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We have all heard stories of families that found themselves in a tailspin because a loved one passed It is important to help make things as easy as possible for the people you love by having your affairs The list should include life insurance policies, annuities, pension or retirement accounts, bank accounts If possible, include a list of bills and accounts so that someone can settle and close them. Houston Estate Planning Attorney If you do not have these documents in place, call our Houston Will and

” The article reports that two Arizona entrepreneurs who’d had enough with the massive amounts of paperwork You also have the ability to limit who can access the documents. He or she may have other digital options for storing your legal papers. financial institutions offer similar platforms, often with the ability to centralize all of your financial accounts—from credit cards to insurance policies and bank and investment accounts.

Does the money all go into a single pot, or does each spouse keep separate accounts? They can also avoid getting stuck later because they both have a written agreement about how finances For example, each partner should have his or her own family lawyer in order to make sure everyone’s interests A Special Note About Blended Families The laws of inheritance are often not flexible enough to account agreement can account for up front.

Estate planning does not have to be a long, complicated process. Here are some common assets and liabilities you will want to include: Any bank accounts. Having recent statements is a great way to go. Investment accounts Stocks and bonds Life insurance and Annuity policies Deeds for properties you own By doing these things in advance, you will have a great head start.

At the same time, it does not affect their eligibility for public assistance programs. These could be from a lawsuit settlement, an inheritance, or savings. This type of trust does not have a payback provision. Each beneficiary has their own account within the trust. It is a way to provide for their future, ensuring they have the resources they need to live a fulfilling

For all other separately owned property or individual financial accounts, most states award one-third Jointly owned property, investments, financial accounts, or community property goes to the surviving To be certain that your assets go to the individuals you want, have a will created. Even if you have a simple estate and an uncomplicated family situation, you still need a will. And if you have a more complicated financial situation, a blended family or considerable assets, you

ever did before, you may not realize how much digital stuff you own, from photos and videos to online accounts Social media accounts containing your photos and videos can also have value to your loved ones when you For example, a Facebook account can serve as a memorial after you pass away. Digital assets that you may own include the following: Social media accounts (e.g., Facebook, Twitter This includes usernames and passwords for all accounts.

Also up in the air is the optional deduction of state and local sales taxes in place of state and local The capital-gains rules are pretty much the same this year, but some will see some big losses for the Investors are always prudent to look at paper gains and losses in taxable accounts, with an eye on realizing Make certain that your gifts count by conducting some research on the groups. Otherwise, account-privacy laws can stifle this type of communication.

Just because most of the people you know have divided their assets evenly between their children, does To some, it may seem unfair to leave unequal amounts or different instructions to children after you For example, if you have a child with disabilities , it makes sense to leave them a larger inheritance account, that money will only go that child – even if you have a will saying otherwise.   This is because life insurance and retirement accounts are distributed outside of probate court and your

.), IRAs, bank accounts, and insurance policies. Health care directive and living will. Digital accounts. that loved ones know how to find all required information, including passwords, to access your online accounts—your financial accounts, social media accounts and household accounts like your cable and electric.

As a Houston probate lawyer , I am often asked if every asset a person owns will have to go through the County probate for your reference: Assets held in joint tenancy with rights of survivorship Retirement accounts such as IRAs or 401(k)s that have a beneficiary named Life insurance proceeds that do not have the estate named as a beneficiary Assets held in a living trust Money in a payable-on-death bank account The good news is that there are ways to structure your assets so that none of them have to go through

years (result: a 50% penalty) Using the incorrect IRA balance for the RMD calculation—the value of the account Including other non-inherited IRA funds to an inherited IRA Not confirming that the RMD is taken out of account