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top estate tax rate is 40 percent. entire estate down your children, the IRS will take 40 percent of the value that exceeds your estate tax Assuming Congress does not modify the standard estate tax rate, this also means that when your children Any nonexempt portion of your transfer to a generation skipping trust will only be taxed once before crafting a comprehensive estate plan A generation skipping trust can be a powerful tool to lower the tax

committee members, and other protectors; the power to modify or amend the trust terms to achieve favorable tax

Once someone turns 18, there is a certain order of who may make medical decisions on their behalf or gain

Gifts can have tough tax ramifications and create Medicaid ineligibility for a long period of time.

Your business is legally no different from you, even if you have a tax ID, even if your business has

The answer to that question has always been an unequivocal “yes”—especially when there’s a spouse, children or stepchildren. However, there are some financial advisers that now say many Americans might not need a will. Forbes’ article, “Do You Really Need A Will?” says that a simpler life may mean you will need a less complex estate plan. However, few people’s lives are that simple. If you have minor children, you need a will to designate guardians for them. Also, a will or a trust will let you name someone to watch over assets for a disabled or elderly family member or a relative who may not be good with handling money. Whether you have prized possessions or you want to bequeath some of your estate to the local animal rescue, a will is essential. The state in which you live can make a big difference. In community property states, your surviving spouse will only inherit all your community property if all your children are also the children of that spouse. Otherwise, your one-half interest in your community estate will pass to your children. If there is any kind of animosity or resentment, they could make your spouse sell the house and send him or her packing because the kids own half the house. Without a will, a pet can wind up in a shelter after you die if no one takes responsibility for it. A will can name a responsible person and make for a smoother transition for the animal. A will can also help elderly parents avoid losing government benefits if you predecease them. If they are beneficiaries of your life insurance policy, a large payout may halt their government benefits unless you write a specific provision in your will. Reference: Forbes (August 31, 2016) “Do You Really Need A Will?” #AssetProtection #Guardianship #EstatePlanningLawyer #EstateTax #Medicaid #Inheritance #Wills #Trusts #Medicare

That means limiting taxes, creating wiser investment strategies, knowing when it’s best to claim Social will be responsible for carrying out the instructions in your will, settling your debts and paying taxes AssetProtection #Guardianship #EstatePlanningLawyer #PersonalRepresentative #Executor #PowerofAttorney #Wills #TaxPlanning

eligible for government benefits while still receiving their inheritance. 3) It Spares Heirs A Big Tax Even if your estate is below the federal estate tax exclusion rate, which for 2020 is $11.5 million per Seventeen states and the District of Columbia currently impose either an inheritance or estate tax, or Texas does not have either one, but other states’ inheritance taxes may apply if you live in Texas and Texas also does not have a transfer tax, but an estate planning attorney can help explain things like

More importantly, when a spouse passes away, things change yet again with new designations, appointment donate to charities they are passionate about to help their loved ones avoid paying expensive estate taxes

If you want to keep your vacation house in the family, start planning. If you don’t include it as part of an overall estate plan, it can result in family disagreements. Money’s recent article, “4 Questions to Ask Before Passing Down the Vacation Home to Your Kids,” suggests that you ask yourself about these issues to make sure you’re making the best decision for your family. Who Really Wants It? It’s not uncommon for couples to want to leave vacation homes to their children (or other family members) as a way to preserve the associated memories. Maybe that’s why they miss a critical step—seeing whether family members actually want to own it. What’s the Best Form of Ownership? There are several options. One of the easiest is to leave it outright in your will to specific family members. But this may create more complexities for your heirs—and possibly disagreements. Another option is to pass down the home through a trust, which can help alleviate some of the resentment from outright ownership. Who’ll Pay for Upkeep? Vacation homes can be expensive. Your children might not be able or willing to cover those bills with their own money. A key consideration is whether to set aside additional money to cover the home’s ongoing costs. Many families who set up a trust leave extra money to cover operating costs for at least five years’ worth of expenses. That’s enough to pay for the home in the short term. The children can see if they actually want to keep it, and who really wants it. Keeping the vacation home in your family may not be possible. You can draft your trust so that a sale of the house can be “forced” if, for instance, a majority of the trust beneficiaries want the vacation home to be sold. The trust could give each beneficiary the right of first refusal to purchase the house for its appraised fair market value. And if no one wants to buy it, the trust can require that it be sold to a third party. The proceeds would be divided among the heirs. With a family vacation home, it’s important to take steps to assess whether it’s the right thing for your family to inherit and how it would be cared for over the years. Reference: Money (July 18, 2016) “4 Questions to Ask Before Passing Down the Vacation Home to Your Kids” #AssetProtection #EstatePlanningLawyer #EstateTax #ProbateCourt #FamilyTrust #Inheritance

These changes can be outside your control—like income tax and estate laws that are amended, repealed

You should think about minimizing your tax liability as you continue to accumulate wealth throughout