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If you don’t already have a Roth IRA account, consider adding one for tax-free income in retirement. You can make after-tax contributions to a Roth IRA or convert traditional IRA money to a Roth IRA if The money will go in after-tax, but you can contribute a higher amount to a Roth 401(k)—plus there’s

Understanding Estate Planning in Texas Estate planning is a process that involves making plans for the Trusts: Privacy, Protection, and Tax Benefits Trusts are another important component of estate planning Understanding probate and estate taxes is crucial in estate planning. estate planning attorney. Finding the Right Estate Planning Attorney in Texas Choosing the right estate planning attorney is crucial

Marriage offers many legal and financial protections, so if you’re planning to live together without You also need to talk about which one of you will claim tax-deductible expenses, such as mortgage interest and property taxes. Prepare Your Estate Planning. Also, if you have significant net worth which would make you liable for federal estate tax, you should

There are many misconceptions about estate planning and implementing any of them into your estate plan Understanding who needs an estate plan and what it should cover is key to creating a plan that is right The following are some common myths that people have about estate planning: Estate Planning Myth 1: “ may not need a complicated plan. An ideal estate plan should be designed to avoid probate, save on estate taxes, protect assets from future

There are often misconceptions about estate planning that you should know when preparing your documents Estate planning serves to provide your family and loved ones with protection upon your passing, regardless How Does Dementia Affect Estate Planning? Dementia may affect estate planning, as the person suffering from this illness loses the ability to think Speak With an Attorney About Options for Estate Planning There are many myths about estate planning out

What is Estate Planning? Estate planning also involves planning for your children’s care and making sure that your wishes are Estate planning can help you: Protect your children — Estate planning allows you to appoint guardians Estate planning can help you minimize your tax liability and maximize what you leave behind for your Steps to Take When Estate Planning for Young Families Now that you understand why estate planning is

Too often, though, banks inadvertently throw the most carefully laid estate plans out of alignment. Here’s how to be mindful of possible planning pitfalls: Transfer-On-Death Accounts Over the last few That’s because transfer-on-death accounts pass outside of traditional estate planning. can help you with your family’s estate plans and probate needs. Whether you are looking to craft estate plans for the first time, need help updating existing plans,

In order to create a comprehensive estate plan, it helps to be familiar with your state’s laws and regulations The Lone Star State presents a number of unique challenges when it comes to estate planning. While only an experienced estate planning attorney can give you specific advice about Texas’s laws, it Dynasty Trusts The perks of a dynasty trust for long-term wealth planning are significant. thorough estate plans.

But that isn’t so, says CNBC in the recent article “Don’t make these celebrities’ estate-planning blunders Signing a will is just the beginning: you need to regularly update your estate planning documents and Mistake #3: No Tax Plan. Poor planning could force your heirs to sell valuable or sentimental items because there are insufficient People forget about personal property in their estate planning, which can trigger lots of fights over

Typically, it’s wisest to establish the 529 plan in the grandparent’s own name so it won’t impact need-based Although parent-owned 529 plans are included in aid calculations, qualified distributions used to pay In the college-planning process, first determine if your child qualifies for need-based aid at the schools College is a great investment, so be proactive and plan accordingly. Reference: Nerd Wallet (February 9, 2016) “Grandparents and College Planning — the Right Way” #529EducationalSavingsAccount

and financial planning. Retirement Savings Plan. Examine your charitable giving plan to determine whether you should up your donations to ease tax burdens Estate Planning. Look at your estate plan and make sure it’s current. when reviewing tax documents—even though this is a vital part of a holistic financial plan.

Here are just a few of the most powerful estate planning tools you can use when considering your charitable Normally, you are subjected to capital gains taxes on the appreciation when selling stock. This is a great way to get around capital gains taxes while also giving back. charities are tax exempt. Care at (281) 885-8826 or click here to schedule a meeting with our experienced elder law and estate planning