The transition into a nursing home is a significant life event, not only in terms of healthcare but also in terms of financial planning. One of the biggest concerns many people face is how this move will affect their personal assets. With the cost of nursing home care being substantial, understanding the financial implications is […] The post What Happens To My Assets If I Go Into A Nursing Home? first appeared on Hailey-Petty Law Firm, PLLC ..read more

Navigating the complexities of Medicaid eligibility in Texas can be a daunting task, especially when it comes to understanding which of your assets are exempt. Medicaid, a crucial program providing health coverage to millions of Americans, including elderly adults, has stringent asset limits for eligibility. This means that not all of your assets will count […] The post These Assets Are Exempt From Medicaid in Texas first appeared on Hailey-Petty Law Firm, PLLC ..read more

When planning for the future, particularly when it involves the financial security of our children, the creation of a lifetime trust can be a pivotal step. This trust is more than just a container for assets; its success largely hinges on the person at its helm – the trustee. The trustee’s role is multifaceted, encompassing […] The post The Role of Trustees in Lifetime Trusts: Selecting The Right Guardian for Your Children’s Future first appeared on Hailey-Petty Law Firm, PLLC ..read more

As we age, the reality of requiring long-term care becomes more prevalent, and with it, the concern of how to finance such care without depleting a lifetime of savings. Medicaid, a federal and state program, can provide assistance for long-term care, but it requires meeting specific asset limits. For many, this means their hard-earned assets […] The post Setting Up A Trust to Protect Assets From Medicaid first appeared on Hailey-Petty Law Firm, PLLC ..read more

When it comes to planning for the future, one of the most critical decisions you’ll make is how to manage your estate. This often boils down to a key question: Is a trust better than a will? Both are essential tools in estate planning, each with its strengths and weaknesses. This blog post aims to […] The post Is A Trust Better Than A Will? | Texas Wills and Trusts Lawyer first appeared on Hailey-Petty Law Firm, PLLC ..read more

For many families, the prospect of a loved one requiring long-term care brings with it not just emotional concerns but also significant financial worries, particularly about preserving hard-earned assets. The costs associated with nursing home care can be substantial, and without proper planning, your parents’ lifetime savings and estate could be at risk. This post […] The post How To Protect Parents’ Assets From Nursing Home first appeared on Hailey-Petty Law Firm, PLLC ..read more

In the intricate world of estate planning, one often-overlooked aspect is the protection of your children’s inheritance from potential marital disputes. With rising divorce rates, it’s increasingly important to consider how to safeguard the assets you pass on. A potent solution lies in the use of lifetime trusts. Unlike direct inheritances, which can become entangled […] The post Lifetime Trusts Can Shield Your Child’s Inheritance from Marital Disputes first appeared on Hailey-Petty Law Firm, PLLC ..read more

Navigating the nuances of inheritance and marital property can be a complex aspect of financial and estate planning. Generally, inheritance is considered separate property. However, there are instances where it can transform into marital property, subject to division in the event of a divorce. Understanding when and how this transformation occurs is crucial for anyone […] The post When Does An Inheritance Become Marital Property? first appeared on Hailey-Petty Law Firm, PLLC ..read more

Estate planning is a crucial aspect of financial planning, often centered around two key instruments: wills and trusts. While wills are commonly known and widely used, trusts are frequently misunderstood and mistakenly thought to be only for the wealthy. However, the truth is that trusts can offer significant advantages for a wide range of people, […] The post Trust vs. Will | Who Needs A Trust Instead of a Will? first appeared on Hailey-Petty Law Firm, PLLC ..read more

When it comes to estate planning, lifetime trusts are often viewed primarily as tools for asset protection. However, their benefits extend far beyond safeguarding wealth. A lifetime asset protection trust, which is established and takes effect during the trustor’s lifetime, offers a versatile framework for managing and distributing assets according to specific terms. This blog […] The post What Is A Lifetime Trust | Advantages & Disadvantages first appeared on Hailey-Petty Law Firm, PLLC ..read more