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to pay capital gains taxes on the money you made above the original purchase price if it is not your homestead Death Taxes There is a federal estate tax that applies to any asset transfer that is valued over $5.49 However, a spouse can transfer unlimited assets to their spouse without having to pay the federal estate Some states also have an inheritance tax, but Texas does not.

The Motley Fool’s article, “Estate Planning in 2016: Here’s What You Need to Know,” shares some of the The unified gift and estate tax credit allows people to make gifts during their lifetimes and to transfer Gifts for medical care or education aren’t taxable regardless of the amount, but you should transfer In 2016, portability allows couples to transfer $10.9 million of taxable property to heirs without estate Some states have lifetime exclusion limits that are far lower than the current federal level.

Some trusts offer protection from creditors, lawsuits and predators during your life. You will also have to transfer ownership of all assets that are placed in the trust. You do not need to transfer any property. A will does nothing for you while you are Your loved ones will be unable to manage or transfer assets We help families throughout Houston gain the peace of mind that only comes with knowing your family will

You will need these copies to close accounts, transfer assets, and handle other matters related to the Transfer Assets to the Beneficiaries Once the assets have been distributed, you must transfer them to This may involve closing accounts, transferring titles, and other legal processes. If assets are found in the future, it is easy to transfer them to the estate. In some cases, beneficiaries may be legally able to contest a will after probate is over if they believe

They will need to address the added burden of generation-skipping transfer tax. generation-skipping trust to make use of the lifetime exemption that applies to the generation-skipping transfer an experienced trust attorney to set up a trust and take best advantage of the generation-skipping transfer

While a will is one of the most important estate planning documents you can have, there are some things Although a will is one main way to transfer property upon death, it does not cover all property. Investments in Transfer on Death accounts. Some stocks and bonds are held in accounts that transfer on death to a named beneficiary. In addition to being unable to transfer certain types of property with a will, there are other provisions

It allows you to place assets like your home, investments, or personal property “into trust” (a separate Remember that any assets not properly transferred into your trust by your death may need to go through Execute new deed paperwork to transfer real estate into the trust. Texas law does not require special transfer taxes or filings when you transfer property into or out of Transfer any after-acquired property into the trust to keep it aligned with your current reality.

This type of trust does not contain a payback provision, allowing assets to transfer between beneficiaries There is a 60-month lookback period when applying for long-term care, and any transfers made during those Transfers to a special needs trust generally incur no penalty.

flexible arrangement that allows you to manage your assets during your lifetime and secure an efficient transfer type of trust: Avoids probate : Assets in the trust bypass the probate process, enabling a smoother transfer income to the grantor or other beneficiaries during their lifetime, with the remaining assets eventually transferred Generation-Skipping Trusts This trust transfers assets to a beneficiary two or more generations younger It allows the grantor to skip over their children and transfer assets directly to their grandchildren

to add their child’s name to their property deed to avoid having to wait for the probate process to transfer If you add your child’s name to the deed of your home, you made him or her joint owner. You could possibly lose your home due to your child’s financial mistakes. As you can see, simply adding a child as an owner of your assets can cause problems you never saw coming

A will can also set out your wishes for some of your belongings, but most property goes to a new owner financial assets like life insurance proceeds and funds from retirement plans are also automatically transferred Trust and estate attorneys can help you transfer property to heirs in the most tax-efficient way possible

Despite all the uncertainty, there have been some positive developments for taxpayers this year. that the lifetime tax exclusion for gifts will rise to $12,060,000, as will the generation-skipping transfer Bear in mind that in an IRA transfer or conversion to a Roth IRA, you will be required to pay taxes on Should the time come when you are unable to speak up about your preferences, you will be glad you outlined have been considering gifting your loved ones college tuition money or closing costs on their first home