Tax Planning Archives - Page 2 of 7

Handling S Corporation Interests in Estate Planning: Electing Small Business Trusts and Qualified Subchapter S Trusts from Estate Planning Attorney Liz Nielsen

One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S Corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor for planning […]

Generation-Skipping Transfer Tax from Estate Planning Attorney Liz Nielsen

When it comes to federal taxes, most people are very aware of the federal income tax.. This is because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift […]

Why Can’t I Use a DIY Website for My Estate Plan? from Austin Estate Planning Lawyer Liz Nielsen

There are many software programs, as well as websites, that sell do-it-yourself estate planning documents. These websites and form tools seem to offer a convenient and cost-effective alternative to working with an estate planning attorney. But do they really meet your needs and protect your family? Is online, do-it-yourself estate planning worth the perceived upfront […]

Are Payable-On-Death Accounts Right For You? from Austin Estate Planning Lawyer Liz Nielsen

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, […]