Do you want to take a walk on the wild side? Just add your adult child as a co-owner to your bank account. Why Would You Add an Adult Child to Your Bank Account? Suppose you live in Texas and you have two adult children: Jim and his younger brother, David. Jim has been helping you pay your bills and invest your money. You want him to have direct access to your...

Couples are living longer, and that is both a good thing and a bad thing.  Good because who doesn’t want another day together basking in sunshine and eating ice cream? Bad because it increases the chances that your spouse will need a nursing home that you can’t pay for.    Enter Medicaid.   Understanding Texas Medicaid Programs Texas has 42 individual Medicaid programs, but we will focus on only one: Nursing Home Medicaid. It covers most...

Not all inheritances are welcome.  Suppose you have a judgment against you for $100,000, and your Aunt Debbie dies and leaves you $50,000 in her will.  If you accept your inheritance, then your judgment creditor could take the entire amount and apply it against the $100,000 judgment against you. Not surprisingly, you think that is a bad idea.    What can you do? One idea is to disclaim your inheritance.  Understanding Disclaiming Inheritance A disclaimer...