Tuesday, June 28, 2011

Houston Estates Lawyer Suggests Letting Your Teens Know Now About Their Inheritance

Depending on your family’s lifestyle, your teenage children may already have an idea of what would happen if you and your spouse were to pass away. They may not know the exact dollar amount of the money that they would inherit, but they probably have an idea of who they would live with and that they would receive most of your assets if something happened.

As a Houston estates lawyer, I know that many parents feel this information is sufficient enough for their minor children.  But having an open discussion with your teen can prevent them from being angry or confused if you have decided that he or she will not have access to their inheritance until they are a few years past the age of majority, such as 21 or 25 years old.

It is common knowledge that inheritances are distributed at the age of 18, unless the parents have set up a trust that makes the teen wait. If a teen anticipates these funds at 18, but discovers that you have made them wait until 25, they might get the wrong idea and feel that you made the decision because you did not trust him or her. And with you not there to defend your decision, the teen could be upset and confused.

The best way that the Houston wills and trusts lawyers at Hegwood & Associates feel that you can avoid this anger or confusion is to sit down and have a frank discussion with your teen.

Talk to them about the following issues:

- The amount of money that he or she is to inherit (you may also ballpark this figure)

- The age you feel is appropriate for the inheritance (i.e., 21 or 25 years old, etc.)

- The age that the teen feels is appropriate

- How you want the money to be spent, for example on college or the down payment on a house

- Whether there are other stipulations besides age for receiving the money. For example, you can set it up so that the teen can receive the money at any age, as long as he or she has graduated from college.

Doing what you can to eliminate secrets or surprises from your estate plan can not only bring your family together while you are still living, but it can make the grieving process easier for your kids after you are gone.

Let the estate planning attorneys at Hegwood & Associates help you with these decisions by setting up a Lifetime Legacy Planning Session.  These sessions are normally $750, but you can come in free of charge with the mention of this article. Call us today at (281) 218-0880 to schedule your appointment.

Wednesday, April 13, 2011

The 3 Key Documents Every Graduating Senior Needs

Did You Know...

Now that your graduating senior is "legally" an adult, you can no longer make important medical or financial decisions on his or her behalf?

Your graduating senior may still be your baby, but in the eyes of the law he or she is now an ADULT!

That means you can no longer make important medical or financial decisions for your child without their permission.

But let’s face it….your job of being a PARENT doesn’t stop just because your child turns 18.  If there’s a medical emergency or your child asks for financial help, you NEED the ability to cut through the legal red tape and get involved.

• FACT: Doctors, hospitals or financial institutions will NOT bend the rules on this! It’s against privacy laws.  You must have 3 KEY DOCUMENTS in place to make important medical or financial decisions on your child’s behalf (just imagine the nightmare of your child getting hurt hundreds of miles away at school and the hospital refuses to give you so much as a status update!).

My name is Kim Hegwood and I am an estate planning attorney from Houston, TX.

I call these 3 key documents the Parent Sanity Protection Kit, as they give you the legal permission you need to HELP your child and avoid more gray at the same time!

• Advance Health Care Directive
• Financial Power of Attorney
• HIPAA Forms

This Parent Sanity Kit is normally $350, but to ensure your child is protected before the summer or college starts, you can now receive this critical kit for just $150 when you call (281) 218-0880 and schedule your appointment by June 15^th.

BONUS- Graduation Gift for YOU:  Mention this page and receive a FREE Lifetime Legacy Planning Session (normally $750) to go over YOUR will, trust or other legal documents!  Having an “adult” child is a huge life-change for mom or dad too and your estate planning documents must be updated accordingly!

Wednesday, April 13, 2011

When Divorced Parents Can’t Agree on Legal Guardians | Houston Wills Lawyer

As a Houston wills lawyer, I can’t stress enough how important it is for all parents to create a comprehensive plan that will protect their children should the unthinkable occur.

But what happens if you are divorced and can’t come to an agreement with your ex-spouse as to who should raise your kids if something happens to you?  Should you go ahead and document your own guardianship wishes anyway?  And just whose wishes would hold up in court?

In most cases, if your child’s biological parent is still living at the time of your death and you share custody, your children will be raised by the surviving parent, unless there is some clear reason why that should not happen.

There is nothing you can do about this, unless you can prove that the child’s biological parent is unfit to raise your child and make a compelling case as to why your guardianship nominations should be honored under the circumstances.

Examples of this might include a severe drug addiction, criminal past or a history of abuse.

However, if this is unlikely, the next best thing to do is name guardians anyway so that your wishes for the care of your children will be known and taken into consideration should your ex-spouse should also pass away before your kids reach the age of 18.

This is especially important in the event your ex-spouse did not legally document his or her guardianship wishes upon passing, as your wishes would then be given priority over, say, an unwilling step-parent (just think back to the Cinderella story for a chilling example of this).

Finally, if you are a single parent and have concerns not only about guardianship, but also concerning your ex-spouse handling any assets you would leave to your kids if you passed away first, I encourage you to meet with a Houston wills lawyer right away so you can protect such funds and ensure they are used for your children’s care only in your absence. 

If you need help getting started with this, please feel free to give our office a call at (281) 218-0890 and request a Lifetime Legacy Planning Session.  These sessions are normally $750, but you can come in free of charge with the mention of this article.  Again, call (281) 218-0880  to reserve your spot (limited to first 10 callers).

Friday, March 04, 2011

Houston Wills and Estates Lawyer Discusses 3 Easy Ways to Protect Your Kids in an Emergency

Imagine being involved in a serious accident or suddenly dying without the authorities or medical personnel knowing that you have minor children waiting for you at home.  

Now imagine your children waiting for hours upon hours feeling scared, confused and helpless while their babysitter or other caregiver scrambles to figure out what happened and why you never returned.

Even worse, imagine social services removing your kids from their home during this devastating time because they can’t find legal documentation that says who the kids are permitted to stay with if something happens to you.

Scary thought, isn’t it?  Yet as a Houston wills and estates lawyer, I know that far too many area parents set themselves up for this devastating situation by not having the right emergency plans in place should the unthinkable occur.

Fortunately, there are 3 easy steps you can take right now to make sure your kids are protected if something happens to you. They are as follows:

1.     Legally document your choice of guardians- This is obviously the most important step in making sure your kids are cared for by the people you want, in a way you want, if something happens to you.  In addition to naming someone who can take care of your kids on a long-term basis, you’ll also want to name short-term guardians who can immediately show up and support your kids if the unthinkable happens.  Without such documentation in place, the authorities will have no choice but to place your kids temporarily into the care of social services until a judge can make this decision on your behalf.

2.     Carry a Guardianship Card in Your Wallet- This is such an easy, yet commonly overlooked step that will spare your children from hours of worry and anxiety if something unexpectedly happens to you.   Essentially, you are going to create a card for your wallet that lets the police or medical personnel know that you have minor children at home.  It should include your address, phone number and any other pertinent information necessary to get in contact with your kids.  Finally, the card should include your guardianship instructions so the authorities know exactly what to do if tragedy strikes.  .

3.     Leave detailed instructions with schools, babysitters and neighbors- Once you legally document your choice of guardians, it’s critical to leave such information with your child’s school, babysitter and even the next-door neighbors.  That way, if the police show up at your door, someone will have tangible, legal proof as to where you want your children should go in an emergency.

Yet again, it all starts by legally documenting your choice of guardians so someone has clear permission to care for your kids if something unexpectedly happens to you and/or your spouse.

If you have not yet documented your choice of legal guardians and are not quite sure how to start, I invite you to give our Houston estate planning office a call at (281) 218-0880 and schedule a Lifetime Legacy Planning Session.  These sessions are normally $750, but you can come in free with the mention of this article. Simply call (281) 218-0880 to reserve your spot today.