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Richardson Elder Law And Estate Planning Blog

Welcome to the Blog for The Johnson Firm, P.C.

As a business owner, you may be looking for ways to protect your business from unforeseen circumstances. When you work with The Johnson Firm, P.C., you can rest assured that your business and your future will be in good hands. We are strong advocates for family's legacies and want to help you ensure your financial security and desire to protect your loved ones. Your family business is your investment and your life and it deserves respected representation. This blog will be updated periodically to assist you in obtaining valuable information regarding business and estate planning laws in Texas, so make sure to check back soon! In the meantime, our firm encourages you to contact our team right away to speak with an experienced representative. 

Finding in-home care for veterans

If you or a loved one was once a veteran, you might be eligible for in-home care financial assistance in the form of Aid & Attendance benefits or Housebound benefits. These benefits provide extra payment for eligible veterans who require the assistance of another person in the home, or for those who are housebound because of a medical condition. The VA pays veterans who are eligible to receive a pension either Aid & Attendance or Housebound benefits, but not both.  Who is eligible for VA benefits? Veterans are eligible if they have served for at least 90 days of active duty, including at least a day during wartime. Veterans must also have received an honorable discharge to receive benefits. 

What is Aid & Attendance? (AA)

Is The Long-Term Care Insurance Industry In Peril?

A federal judge recently ordered long-term care insurer Penn Treaty to liquidate its assets and close up shop. That left customers by the thousands without coverage after they paid tens of thousands in premiums. Some observers believe this case bodes ill for the industry as a whole.

Here three things to consider as you decide whether long-term care is a good investment for you:

Facebook Allows Users to Create Digital Will

What happens to a Facebook profile once someone dies? How can people grieve and memorialize the deceased through social media? Should family members or friends have access to the deceased's online profile at all? Facebook is trying to find answers to some of these tough questions by offering a new service called the "Legacy Contact."

My Loved One Passed Away Without a Will - Now What?

If you have been tasked with settling the estate of deceased loved one who has not left a will, you probably have several questions about how their estate will be distributed. When someone passes away without having created a last will and testament during their lifetime, their assets and property are distributed in probate court according to intestate succession laws. Under intestacy, after all debts and court fees have been settled, the decedent's property, possessions, bank accounts, and other assets will be distributed to their closest living relatives according to a state-established hierarchy.

Pass Along Values and Money

More than two centuries after his death, Swift's words still resonate today. The appreciation of money - not the love of it - can inform parents who plan to pass on their wealth to their children. True wealth is more than just the bottom line, for without a value structure, money is an empty vessel. So when passing along their money, parents also need to pass along their values.

As the Dallas Morning News says, parents want their children to become good stewards of the assets they leave behind. "Values drive behaviors," Kansas State University financial psychologist Brad Klontz told the DMN, but parents who bequeath money to heirs without passing down their values, their work ethic, their motivations are setting their children up to be poor stewards of their wealth.

Retirement fears prevalent in North Texas

Going broke in retirement, once almost unheard of in the days of to-the-grave company pension plans, is a real concern in today's economy, and North Texas is no exception.

According to the Dallas Business Journal, citing a study conducted by Merrill Edge, 58 percent of North Texas' more affluent workers are concerned about going broke in retirement. The study included residents who held $50,000 to $250,000 in investable assets.

Retirement: Lump sum or annuity?

Texas retirees, and those approaching retirement age, have a big choice to make when it comes to their financial future: Do they take a lump-sum payout from their pension or 401(k), or do they opt for monthly payments?

It isn't a decision to be taken lightly, says CNN Money. And taking a year before retirement age to explore all the options is a wise move because choosing the wrong path can have long-lasting financial repercussions.

Moving managers help seniors make transitions

It's as painful as a root canal, but it lasts much longer. Moving: Just the word alone brings up images of a house in turmoil, stacks upon stacks of boxes and strangers coming in and out.

For seniors, it can be especially painful, uprooting from a place they have called home for decades. It's where they raised their children, where they spoiled their grandchildren and where they grew old together. It's home.

But as traumatic as it can be, moving often can't be avoided. Perhaps it's because a senior is no longer able to care for himself. Perhaps it's because she can no longer navigate the steps up to the second floor. Perhaps it's because one spouse has died and the big old house no longer makes sense.

Seniors carrying more mortgage debt

When you think of retirement, what comes to mind? For many, it probably includes spending time with friends and family (and spoiling the grandkids), taking vacations and simply relaxing in the family home that's been paid off for a decade or more.

Unfortunately for many Texas seniors in their retirement years, owning their own home is still just a dream as they struggle with a mortgage. As reported by the Dallas Morning News, retired seniors today are holding mortgages at a much higher rate than in previous decades.

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  • Richard P. Johnson is Board certified Texas Board of Legal Specialization Estate Planning And Probate
  • Wealth Counsel
  • The College of the State Bar Of Texas Professionalism Through Education
  • Dallas Bar Association
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