Assets Archives - Page 9 of 10

Is Our Home Community Property or Separate Property, and Why Does It Matter? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / September 21, 2021

When two people get married, the property they obtain during their marriage is called marital property. This includes anything from real property like homes and rental properties, stock options, investment accounts, heirlooms, and employment income. A common assumption is that spouses want to share their property once they’re married. This assumption is not always true, however. […]

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Planning For Your Digital Legacy from Austin Estate Planning Attorney Elizabeth Ziegler

Elizabeth Ziegler / September 3, 2021

The phrase “estate planning” conjures certain images. Most people find themselves thinking of who will take care of them when they’re unable to make medical or financial decisions. Or they picture leaving items like grandma’s silver tea service or the family ranch to their children and loved ones. While neither of these are incorrect, they’re also […]

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What Is a Separate Revocable Living Trust? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / August 31, 2021

When a couple engages in estate planning, one of the first questions tackled by their estate planning attorney is whether it makes sense for the couple to use a revocable living trust (RLT) as a part of their plan. If so, an important follow-up question for married couples should be whether it makes sense for them […]

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Multigenerational Wealth Transfer Checklist from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / August 6, 2021

Studies estimate that 70 percent of family wealth is lost by the end of the second generation and 90 percent by the end of the third generation.[1] To help your loved ones avoid becoming part of this multigenerational wealth transfer statistic, you need to educate and update your family about your wealth transfer goals and the plan […]

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What Happens to Your Digital Movies at Your Death from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / July 30, 2021

In today’s digital age, many people have a library of digital assets that may include items such as books, music, and movies. One of the perceived benefits of owning these digital items is having a convenient way to access your favorite media indefinitely with only few mouse clicks. However, is it as simple as it seems? […]

Planning for Unmarried Couples by Austin estate planning lawyer Liz Nielsen

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Unwed Partner as Your Beneficiary from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / May 7, 2021

If I am unmarried but have a partner who I will leave my assets to, what is the best way to do so and how would it differ if I was married? When it comes to protecting your unmarried partner, there are several options to consider. Depending on the value of your money and property, your […]

Planning Tools for Unmarried Couples by Austin estate planning lawyer Liz Nielsen

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Planning Tools for Unmarried Couples from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 23, 2021

The number of marriages in Texas has been in steady decline for years. The reasons for this vary, but it hardly means love or romance is dead. Most young couples choose instead to cohabitate, effectively acting as a married couple without the formality of a ceremony or even creating a common law marriage. Yet, these unmarried […]

Establishing and Transferring IRAs by Austin estate planning lawyer Liz Nielsen

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Establishing and Transferring IRAs from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 20, 2021

Now, more than ever before, Americans are using a variety of tax-deferred accounts such as 401(k)s and IRAs to save for retirement. And while the laws are currently designed so that people must start withdrawing the money when they retire, it is not uncommon for many of these accounts to still have significant value at the […]

Retirement Accounts vs. Creditors by Austin estate planning lawyer Liz Nielsen

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Retirement Accounts vs. Creditors from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 9, 2021

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 against […]

Estate Tax Returns by Austin estate planning lawyer Liz Nielsen

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Estate Tax Returns After Death by Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 6, 2021

It’s a constant, death and taxes. And even death doesn’t stop the tax man. As part of wrapping up your estate, your executor must file a final income tax return with the IRS. This tax return is for the portion of the last year you were alive. For Whom Must an Estate Tax Return Be Filed? […]