Do you have an individual retirement account or other type of retirement account that you plan to leave to your loved ones? If so, proceed with caution! Inherited retirement accounts do not have asset protection when they pass to your loved ones, meaning creditors can seize the money in the accounts to satisfy any claims […]
Retirement
Why Do I Need a Retirement Trust? from Austin Estate Planning Attorney Liz Nielsen
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When a loved one inherits your retirement account, creditors can seize it and use the funds to satisfy their claims. All it takes is one lawsuit and your life savings could […]
Estate Planning: Talking to Parents from Austin Estate Planning Attorney Liz Nielsen
Having a clear conversation about death and dying is never fun. Most people avoid them because they invoke feelings about our inevitable demise. Broaching this subject can be particularly difficult for parents and their adult children. Adult children may avoid bringing up the topic for different reasons. The most common are they don’t want to […]
Inheriting a Retirement Account from Austin Estate Planning Attorney Liz Nielsen
For decades, common financial planning wisdom has encouraged almost all American workers to maximize their contributions to qualified retirement accounts. Indeed, doing so can be a powerful way to reduce your current income tax liability, grow your savings exponentially tax-free, and, in most states, protect your savings from claims of creditors. And by and large, […]