The new tax laws set to come into effect on January 1, 2019, caused a lot of people, including Houston residents, to finalize their divorces before the new year set in. under the new law, the payor can no longer deduct alimony and the receiver is no longer obligated to pay tax on it. Anyone whose divorce has been finalized recently should consider this the right time to update their estate plan. This also applies to anyone who has not reviewed their estate plan after separating from a spouse.
Posts tagged "Heirs & Beneficiaries"
While many are advised to create a will to ensure their assets are distributed according to their wishes after they pass away, Houston residents may not be aware that there are different categories of wills. Living wills are one of those types and it might be an option for someone to avail if they want to leave directions for loved ones and medical care providers in case they are facing a life-threatening situation.
The death of a loved one sends a Texas resident on an emotional and stressful journey. Family members have to go through the decedent's belongings and plan their funeral all while coming to terms with their own grief. If the decedent had not outlined their own wishes for how their funeral should take place and their assets distributed, it can trigger another stressful time in the lives of the heirs.
When someone creates a will, it is assumed that it is valid and should be legally binding, as it is supposed to contain the wishes of the decedent. This is why legal challenges to the validity of the will, known as a will contest, are often thrown out of the court unless they meet stringent legal requirements.
Millenials are the butt of many jokes, but credit must be given where credit is due-according to the AARP, they are spending an average of 21 hours a week taking care of older adults. Currently, around 10 million millenials are already serving as the caretaker for an elderly loved one, such as a parent, grandparent, in-law or other adult. Over time, more people are expected to step into this role.
When entering into probate administration, an executor may not always know the location or even the identity of a named heir or designated beneficiary. Sometimes family members may have been missing or estranged for a number of years prior to the decedent's death. Since the location and notification of those individuals is part of the executor duties, it can become a very time consuming and frustrating process. Allow us to give you a few tips that may assist in your search.
In Texas, the death of a loved one is a traumatic time. This is compounded when the loved one had substantial assets and failed to take the necessary estate planning steps. Heirs and beneficiaries should think about how to deal with such a case, especially when there are blended families, divorces and children from different marriages.
Texas families who have accrued significant wealth will want to take steps to ensure that their heirs retain as much of it as possible. The depletion of an estate is one of the biggest concerns that these families will have, so strategies to preserve assets, such as a dynasty trust are a wise consideration. Understanding how they work and other important facts about these devices is the first step toward deciding if it fits into an individual's estate planning strategy.
For Texas residents who are moving forward with estate planning and are seeking to ensure that their heirs and beneficiaries are cared for after their death, taxes should be considered when preparing for the future. This is true whether the estate is one of significant value, one of moderate value or one with limited assets. Given the fluid nature of the law under the current U.S. government and the uncertainty therein, it becomes even more critical to have a law firm that is experienced in preventing the tax-based depletion of an estate.
Texans who are taking the necessary steps with estate planning will have different concerns depending on the circumstances. One issue that is growing problematic not just for society in general, but for those who are thinking about their beneficiaries, is drug addiction. The opioid crisis is something that is becoming a national epidemic and more and more people are thinking about this when they craft an estate plan. People who have heirs who they believe might already be involved in drugs or could be susceptible to the temptation should know how to account for this when they formulate their end of life documents.