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The proposed changes would significantly reduce the current federal gift and estate tax exemptions. Proposed Changes In 2021, federal estate and gift tax exemptions are $11.7 million per person and $23.4 the 99.5 Percent Act” has not been finalized, but lawmakers are still debating the merits of these changes

your loved ones: Create a Will and Trust When most people think about estate planning, they think of wills Too often, though, wills are improperly constructed and frequently found to be invalid – especially those Trusts and wills work in conjunction to directly instruct the transfer of assets, and if done correctly As your life changes, you may find yourself needing to update the individuals you listed as beneficiaries Any time you are making a major life change (like getting married or divorced), you will want to reassess

beneficiary designations, and your estate planning documents to see if they still apply or whether changes

years, the attorney for the late publisher Richard Mellon Scaife unduly influenced the billionaire to change Those changes followed a 2008 will that left her family memorabilia, according to the courts papers filed The will changes benefited the Tribune-Review newspapers, the Allegheny Foundation and the Sarah Scaife Jennie claims that this 2010 change “was all part of a carefully orchestrated plan by Gutnick to prohibit

Regardless of how the numbers were crunched, the real question is: How does this change affect me and Whether you are paying or receiving, the amount will not change unless one party specifically requests More Changes in Child Support The net resource cap is not the only amendment to child support laws in

On the other hand, an irrevocable trust cannot be changed once it has been created. It also preserves your financial privacy since, unlike wills, trusts are not public documents.  all revocable trusts become irrevocable when the trust creator dies because the power to make major changes

The only constant in estate planning is change. While you can do your best to be proactive and stay abreast of changing regulations, it seems there is These changes will impact those who have already reached their Required Beginning Dates for taking RMDs Your plan administrator or financial advisor can help you understand how such changes may impact your also a good time to update your beneficiaries, get your advance directive on record, and factor in any changes

The judge believes the resolution is in the teen’s best interests. Kira told the judge that she did not object to the settlement but needed more information than what has been given her by her guardian ad litem, Michael Augustine, who was appointed last September to advocate for the teen’s interests. Augustine denied the claim that he did not keep Kira informed about the settlement. He said he was pleased that the settlement was approved. He filed the will contest petition on behalf of the teenager and argued that when Kirk’s will was created, its beneficiaries “knew or should have known (Kirk Kerkorian’s) health was failing, that he was dependent on the persons surrounding him for his daily living needs and that he was highly susceptible to the influence of the persons on whom he depended.” Augustine’s petition also claimed that the will’s beneficiaries took advantage of the trust and confidence that Kirk placed in them and “suggested and dictated the contents of the document, arranged for the document to be drafted, arranged for execution of the document and caused (Kirk Kerkorian) to execute the document.” Kirk Kerkorian was obligated to provide $7 million to a trust created on Kira’s behalf based on his marital settlement agreement with ex-wife Lisa, the teen’s mother. Under the will contest settlement, another $1.5 million will be given to the teen’s trust. Lisa Bonder Kerkorian was married to Kirk for less than a month in 1999, and he denied during his lifetime that he was Kira’s father. However, he grew fond of the girl and decided to provide for her nonetheless. Kerkorian died last June at age 98. He developed numerous properties on the Las Vegas Strip, such as the MGM and MGM Grand. Kerkorian also invested in and operated businesses in a number of industries—including airlines, automakers, Chrysler Corp., General Motors and film studios. He bought MGM Studios three times, bought United Artists and tried to acquire Columbia Pictures. Reference: myLAnews.com (March 1, 2016) “I am my rich father’s child! Teen gets $8.5M as bio daughter of Kirk Kerkorian” #WillChanges #HoustonWills #Probate #ProbateCourt #Inheritance #LeagueCityProbateAttorney #HoustonEstatePlanningLawyer #Trusts

have the ability to positively impact future generations or even a cause they care about can be a life-changing Some institution is put in charge of administering the trust, but with little oversight. financial advisors are given too much freedom to play “fast and loose” with the money, as well as to charge A friend or family member is put in charge of the trust with the best of intentions, but unfortunately Obviously, you cannot predict how markets will change and what new developments will arise after your

About a year ago, the twice-widowed Tom Benson said he was changing his succession plan to cut out his

As a Houston asset protection lawyer, I can report that statistics show that there were approximately 20 million lawsuits last year. Let that sink in a minute. 20 million lawsuits. There are many con-artists and scammers just waiting to take advantage of the legal system to deprive you of your hard-earned wealth. Many of the lawsuits above were what I would consider frivolous, but even frivolous lawsuits are often settled for staggering amounts of money. If you are a business owner, property owner or a professional service provider such as a doctor or dentist , you are particularly vulnerable. Here are a few examples of some of the most common lawsuits against professionals: _          Personal injury on your property _          Personal injury as a result from a motor vehicle accident _          Malpractice liability _          Lawsuits from former partners _          Liability arising from misconduct These are just a few examples of vulnerabilities that businesses face. But the number of ways you can get sued is only limited by the imaginations of the disreputable people waiting in the wings. The best way to prevent these types of lawsuits is preparedness. There are various asset protection strategies that will protect your business and yourself. By using a series of asset strategies, you can protect yourself from future creditors.  In addition to protecting yourself, you may also deter potential con-artists and creditors from filing frivolous lawsuits against you in the future. Asset protection can only help you if you have it in place before someone sues you. You cannot put one in place today to protect your assets from current debtors or current complaints against you. It is important to act now to protect your assets from those that seek to make their own fortune at your expense. If you would like to discuss what type of asset protection strategies you can employ, give our Houston asset protection lawyers a call at (281) 885-8826 to schedule a consultation B before you need it! #AssetProtection #HoustonAssetProtection

Benefits of Hiring a Medicaid Planning Lawyer Medicaid laws and regulations can be complex and ever-changing Medicaid Planning Lawyer Several situations may warrant the help of a Medicaid planning attorney, such as: Changes in your financial situation — If your financial situation changes—such as receiving an inheritance These trusts are irrevocable, meaning you cannot change them once they are created.