Many of our readers in Texas may feel that the rules for estate planning are complicated. This has been especially true in recent years due to the ever-changing laws for issues such as the federal estate tax. Now, Congress has enacted a new set of laws aimed at making some of the more complicated estate planning considerations easier for some to understand.
Posts tagged "estate taxes"
Famed Star Wars Director George Lucas recently sold his movie company to Disney for more than $4 billion. This move was part of an estate plan that allowed the filmmaker to use many of his assets while he is still alive to limit taxes that his heirs may have had to pay on his estate after his death. While Mr. Lucas's estate is large, others in Texas can use a similar strategy for their estate planning.
People in Texas may be surprised to learn how quickly their estate can add up to the $1 million estate tax exemption that may kick back into gear at the beginning of 2013. Adding the family home, investments, life insurance and other assets can take many individuals in our state to the $1 million mark and beyond. This is one reason that estate planning can benefit many, if not most, individuals.
As many of our readers in Texas know, there are many reasons that a person decides to create an estate plan. For some, one of the most important reasons for estate planning is to limit the amount of taxes that heirs will have to pay after the death of an individual. This goal has been made more challenging recently due to the ever-changing estate tax exemption amount that went from $0 to $5 million between 2010 and 2012.
Building and maintaining a family business -- whether large or small -- can take time, money and effort, as many in Texas know. That is why it is important for many to consider how to save the family business when they begin estate planning. One of the considerations for many as they plan is any potential estate tax and how it will affect their heirs.
Many in Texas know that it is important for a person with a large estate to create a plan for the distribution of their assets. What many of them do not realize is that it is just as important for a person with a smaller estate to consider estate planning. Creating a plan can ensure that the wishes of a person are adhered to after their death.
Updating an estate plan can assist Texas residents in making sure that their wishes for property distribution are followed after their deaths. A periodic review may benefit heirs as well as the individual engaged in estate planning. Additionally, making sure that an estate plan is up to date will avoid any surprises for beneficiaries when it comes time to settle an estate.
Texas residents may be unaware that there are many strategies in estate planning designed to limit the amount of tax due at the time of death. These strategies can include trusts, wills and mega gifts. Early estate planning can help a person maximize the potential for tax benefits to an estate and its beneficiaries.
With so many changes to estate taxes and how they are structured, it may be difficult for many Texas residents to keep it all straight. That is where estate planning comes in. By working with a dedicated professional, it may be possible to create a plan that maximizes the size of the estate while minimizing the impact of taxes.
People can become attached to their possessions and collections that have been amassed over the years, often making it difficult to let go of them. For Houston residents, strong estate planning involves taking those collections and making sure that they are well taken care of, whether that means selling them or placing them in trusts.