One common storyline in Hollywood movies is the rich father disinheriting the family outcast. The story usually traces a child’s attempts to win their family back. But can fiction imitate reality? Can you actually disinherit a child? In most circumstances, the answer is yes you can disinherit a child in most states. However, you must understand […]
When reading through a will or trust agreement, you may see language that grants a right to an individual to purchase certain property from the estate or trust at “fair market value.” At first glance, this phrase may seem a perfectly reasonable method of setting a suitable purchase price for a property to be sold. But […]
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 […]
Your retirement account provides asset protection during your lifetime, but as soon as you pass that account to a loved one, that protection evaporates. When a loved one inherits your retirement account, creditors can seize it and use the funds to satisfy their claims. All it takes is one lawsuit and your life savings could be […]
Although spouses receive special treatment when inheriting a retirement account such as an IRA (the ability to roll over the account into a personal retirement account and to stretch the distributions over their lifetime), the retirement account you leave for your spouse can still be seized in a divorce, a lawsuit, or a bankruptcy proceeding. It […]
The most common stated goal of estate planning is to avoid probate. While a relatively straightforward process in Texas, probate can be somewhat costly and does require a time investment. Finally, when probating a will, that information becomes a matter of public record, all of which most people prefer to avoid. Whether or not your estate […]
With our society becoming increasingly mobile and international travel becoming more affordable than ever before, families and family-like relationships have steadily grown far more diverse in terms of citizenship. It is no longer uncommon for spouses from different countries to retain citizenship in their homelands. Many couples split their time between the United States and another […]
When planning your estate, you might be worried about estate taxes. The good news is that for many families, this is not something you need to worry about. In Texas, there is no state inheritance or estate tax. Additionally, the federal gift and estate tax exclusion is currently very high, sitting at $11.58 million for an […]
Estate planning offers many ways to leave your inheritance to your children, but it’s just as important to know what not to do. Here are some common estate planning mistakes that you should avoid. “Oral Wills” If you feel you have a good rapport with your family or don’t have many assets, you might be tempted […]
How to Make Your Inheritance Last, from Austin Estate Planning Lawyer Liz Nielsen A 2012 study by Ohio State researcher Jay Zagorsky found that about one-third of Americans who receive an inheritance have negative savings within two years of getting their money, and of those who receive $100,000 or more, nearly one in five spend, donate […]
