Search Results

investments that are not in their best interest Persuading an elderly person to change their estate plan Sudden changes to wills or estate plans — This may include changes that benefit someone who is not a

Here are some ways to begin the process: Find Their Estate Plan If your loved one had a will, trust, or other estate plan in place, it is important to get your hands on it as soon as possible. The estate plan will guide you on what the next steps will be of making sure the distributions of their The team of experienced estate planning and probate attorneys at Your Legacy Legal Care will work with us help put you at ease if you are appointed as an executor or trustee for your loved one’s estate plan

lawyer, I cannot state emphatically enough how important it is for all parents to create a comprehensive plan

assets to your heirs and make sure your wishes are followed, talk to an experienced Houston estate planning

The National Football League said “no” to New Orleans Saints owner Tom Benson’s original proposal to remove team ownership from his estranged family’s trust funds. This means he’ll have to try again with new financial terms. The NFL won’t let Benson personally guarantee promissory notes he offered in exchange for Saints shares held in trust funds created for his daughter and grandchildren. This was recently reported in The Times-Picayune article, “NFL rejects Tom Benson’s ownership deal with estranged family’s trusts.” The 89-year-old Benson disowned his daughter and two grandchildren after a bitter fallout a few years ago. According to Benson, he intends to leave full ownership of the Saints to his wife Gayle and has been trying to revoke the trust funds’ shares. Benson sued in federal court after the trustees guarding the funds blocked his attempt to remove assets in exchange for 30-year promissory notes, including about $375 million for the team’s shares. The offer also includes an attempt to remove shares in the Pelicans, the NBA franchise he also owns. The trust funds allow for assets to be removed, but only in exchange for other assets of equal value. Court filings show the NFL’s finance rules won’t allow Benson to use his personal wealth, which includes his controlling, voting stock in the Saints, to back the proposed promissory notes. With that arrangement, the trusts could try to seize Benson’s personal assets—including the controlling stock—if he were to default on the notes. The trustees, attorneys Robert Rosenthal and Mary Rowe, and Benson announced this summer that a tentative settlement was reached. The promissory notes in the exchange were contingent on NFL approval. In August, a U.S. District Judge scheduled a trial after settlement talks didn’t result in a final agreement. Benson recently filed an amended lawsuit with a new offer of promissory notes based on a January 2015 value of the team. Rowe’s attorneys responded, claiming that because the NFL rejected Benson’s first offer, any new deal must be based on the current value of the teams, which would be higher. Rowe has asked a judge for a hearing on the issue. Benson’s attorney says his client has a right to change the notes offered in January 2015. A trial is scheduled for February 6. Reference: The Times-Picayune (September 30, 2016) “NFL rejects Tom Benson’s ownership deal with estranged family’s trusts”

But the children’s attorneys disagree and plan to appeal. The kids’ attorneys plan to appeal the ruling because the previous wills show undue influence and how

Once decided, the name(s) should be included in estate planning documents.

As a Houston will and trust lawyer, I can confidently say that estate plans are not one-size-fits-all

and deciding who to distribute them to can be one of the most difficult tasks when creating an estate plan To avoid family feuds after you are gone, it is important to have a plan and make your wishes clear to List the most important items in your estate plan. Your Legacy Legal Care includes a Memorandum Regarding Personal Property as part of your estate plan. So, check with your experienced estate planning attorney or tax accountant first. 

it is reasonable to consider using the payable-on-death option or beneficiary designation, an estate planning

raid savings for one expenditure to use for another and to make it easier for you to spend money as planned Check on your estate plan. Review the titling of your accounts, your beneficiary designations, and your estate planning documents Schedule a visit with your estate planning attorney to make the revisions.

Smart Business reports that there are many money-saving opportunities for businesses and individuals—via IRA conversions or Health Savings Accounts (HSA)—but it’s important to do so within the law and banking regulations to avoid hefty fines that can eliminate any savings. The article, “Money-saving financial tips for individuals and companies,” says that the unique feature of a Roth IRA retirement savings vehicle for individuals is that, unlike a traditional IRA, it lets you withdraw all of the funds in the account tax-free. However, be sure to read the fine print. If you earn $193,000 or more, you can’t contribute to a Roth IRA, but you can make contributions to a nondeductible IRA, which has no income limit. The bad thing is that the income accumulated is taxed at ordinary income rates when withdrawn. However, there’s a work-around: you can make contributions to a nondeductible IRA, and then convert it to a Roth IRA. Beware that if you convert a nondeductible IRA to a Roth, any IRA you have is considered converted on a pro rata basis, which could create ordinary income. Speak with an experienced attorney before moving forward. Likewise, an HSA can work like an IRA. Contributions go into the HSA on a tax deductible basis and can then grow tax-free, but it can only be used for medical expenses. However, if you can afford to pay for your health care expenses out of pocket, the HSA builds up tax-free and will accumulate indefinitely. You can use it to fund your health care through retirement or leave it to beneficiaries and they can use it for medical expenses. You can actually increase money saved for retirement or beneficiaries, just like an IRA. Reference: Smart Business (December 2, 2015) “Money-saving financial tips for individuals and companies” #IRAs #HoustonEstatePlanning #RothConversions #RothIRA #HSA