Liz Nielsen, Author at Nielsen Law

Organizing for Tax (and Estate Planning) Season from Austin Estate Planning Lawyer Liz Nielsen

It’s the start of a new year, which means tax season—and this year’s April 17th IRS filing deadline—is just around the corner. Soon you’ll be receiving tax forms such as your W-2 or 1099s, and you’ll start thinking about the life events that could affect your taxes in various ways.

This flurry of tax prep activity is the perfect opportunity to get your estate plan in order, too, and kill two birds with the proverbial stone.

Why? Because as you run down your list of “tax prep” questions, you will find that your answers could also impact your estate plan.

Estate Planning: 3 Reasons We Run the Other Way from Austin Estate Planning Lawyer Liz Nielsen

We understand that it feels hard to get around to estate planning; it sounds about as fun as getting a root canal (even worse for some people according to this study!). However, we also understand that we all want to make sure that our loved ones are protected and receive our hard-earned assets – regardless of whether we have $10 million or $10,000.

Why Your Estate Planning Project Must Morph into a Process from Austin Estate Planning Lawyer Liz Nielsen

Many people put their estate plan on their to-do list as a one-time project: “Create estate plan” or “Meeting with lawyer 10:30 a.m. Thursday for estate plan.”

Thinking of your estate plan as a single project or task to complete and move off your list is a common approach – but it’s also an approach that can land you in considerable hot water. Here’s why it’s essential to view your estate plan as a process, rather than a project.

Estate Planning: Why Me, Why Now, and Is a Will Enough? from Austin Estate Planning Lawyer Liz Nielsen

You have worked hard for years, have family members and friends you care about, and have approached a time in your life when “estate planning” sounds like something you should do, but you are not exactly sure why. You may feel that you are not wealthy enough or not old enough to bother or care. Or you may already have a Will and feel that you are all set on that front. Whatever your current position, consider these common misconceptions about estate planning.