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Establish a Revocable Living Trust You can easily avoid probate in Texas by setting up a revocable living trust. With a revocable living trust, you have full control over your assets during your lifetime, and they The successor trustee can manage the trust assets without court intervention. Protection against challenges: Revocable living trusts can help minimize the risk of legal challenges

” notes that one of the extenders in limbo is the option for people age 70½ and older to donate an IRA a good idea for elderly folks to sign emergency contact forms—before it’s needed—that authorizes a trusted

Younger Women There are plenty of reasons that a younger woman needs to meet with a Houston will and trust An estate planning attorney may also advise younger mothers to consider setting up a trust for their A Houston will and trust lawyer can help put things in motion now to make that a reality later.

Tax: When you fund an irrevocable trust, know that your tax situation can change immediately. The trust doesn’t receive a step-up in basis, just a transfer of your cost basis. But if you place assets in a trust, you have the ability to build a good offense against inflation. Usability: Sometime called liquidity, this refers to your trustee’s ability to access these funds. Reference: MarketWatch (February 25, 2016) “What you should know before placing assets in a trust” #HoustonAssetProtection

What Does the Trust Do? When you set up a trust with your trust and estates lawyer in Houston, you will discover that there are Protecting the Trust Another reason to consider a trust is to protect your children’s money from misuse recourse, as the trust is a legal contract. Talk to a Houston Trust and Estates Lawyer The best way to determine if a trust is right for you and

Many use trusts to do just that, which will allow for more of your assets to be passed down to your loved IRS rules for calculating the required minimum distribution from IRAs and qualified retirement plans

With retirement beginning to loom, many Gen Xers have to choose between funding 401(k)s and IRAs or putting Taxes are also a critical planning element, such as for funds withdrawn from traditional IRAs.

the traditional IRA. IRA. Backdoor Roth IRA Conversion. ; Funds that end up in the Roth IRA via a backdoor conversion are converted funds, rather than Roth IRA #IRAs #RothIRA #HoustonEstatePlanningLawyer #TaxPlanning

A medical power of attorney appoints someone you trust to make medical decisions for you in the event Jointly-owned property, property in trust, life insurance proceeds, and property with a named beneficiary , such as IRAs or 401k plans, all pass outside of probate.

A Special Needs Trust can also be set up, but these are only for people under age 65. A good solution is to use a Pooled Trust. Unlike a Special Needs Trust, a Pooled Trust account can be created for a person with disabilities of Not all Pooled Trusts are managed the same. It all depends on the non-profit managing the trust. Do your research in finding the right Pooled Trust non-profit to set up and manage your account.

Retirement accounts—like IRA accounts, 401(k)s, and 403(b)s—require up-to-date beneficiary designations However, if you have a trust created as a part of your estate planning strategy, the trust may be a beneficiary That’s because there’s a difference in tax treatment of living persons vs. trusts. “The importance of beneficiary designations” #401ks #BeneficiaryDesignations #EstatePlanningLawyer #IRAs

When will you need to start withdrawing from your respective retirement accounts like IRAs and 401(k) like a durable power of attorney, the executor of your estate, and the status of your will and living trust Mount Telegram (June 24, 2016) “Retirement and estate planning is a family affair” #AssetProtection #IRAs