Here’s a tax tip for you in Estate Planning. If you have an IRA and want to make a charitable gift, the IRA may be the best way to make that gift. Why is that? Well, it’s about saving taxes. You know that if you take money out of an IRA, you pay [...]
College savings accounts authorized by Section 529 of the Internal Revenue Code are interesting little beasts. They can have tax advantages, but the creator of the plan maintains control without subjecting them to being seized by creditors. So, 529 Plans can be highly advantageous for some. If you are worried about debts or liabilities and [...]
Texas, to my regret, permits common law marriage. Cohabitation is a requirement to create a common law marriage, but it is not the only requirement. There also must be an agreement to marry and the couple must hold themselves out to the public as being married. Therefore, cohabitation alone, for any length of time, does [...]
When you hear "estate planning", you probably think wills, trusts, and powers of attorney. That's what attorneys do think about. But estate planning is about transitioning your life. There is more than just transferring your assets, it is about transitioning the things you do and the ways people rely upon you. If you are a [...]
The rapidly evolving coronavirus (COVID-19) pandemic has profoundly affected the daily lives of most Americans. At the time of this writing, the State of Texas has 85 confirmed cases. Here in Dallas, the mayor recently ordered all public gatherings to be capped at 50 people, and that all restaurants to temporarily end dine in services. [...]
Texas has a legal system to protect persons who are unable to care for themselves due to physical and mental incapacity. After an individual is found to be incapacitated by clear and convincing evidence, and that it is in their best interest, the Court may appoint a guardian who has the legal authority to help [...]
On December 20, 2019, President Trump signed the Setting Every Community Up For Retirement Enhancement Act of 2019, better known as the SECURE ACT, into law. The law goes into effect on January 1, 2020 and it makes significant changes to retirement accounts. Here are some of the bigger changes. Increased RMD Age Under the [...]
The family home is often the most important asset that a family owns. Not only is it usually the most valuable, but it also can have significant emotional attachment. So, what happens to the house when someone dies? Like many legal questions, it depends! Here are some facts relating to the inheritance of a home. [...]
The basic purpose of a trust is to place authority over assets in a person other than the intended ultimate beneficiary of those assets. The goals to be achieved with trusts in place can range from creditor protection of the beneficiary, providing for an incapacitated beneficiary, preservation of a beneficiary’s government and need-based benefits, to [...]
It will of course be a shock to learn of a loved one’s diagnosis of Alzheimer’s disease or other dementia. The first step will no doubt be to immediately seek preventative medical treatment, but it is just as important to consider the impact on your loved one’s assets and to seek advice on financial and [...]