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These laws frequently impose taxes on much smaller estates. Its state estate tax exemption only goes up to $675,000. Also note that many states offer deductions against estate taxes that in some cases can prevent an estate Talk with a qualified estate planning attorney about a sound estate planning strategy to help you reduce or eliminate potential “state” estate tax liability.

As a Houston Estate Attorney, I want to be clear that if you are an agent under POA, it is important that you have been granted the power to make both medical and financial decisions, it is important to point agent under a POA for someone, be sure to periodically review the document with an experienced Houston estate

Having an imperfect plan is usually better than having no plan at all.  When establishing your estate planning documents, you want to be able to consider all the angles, but plan. However, before you get overwhelmed and give up on estate planning altogether, you need to consider the The best way to approach estate planning is to think through all of the questions you may have, and then

As you plan for the future, you may be wondering: what will happen to my pets should I become incapacitated Such a document will even allow you to create a caretaking plan that goes into effect the moment you You can also make plans to leave animals in the care of your preferred shelter or charity organization By making a plan ahead of time, you can ensure a seamless transition for your furry friends and ensure Your Legacy Legal Care has experience planning ahead for the well-being of your fur babies.

You may need to reevaluate some elements of your estate plan in light of the coronavirus pandemic, especially There are unique aspects of this crisis that your current estate planning documents may not be suited The language in some estate planning documents that is acceptable under normal conditions may cause additional Before revoking and/or updating your current estate planning documents, be sure to consult with your planning documents express your wishes during this time.

someone who lived such an extraordinary life, or who died so long ago, would have radically different estate planning needs than those of us who live normal lives in the modern world. Second: I bequeath by entire remaining estate to my beloved wife Margaret, and our children, and I desire Executors, that after the Probate and Registry of this my last will, and return of an Inventory of my Estate Done at Huntsville, the Second day of April 1863 Sam Houston It is remarkable how little estate planning

created retirement plan usually includes a review of your estate plan and portfolio investments, tax Work with a qualified estate planning attorney to ensure that you are doing all you can to effectively Estate Planning. At the very least, you need basic estate planning documents in place: a will, powers of attorney, healthcare Remember to periodically review your financial or estate plans because= situations and laws change.

In the estate planning world, the distinction between community and separate property is important for The second reason the distinction between separate and community property is important in estate planning This means that whenever you give someone a gift, or if you remember someone in your estate plan, the plan gives the property to someone other than his or her spouse. Contact Our Office with Your Estate Planning Needs This may all sound a bit complicated, but it is actually

Financial planning issues, however, can vary according to age. Insurance and estate planning have taken on greater importance, and retirement is no longer so far away Also, estate planning means not only having a basic will but also making certain you have a health care Plan on at least 15% of income to be set aside for retirement—25% would be better. Estate planning might include charitable contributions or your wishes about how personal possessions

But after investing and saving with one of these plans for the last 30 years, as retirement nears you MarketWatch, in its recent article, “IRAs are for retirement planning, not for retirement,” suggests If you’re between the ages of 59 and 70½, you are at the perfect spot to start an IRA Exit Plan. Talk with a qualified estate planning attorney when designating your primary, contingent, and tertiary Talk with an estate planning attorney to be certain that the IRA’s beneficiary is a trust that qualifies

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 plan and have to go through the process of administering their estate.

Here are six tax planning considerations of interest to those over age 50 from Next Avenue’s recent post , “2016 Tax Planning Ideas for People 50+.” As you close in on retirement age, make sure to max out your retirement plan contributions through an employer-sponsored plan like a 401(k) or an IRA. To get the best advice for your situation, schedule and appointment with an experienced estate planning