As more people are dipping their toes in to the secretive, and notoriously volatile, cryptocurrency markets, such as bitcoin, estate planning attorneys are starting to think about how to include those potentially valuable assets in their clients estate plans. According to this Barron’s article, the secretive nature of cryptocurrency, as well as its digital format, means […]
These days, nearly everyone has email, a facebook account, and digital photos. But what happens to your digital assets after you die? According to a recent article in Scientific American, judges and lawmakers are only recently trying to figure out how to handle the ever-changing realm of digital technology. The article suggests starting with making a list […]
When you hire an attorney for estate planning, help with a loved one’s estate, or any other legal matter you want to make sure that the work gets done as quickly as possible and at the best possible value. Here are some tips to have the most useful and value-oriented law firm experience. The more organized […]
The new tax legislation raises the federal estate tax exemption to $11.2 million for individuals and $22.4 million for couples. The increase means that an exceedingly small number of estates (only about 1,800, nationally) will have to worry about federal estate taxes in 2018, according to estimates from the nonpartisan congressional Joint Committee on Taxation.
So, you may be wondering, is estate planning even still necessary?
To put it simply: Yes!
Michael Joyce has Alzheimer’s and suffers from memory loss. The disease had progressed so much that he forgot he was married to his wife, Linda Joyce, of 38 years. However, he had not forgotten that he was in love with her. Recently, Michael asked Linda to marry him, again. Instead of telling him they were already married, Linda said “Of course I will.” To her surprise, the next morning Michael woke up and asked, “So, when are we doing this?”
A payable-on-death account, also called a POD account or sometimes a transfer-on-death (TOD) account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, and at lower cost.
Is a POD account an appropriate solution for your needs? Let’s examine what POD accounts do and how they fit into the overall picture.
In 2015, in the Obergefell v. Hodges decision, the U.S. Supreme Court upheld the right of same-sex couples to marry in all 50 states, bringing marriage equality to lesbian, gay, bisexual, and transgender (LGBT) couples no matter where they live. As a result, same-sex married couples now have access to all the estate planning tools that […]
Parents who develop an estate plan often do so to provide for their heirs financially. Many want to make sure hard-earned assets, family heirlooms, or closely held businesses stay within the family. Indeed, a common question is what cost effective options are available to protect one’s children’s inheritance from a spouse in the event of untrustworthiness or divorce. Thankfully, there are many ways to structure your child’s inheritance to help ensure it will remain in the family for future generations. Let’s look at a few of the options now.
Nielsen Law is pleased to announce that attorney Liz Nielsen has become Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization. Less than 1% of Texas attorneys are certified in estate planning and probate law.
If you’re enrolled in a qualified high-deductible health plan (HDHP), you must consider how your health savings account (HSA) fits into your estate plan—especially to make sure that any hard-earned money left in your HSA when you die goes where you want it.
