Safety Tips for Seniors from Austin Estate Planning Lawyer Liz Nielsen

Safety Tips for Seniors

Your home is where you should feel the most comfortable. It’s where you and your loved ones have made the most memories, and where you likely envisioned spending the rest of your life. As we get older, however, it can become more difficult to live independently. Our senses, our minds and our bodies aren’t what they used to be — making even the simplest household tasks more strenuous and dangerous. Because we value our independence and want to continue living in the homes we’ve known for so long, it’s imperative for seniors to understand how to continue living safely on their own.

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

minor children

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.

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

Adult Children

When considering how to leave assets to adult children, the first step is to decide how much each one should receive. Most parents want to treat their children fairly, but this doesn’t necessarily mean they should receive equal shares of your estate. For example, it may be desirable to give more to a child who is a teacher than to one who has a successful business, or to “compensate” a child who has been a primary caregiver.

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

donor advised fund

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.