It is better to give than to receive. But if you give a gift above a certain amount, you might end up owing money to the Internal Revenue Service (IRS). The federal tax code has very specific rules about how much you are allowed to transfer to others each year—and over the course of your lifetime—in the […]
It was not very long ago that all legal documents were printed on paper and signed with a pen. But in today’s world (especially in these days of required minimal contact), where we sign commercial contracts, form and run businesses, and buy everything from groceries to cars online, it seems almost prehistoric for state laws to […]
OK, great! The first step is always the hardest, but you’ve finally decided it’s time to meet with an estate planning attorney and get your affairs in order. It’s time to make sure your family is protected. Now that you’ve scheduled your initial meeting, what’s the next step? You can do one of two things: (1) Simply […]
If you’re reading this, you’re one of the millions of Americans who need an estate plan. Why? The short answer is “Everyone, age 18 and older needs an estate plan.” It doesn’t matter if you are old or young, Bezos-rich or just starting adulthood, the fact is, you need a written plan to keep you in control […]
A popular estate planning tool that has long been used effectively may be facing new challenges under the ever shifting currents of tax law and politics. The family limited partnership (FLP) is an estate planning tool that allows families not only to transfer significant amounts of their wealth to succeeding generations while reducing estate, gift, and […]
Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is uncertain what […]
Continuing education is a tradition that many families are proud to pass onto each successive generation. For grandparents who want to leave a legacy to their grandchildren, the gift of a 529 college savings plan is an option. A 529 plan account can not only help a grandchild with educational expenses, it can also help grandparents with […]
The reasons you, as a trustmaker (in Texas referred to as a grantor), create a trust are certainly special and important to you, but your intent or purpose for creating a trust can also have significant legal ramifications. For this reason, it is often critical that a grantor express in writing a statement of intent, which […]
Estate planning is about more than preparing for the inevitable. A good estate plan should also consider the unexpected. Your plan may have detailed instructions for what happens when you are no longer around, but what if something goes wrong while you are still alive? If you can no longer manage your affairs, you will need […]
Deferring, minimizing, or avoiding estate taxes altogether is often an important estate planning goal for married couples. However, uncertainty surrounding what the estate tax laws and the value of their accounts and property will be at the first spouse’s death can leave a couple feeling that they need a crystal ball to make the right decisions. […]
