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with an estate planning attorney to explore how charitable giving can be part of your estate plan to minimize

If you turned 70½ in 2015, you were required to take your first required minimum distribution from your Kiplinger’s article, “RMD Tips for Retirees Taking Their First Required Minimum Distributions,” explains that, generally speaking, you need to take your required minimum distributions by December 31st every The IRA required minimum distribution you take on April 1st is based on the balance in your traditional That amount will count as your required minimum distribution for the year, but it isn’t included in your

Here, we will discuss the different types of capacity under Texas probate law, the requirements, what happens when these requirements are bypassed, and how you can get help. Legal Capacity To legally create a will in Texas, you must meet specific basic legal requirements. Testamentary Capacity In addition to the legal requirements, under Texas Estate Code, one must be of Your assets and how they should be distributed The persons who are the recipients of the property and

This is what is known as a Qualified Charitable Distribution, or QCD. The QCD will count towards any required minimum distributions, or RMDs, that account holders must make Required minimum distributions must begin by the time the person turns 72. Qualified charitable distributions are a great way to meet RMD requirements while benefiting your favorite This is an excellent idea for anyone who does not need their distribution to cover living expenses.

notes that one of the extenders in limbo is the option for people age 70½ and older to donate an IRA distribution This could be an issue for those seniors trying to decide how much of their required minimum distributions A large 50% tax penalty applies on the amount of required minimum distributions that isn’t taken.

factor—the life expectancy factor of the beneficiary in the current year must be used Not taking the Required Minimum Distribution (RMD) after death of the owner and in future years (result: a 50% penalty) Using the RMD (under-withdrawal means a 50% penalty) Not naming beneficiaries could mean acceleration of distribution

Have you ever had a song stuck in your head that you just can’t get out? Scientists call them “earworms” and they are doing research on the phenomenon to determine why our brains seem to enjoy and hate them at the same time. Until the scientists figure out what is going on, we’ll be over here humming “Goin’ Through the Big D,” that ‘90s country classic sung by Mark Chesnutt. It’s super catchy, and for some reason, it often gets stuck in our heads when we are working on a divorce case. Family Law Matters We Take Care Of Although we are best known as an estate planning firm, the Your Legacy Legal Care has over 15 years of experience representing clients in a variety of family law matters, including: Divorce: At Your Legacy Legal Care, you will find a divorce lawyer who is a good listener and a strong advocate for your position. Child custody: Who will have custody? Will there be adequate parenting time for both parents? Our child custody attorney can help. Modifications: Does your child support need to be raised or lowered? Does your child need to or want to live with you? Do you need to adjust your visitation or rights and duties or conservatorship? Adoption: Our adoption lawyers can handle a wide range of adoption matters. Grandparent rights: Are you prevented from seeing your grandchildren? Are your grandchildren safe and well cared for? Paternity: Do you have rights to your child? Do you need to establish child support to receive child support or get visitation? Name changes for adults and children The fact that we do both family law and estate planning makes sense because the two areas of law are intimately connected. Often, a family law client also needs to update their estate plan, or re-title assets that were divided after their case is resolved. We help our family law clients take a broader look at their life goals and determine what unanticipated legal steps they need to take to put their affairs in order. On the other hand, sometimes crafting an estate plan reveals family law issues that need to be resolved. One area where we see this a lot is with spousal support modifications. Nobody’s life stays the same as it was when their divorce was finalized. People move, they get remarried, they go back to school and get new jobs. These big life changes can trigger a support modification, but only if you bring it to the attention of the courts. Contact Our Office Today for Your Family Law Needs At our firm, we focus on your best interests.  We don’t rush to get your case resolved so we can cash your check and move on to the next client.  We understand that resolving a family law dispute or crafting an estate plan is just one stop on a much longer journey. If you want an attorney that will do more than just sit back and watch as the judge says one person gets the Jeep and the other person gets the palace, the Your Legacy Legal Care is the firm for you.

Required Minimum Distributions New life expectancy tables used in determining Required Minimum Distributions These changes will impact those who have already reached their Required Beginning Dates for taking RMDs Lower distribution means less taxable income. Bear in mind that in an IRA transfer or conversion to a Roth IRA, you will be required to pay taxes on Update Your Estate Plans Now Making sense of estate planning laws often requires professional help.

Sheltering In some emergencies, an individual with disabilities may be required to leave their home and

And starting in the year in which you turn 70 ½, you must take Required Minimum Distributions (RMDs) Once you turn age 70 ½ you must take Required Minimum Distributions from traditional IRAs and 401(k)s

Here are some of the minimum estate planning issues you should address once you have kids. Your trustee can handle your children’s financial matters in the interim and eventually distribute the

Other assets are “non-countable assets,” which include IRA’s if getting required minimum distributions The trustee takes charge of the day-to-day operations of the fund and is not required to make any specific