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Your community should have evacuation plans that enable people with mobility, vision, hearing or cognitive

Especially in this case, estate planning for your charitable bequests through an IRA needs to be done by an experienced estate planning attorney.

In addition, you can ask your estate planning attorney to help you with the process. You and your spouse should have enough life insurance to provide for your kids financially through college If something changes, contact your estate planning attorney to change your guardian choice.

The $500 million estate transferred ownership of the properties the elder Spitzer acquired, according to property records recently filed with the city. Spitzer, now an active developer, put a sizable stake of 1050 Fifth Avenue—a 20-story, 90-unit rental building his father developed in 1960—into the Bernard and Anne Spitzer Charitable Trust, along with shares of 30 co-op units. The trust has been a big patron of organizations such as the Public Theater and City College. Bernard Spitzer stipulated in his will that about $250 million of his wealth should be left to charity. Spitzer also transferred interests in properties—including the $88 million Hudson Yards development site that Spitzer Engineering bought in 2013—to his siblings and himself. He also put another development bought for $165 million in February by the family business into a charitable trust set up for his mother. Spitzer Engineering has been selling some of the company’s top properties, such as the Crown Building, which went for a record-setting $1.78 billion in April. Reference: The Real Deal (December 18, 2015) “Eliot Spitzer has started splitting up late father’s empire” #EstateTax #TrustsandEstates #HoustonEstatePlanning #HoustonWills #FamilyTrust #CharitableTrust

of your estate planning goals, that’s too bad. What you may not have is an estate plan that fits your current needs or desires. Working with an experienced estate planning attorney to craft a customized plan that incorporates and updates your existing estate planning documents is the best way to ensure that the estate plan you have is the plan you want.

This article is based on a conversation by Kim Hegwood, estate planning and elder law attorney, and Ruth At Your Legacy Legal Care, we assist individuals with dementia in putting a plan in place for long-term To schedule a strategy session to discuss estate planning or elder law, call our office at (281) 218-

Among parents who had created a will, 61% of those with stepchildren and biological children planned An estate planning attorney can provide valuable guidance.

In the past, the only way single people could avoid having their home avoid probate—without adding someone to the title while they were still alive—was by creating a trust. This could be time-consuming and expensive. Starting in 2016, homeowners who want to use the new option will simply sign an instrument called a Simple Revocable Transfer on Death Deed. This will name who will receive the property. They must have it notarized and record it with their county within 60 days but can change their mind and revoke the deed at any time. This new law expires January 1, 2021 in order to allow time to study its effects. Transfer on death deeds that are executed between now and then would not be impacted, but would still be in effect and could be revoked at any time. However, new ones can’t be executed after that date unless the law is extended. The law requires the California Law Revision Commission to study and make recommendations regarding the new deed to the Legislature by January 1, 2020. Reference: The San Francisco Chronicle (November 9, 2015) “Californians have a new way to keep homes out of probate” #AssetProtection #ProbateAttorney #HoustonEstatePlanning #LeagueCityTrustsandEstates #SimpleRevocableTransferonDeathDeed #Probate #ProbateCourt #Inheritance #PowerofAttorney #HoustonEstatePlanningLawyer #Trusts

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan

No personal finance dealings with the trust – This one may seem obvious, but it should still be stated

For 2015, the exemptions were set at $5.43 million for a single person and $10.86 million for a married couple. The exemptions for 2016 have been raised to $5.45 million for a single person and $10.9 million for a married couple. It is important to note that the gift tax exemption is the total amount of gifts that may be made during a person’s lifetime. The amount that may be given to any individual in a single year in 2016 will remain the same as it is in 2015 at $14,000. Forbes reported on this announcement in “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” To take advantage of these exemptions you will want to speak with qualified attorneys and accountants to make sure all paperwork is filed properly. For example, the higher exemption only applies to married people if a surviving spouse files correctly when his or her spouse passes away. There are also certain gifts that do not count against the limits if properly made, including gifts for medical and educational expenses if made directly to the provider. Thus if your spouse passes away or before giving someone a gift, consult with an expert so the estate can transfer and the gift can be made with as little applicable tax as possible. Reference: Forbes (October 22, 2015) “IRS Announces 2016 Estate And Gift Tax Limits: The $10.9 Million Tax Break.” #EstateTaxExemptions #GiftTaxExemptions #HoustonEstatePlanningAttorney #HoustonEstateTax

Indiana Lawyer recently published “Do-it-yourself dangers” that explains how do-it-yourself estate planning He had wanted his estate to be shared equally among his children, but because the DIY estate plan wasn There are also document-recording peculiarities in each state that estate planning attorneys know and Many people may start with simple estate planning documents online but then see that they need to purchase meet your goals and provide the peace of mind that comes from not worrying about whether the estate plan