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473 items found for "tax planning"

  • The 4 Top Estate Planning Tips for Business Owners

    * Seriously though, estate planning as a business owner is much more complicated than regular estate planning because you are essentially crafting two plans — one for yourself, and one for your business Below are four tips we urge business owners to take to heart as they begin the estate planning and succession planning process. ICE It Before getting into the weeds, or getting overwhelmed by the estate planning process, think about

  • Estate Planning Checklist for the Recently Divorced

    Here is a handy checklist for all your estate planning needs: Your Will Even if you already have a will You may want to solicit the help of a trusted estate planning attorney for this task. Too often, we hear stories where people fail to take care of estate planning concerns after a divorce

  • Estate Planning Changes for LGBT Couples

    The ruling lets same-sex couples file jointly for tax purposes and changes estate planning because now This means that estate planning should be straightforward and much easier. The Huffington Post article, “5 Estate Planning Tips LGBT Families Need to Follow in 2016,” has a handful final arrangements should also be detailed while you are alive and should be included in your estate plan Reference: Huffington Post (July 13, 2016) “5 Estate Planning Tips LGBT Families Need to Follow in 2016

  • Medicaid Planning Mistakes: What Not to Do

    Those who plan well in advance have more options available to them than those who delay decision-making While it is possible to make Medicaid plans without the assistance of an attorney, it is not a good When in doubt, it is best to work with a trusted Medicaid planning attorney from the start. Delaying Plans Another common Medicaid planning misstep? Waiting too long to cement plans. The earlier you start planning, the more options you will have available.

  • Houston Estate Planning for the Chronically Ill

    That is a staggering statistic, even for me as a Houston estate planning lawyer that works with sick Everyone needs estate planning, but for the chronically ill there is a high sense of urgency. For healthy people, a will or trust plans for the “what if?” When you have a chronic illness, you are planning for the “here and now.”  Additionally, an estate planning lawyer in Houston can help you utilize tools such as trusts to protect

  • Ways for Grandparents to Fund Their Grandkid’s College

    Some of the benefits of a 529 savings plan are that you can use the annual exclusion gift, now set at If you put the funds in 529 plans, you still have control of them as the owner of the account, and you A 529 plan is only designed to pay qualified secondary educational expenses. If you decide on these educational accounts, you should open a separate 529 plan for each child. An estate planning attorney can help evaluate if a trust is a better option all around.

  • Estate Planning During a Divorce: 4 Key Considerations

    You have planned your life carefully. Most likely, you are also each named as beneficiaries on the other’s retirement plan. However, there is one thing you did not plan for: divorce. What happens to your estate plan now? the most important part of your plan during a divorce. who drew up the joint plan for both you and your spouse.

  • How to Include NFTs in Your Estate Plans

    The Connection Between NFTs and Estate Plans If you are considering venturing into the world of NFTs, With enough forethought, you can include NFTs in your estate plan and ensure your heirs one day gain By creating a digital estate plan, you minimize the stress your family and loved ones experience at the The creation of such plans can also guard against risks like identity theft, fraud, and hacking. An estate planning professional can guide you through recommendations and important next steps to take

  • The 411 on Health Savings Account Rollovers

    article, “Rolling over Retirement Savings to a Health Savings Account,” advises that you can make a tax-free rollover into an HSA (health savings account) from an IRA—but not from a 401(k), 457, or other retirement plan At that point, you can use the money in the HSA tax-free for medical expenses in any year. Here’s the big point to keep in mind: you can make a tax-free rollover from an IRA to an HSA only once in your IRA and also take a tax deduction for new HSA contributions.

  • Starting the Long-Term Care Planning Process

    The sooner you start planning for your long-term care, the better. Read on to learn more about how to start planning for the rest of your life. What is Long-Term Care Planning? What Steps Should I Take to Get the Long-Term Care Planning Process Started? Questions About Long-Term Care Planning?

  • Understanding Capacity Requirements for Estate Planning in Texas

    In Texas, to create a proper estate plan, you must have the necessary mental capacity to execute a legal Is there an already established estate plan in question that concerns you?  a valid will or estate plan. What Happens if a Person Signs Estate Planning Documents Without Testamentary Capacity? Our estate planning attorneys understand the intricacies of trust and estate planning in Texas and can

  • Reviewing the Roth Recharacterization

    A recharacterization cancels out the conversion, and the conversion tax is eliminated. At tax time, some folks get a case of buyer’s remorse and don’t want to pay the tax on the conversion In that case, you would need to file an amended return and get your tax money back with interest. Speak with an experienced estate planning attorney to make sure that this is the right strategy for your Reference: Investment News (February 19, 2016) “Tax-time Roth IRA strategies” #HoustonAssetProtection

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