Estate Planning Archives - Page 52 of 55

A Trust for Fluffy or Fido? Why Pet Parents Need to Consider a Pet Trust Today from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / April 12, 2018

Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”

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Are Your Documents Following the Same Script? Basics of Beneficiary Designation Forms and Estate Planning from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / April 9, 2018

In the event of your untimely death, the manner in which your beneficiaries — or those people who receive your assets from your estate — are determined is highly dependent on how your property is titled and if there is a beneficiary designation.

Generally, property with title includes vehicles, boats, airplanes, real estate, bank accounts, savings bonds, life insurance policies, retirement accounts, and stock certificates. If you die without a will or a trust and haven’t used any beneficiary or transfer on death options, state law will determine who inherits property with a title. On the other hand, property without a title, such as jewelry, antiques, art, and even your digital assets are usually provided for in your will or trust, and if you don’t have one typically goes to your heirs at law. As you can see, who you have listed as a beneficiary — and not having a beneficiary designation at all — can have serious implications for your family after you have passed away.

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Not Married? You’re not alone – but you still need a plan. from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / April 5, 2018

Approximately half of America’s population over the age of 16 is unmarried. While much of the discussion involving estate planning focuses on married couples, this topic is just as important for a single person. In fact, many times it is even more important that a single person have a well-coordinated estate plan. This is because the default laws governing estates often work poorly for people without a spouse and may not adequately provide for a significant other or unmarried partner. Having a cohesive and well-drafted estate plan will ensure that you protect and provide for those you truly care about upon your death.

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Five Surprisingly Common Baby Boomer Estate Planning Mistakes from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / April 2, 2018

Baby boomers – the first generation tasked with the responsibility of planning for and funding their golden years. This generation, which includes those born between 1946 and 1964, have entered and continue to enter into retirement. As they make this financial transition into retirement, many are learning that they have made some of the most typical baby boomer estate planning mistakes.

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Why Factoring Long-Term Care Into Your Estate Plan Pays Off from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 29, 2018

For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care.

The last thing any of us want to contend with when a health issue arises later in life is having to throw together a hasty estate planning solution in the face of mounting medical costs. Your best defense is careful planning with the help of a trusted expert.

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How to Leave Assets to Minor Children from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 22, 2018

Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Don’t make these common, expensive mistakes. Instead, here’s how to both protect and provide for the children you love.

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How Estate Planning Can Help You Dream About Your Future from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 15, 2018

A dream without a plan is simply a wish. Estate planning is not just about death and taxes — it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave behind for loved ones and your community, help you avoid the expense and delay of probate, as well as help you save on taxes.

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Setting Up a Donor Advised Fund to “Bunch” Charitable Contributions from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 8, 2018

Under the Tax Cuts and Jobs Act of 2017 (the Tax Act), it is estimated that fewer than 10% of Americans will itemize on their income tax returns. However, you only receive a deduction for charitable giving if you itemize. Therefore, the vast majority of Americans will not benefit from a charitable deduction under the Tax Act.

One option for those who are charitably inclined is to “bunch” charitable deductions together and to itemize every two or three years. This can be done via a large gift directly to the charity, prepaying a pledge for the following year, or, if you would like to have the ability to decide when and how to make the contributions in future years, through a gift to a donor advised fund.

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Three Questions Your Estate Planning Lawyer Should Ask You About Charitable Giving from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 5, 2018

All estate planning attorneys should be talking with their clients about charitable giving during an initial consultation. Ignoring the possibility of donating to charity can result in a lost opportunity both to you as the client and to the community.

Here are three questions your attorney should be asking you about charitable giving, either on your initial client worksheet or during your initial consultation.

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Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 1, 2018

Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business and your estate plan — is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

Estate Planning

Attorney Liz Nielsen