaps you’ve seen spurned family members throw the legitimacy of a Will into question based on its creator being “not of sound mind or body.” Those that would challenge the legality of the Will in that piece of media are questioning the creator’s testamentary capacity and intent, which is determining that the following is true of the testator:

• They understand that they are, in fact, creating a last or living Will;
• They understand the effect of making such a Will;
• They are aware of what property they own and can Will to their beneficiaries;
• They can identify family members and;
• They can mentally process they are creating a Will and can form a judgment about it that can be considered reasonable.

Who Can Help Me With a Holographic Will?

The lawyers at Rainey & Rainey, Attorneys at Law, LP, would be happy to help with the legitimacy of a handwritten or holographic Will. If you need to ensure that you leave behind a holographic Will that the court in Texas will recognize, are concerned that a handwritten Will of a deceased family member is not valid, or would like to defend the validity of a holographic Will against a challenge; our experienced lawyers can do any of the above. Contact us today at (254) 457-5083.

When someone dies, the finances surrounding their estate need to be settled. From debts and taxes, which are as assured as death itself, to the dissemination of assets to their heirs, municipalities must designate an established process to confirm that these issues are resolved. This process is known as probate.

If you or someone you know is suffering the loss of a loved one, the last thing they need is to struggle with a complicated court-heavy probate system. Get help for your loved one’s probate process, and while you’re at it, keep your family from the headache when you die by putting the proper documentation in place for yourself. Call Rainey & Rainey, Attorneys at Law, LP, today at (254) 457-5083 to kill both birds with the same stone.

What Factors Into Probate Cost in Central Texas?

Every situation is different, and the same is true regarding probate. A probate process price can vary depending on factors such as:

• Estate size and complexity
• Fair contestants of the Will’s legitimacy
• Estate Planning the deceased had in place
• If probate attorneys are present
• Various other factors, to some extent

What Are the Common Fees Associated With Probate in Central Texas?

As in the previous point, probate costs can differ significantly depending on numerous factors. Several of those extant factors are the associated fees, such as but not limited to:

• Filing fees
• Court costs
• Various professional and attorney fees
• Surety Bond, protecting the estate’s and beneficiaries’ interests
• 5% Executor or Personal Representative compensation
• Others.

The court process of probate is long and arduous, and each step requires new sets of professional eyes and skill sets to be present. And with that comes several costly fees, as these are jobs that professionals hold just like your own.

Do All Estates Go Through Probate in Central Texas?

The short answer to the above question is no; not every estate will have to suffer through a probate process. Some factors that may help an estate avoid probate are:

• The estate’s size: if it is less than $75,000 in value and there is no Will present, typically, a “small estate affidavit” is used instead of the entire probate process
• If any of the following were established before the estate’s owner died;
• Revocable Living Trust
• Joint Tenancy over title property and assets with a survivor
• Transfer on Death/Payable on Death policies for the estate or assets

How Much Does a Probate Lawyer Charge in Texas?

Depending on the situation and case, a lawyer may charge hourly or as a flat fee. There is no surefire way to guarantee a set price for a service as vast and varied as probate.

If you wish for a professional probate lawyer to consult you on what you can expect when entering or establishing probate measures, call the experienced team at Rainey & Rainey, Attorneys at Law, LP today: (254) 457-5083.

No two wills of the same type are the same; additionally, several different types of Wills exist. So when someone asks about the price of a Will, you’ll want to get a little bit more information regarding what it is they are looking for, specifically.

Typically, a person would be looking for a simple or basic Will that designates assets to a beneficiary after the owner of the Will dies. Though, possibly, they mean a Living Will: the documentation that expresses wants and wishes should the person become medically or otherwise incapacitated and deemed unable to communicate their best interests expressly.

How Much Does a Basic Will, or Last Will and Testament Cost?

In estate planning, no plan comes in ‘one-size-fits-all,’ Therefore, there is no set price for a Will as it is a complicated and varying legal document. Some lawyers charge by the hour, while some have flat rates.

A typical simple or basic Will in Texas will average between $250 and $2,500 or more. This range reflects the differences between the estates that the Wills would concern with and the experience or prestige level of the lawyer who draws up the Will. A more experienced, reputable lawyer will charge more, typically at a minimum of $500, to properly draft and execute the Will.

What is the Price of a Living Will

In Texas, the average price of a professionally drawn Living Will is between $2,500 and $5,000+, depending on the experience of the attorney in charge of the Living Will’s draft.

A Living Will can include medical directives. If these are not completed properly, the medical care provider or insurance will not enforce them, and they will not be considered effective to the patient being treated. As such, the lawyer must do more work to complete the documents, and therefore a reputable attorney typically charges at least $2,000 for this service.

How Can I Get One of These Types of Wills Drafted?

Once you decide, hopefully with the assistance of a qualified attorney, which Will you need to put in place, it is time to create the document. You may not be to this point yet, but no matter where you are in the process, the firm at Rainey & Rainey, Attorneys at Law, LP, is waiting to schedule you for an initial consultation today at (254) 457-5083.

In the wake of an event as traumatic as losing a spouse, the idea that you may be forced to go through the long, costly, arduous task of probate can be an unnecessary added stressor for many surviving spouses.

Today we’ll learn when probate is unnecessary, when a spouse may be required to go through probate, and how a probate attorney could help you and your spouse protect your assets after one of you passes.

Is Probate Necessary in Every Estate Case?

Not all estates or assets within an estate are required to enter probate. If an estate is worth less than $75,000, the estate doesn’t have to go through probate; the surviving spouse may fill out an Affidavit instead.

If a spouse dies, the only assets that need to go through a process are ones that the surviving spouse does not have joint ownership over. If the assets are jointly titled or designated to a beneficiary, probation isn’t necessary.

Any property that the pair of spouses acquire during their marriage is known as community property, and, by law, both spouses own one-half of the property. This means it does not have to go through a probate process.

Does a Surviving Spouse Have a Right to the Deceased Spouse’s Property in Texas?

The surviving spouse does not always get all their deceased spouse’s assets and belongings after they perish. At least not without a will or trust that dictates those terms.

If the state of Texas does not find a valid will, or if the will does not designate particular parcels of property, that property is intestate and goes into Texas intestate succession law.

If you and your spouse share children and your spouse has no other surviving children, or your spouse has no surviving children or other blood relatives, then you will retain your portion of the community property and your spouse’s half.

Can an Attorney Help My Spouse and I Protect Our Assets?

An estate attorney or attorney with a history of probate and succession laws will be able to look at your particular situation and distinguish which paperwork would be needed to ensure that your will is done if you or your spouse perish.

It is better to act now rather than force your spouse to react after you are long gone to the prospect of losing assets that would rightfully be theirs if only for a simple legal document. Call the attorneys at Rainey & Rainey, Attorneys at Law, LP, today and schedule an appointment to put you and your spouse at peace long before these prospects hopefully enter your life. Call (254) 457-5083.