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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

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

If this is done to protect the child from himself or herself, there is really nothing unfair about this When creating the trust, a trustee must be named. institution that provides trust services. Trusts are extremely flexible vehicles and can provide protection for beneficiaries, like a son or daughter #Inheritance #Trusts

organization of your choice rather than your former spouse or partner Creating or reestablishing a trust incapacitated Naming a new executor for your estate Powers of Attorney If you have not already selected a trusted Many people have multiple 401ks, Roth IRAs, and other retirement accounts, so take the time to make sure You may want to solicit the help of a trusted estate planning attorney for this task.

Remember, you should consider the tax implications when planning the transfer of assets in your 401(k) and IRA Estate Planning: Which Assets Are Best to Leave Your Family” #AssetProtection #EstatePlanningLawyer #IRAs

This is the most significant difference between the two main types of IRAs. However, a Roth IRA doesn’t have this requirement. With either IRA, making an “unqualified” withdrawal means a 10% penalty. Because of this, a Roth IRA can be both a retirement account and an emergency fund. Roth IRAs are super tools for estate planning.

also includes a medical power of attorney and a statutory durable power of attorney, both of which protect 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. An ideal estate plan should be designed to avoid probate, save on estate taxes, protect assets from future

Instead, so many women today have their own jobs, their own finances, and their own desire to protect 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.

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

Trusts: Privacy, Protection, and Tax Benefits Trusts are another important component of estate planning They provide privacy, as the details of a trust are not made public. Trusts also offer protection from creditors and can provide tax benefits. You should choose someone that you trust to fulfill this role. The executor administers your will, while the trustee manages any trusts you establish.

With retirement beginning to loom, many Gen Xers have to choose between funding 401(k)s and IRAs or putting As far as cash flow, current salary is the starting point, but include projected monthly Social Security Projections should include tax calculations, changes in insurance needs, and the likelihood of higher Taxes are also a critical planning element, such as for funds withdrawn from traditional IRAs.

for your goals and to check that you’re contributing enough to get the maximum benefit if you have an IRA Not so fast… Here are 3 things to think about” #AssetProtection #IRAs #CharitableGiving #TaxPlanning