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is so crucial to look at your investment strategy and retirement income plan to see if you will be protected Take a look at your investment strategy and retirement income to see if you will be truly protected against One of the best ways you can protect yourself from inflation’s impact is to invest.

June 26 is the day last year that the Supreme Court declared same-sex marriage legal in the U.S. Bankrate’s article, “Same-sex marriage tax and estate planning tips,” says the IRS had been accepting jointly filed federal tax returns from same-sex couples married in states that sanctioned their unions since the Supreme Court struck down the Defense of Marriage Act in 2013. But last year’s decision in Obergefell v. Hodges made taxes less troublesome for gay and lesbian married couples at the state and federal levels across the United State. Same-sex married couples no longer need double duty for state and federal tax filing because the Supreme Court ruling allows joint filing at both levels. There is no need to file differently with a state tax department in a state that previously didn’t recognize same-sex marriages. The court ruling also opened up a new world of estate planning for same-sex married couples. With that in mind, here are some estate planning tips. Marital deduction and portability. Same-sex married couples are now able to use the unlimited marital deduction from federal estate tax and gift tax for transfers between spouses. In most situations, one spouse can leave an unlimited amount to his or her surviving spouse without any federal estate tax liability. Also, the portability provisions of federal gift and estate tax laws typically allow a surviving spouse, regardless of gender, to use any portion of his or her deceased spouse’s unused applicable estate and gift exclusion amount—for 2016, that amount is $5.45 million per spouse. Greater gift splitting. Same-sex married couples also now can use gift splitting—with the annual gift exclusion amount of $14,000. A same-sex spouse is allowed—with the consent of his or her husband or wife—to give a total as if each spouse contributed half of the amount. This lets married couples increase their total gift tax exemption amount. Tax and estate help. Some states have their own estate taxes in addition to the federal estate tax. Don’t allow a state tax collector to get a big chunk of your estate in taxes by failing to plan for estate taxes. Every state has different tax laws, which is another reason for all married couples to speak with an estate planning attorney, as these laws are complex and confusing. Reference: Bankrate (June 23, 2016) “Same-sex marriage tax and estate planning tips” #AssetProtection #EstateTax #SamesexMarriage #MaritalDeduction #Portability #TaxPlanning #estateplanning

Probate Protects Though not always straightforward, once the probate process is completed and understood The relevant laws serve to protect the estate and everyone involved.

A trust is another legal document that can help you manage your assets during your lifetime and after A Pet Trust You can include a provision in your estate plan to establish a pet trust if you have pets A pet trust allows you to set aside funds to provide for your pets’ care after you pass away. A Unique Trust A trust is a legal document that can help you manage your assets during your lifetime There are several types of trusts, each with unique benefits.

An estate planning attorney can help evaluate if a trust is a better option all around. grandchildren’s parents, as your plans might have unintended consequences for the kids’ financial aid prospects aid because funds in the child’s name will be considered when financial aid packages are offered by prospective

they are properly cared for – a guardian and a trustee. A trustee will handle financial matters for your child in your place. Post-mortem Documents Post-mortem documents, like a last will and testament, trust, or testamentary trust Your trust and guardian documents allow you to set out your views and expectations of your children if Many people do not know that a trust can be the named beneficiary of the policy while your children are

A will can do several things to protect your assets and wishes when you die. A few documents to consider are a Domestic Partnership Agreement, a Living Will and a Living Trust.

(April 28, 2016) “How to Prepare a ‘Life After Me’ Document” #estateplanning #PlanningfortheFuture #Trusts

Things like wills or trusts must also be considered depending on where the deceased partner falls in assured knowing that their rights regarding distributing a joint bank account after death are fully protected

Solution: Create a trust to wind down the business. A Houston will lawyer can help you create a trust for your sole proprietorship so that upon your death , the trust gets the assets, and the administrator of the trust can wind down your business and have

leave a mess behind when they die, but a little estate planning can ensure that your loved ones are protected Creating an estate plan can protect your legacy and avoid unnecessary legal and probate costs. Jim Morrison could have created a trust for his assets, benefiting Courson for her lifetime and, when

witnessed her grandparents struggle with the ins and outs of Social Security, estate planning, asset protection For over 25 years, our firm has helped families plan for the future, protect their loved ones, and have Hegwood Law Group has focused exclusively on elder law, asset protection, estate planning, long-term