Although potential tax reform laws are far from settled, taxpayers could consider certain actions now to maximize tax savings including the following: Establish a business entity (if the business owner’s income tax rate is greater than the proposed rate) that the income or losses flow...
There are numerous ways real estate can be transferred to avoid probate, but which way is best will depend on the circumstances. The most common choices are either a deed of gift, transfer on death deed or a Ladybird deed (which is an enhanced life...
The Texas Legislature is presently considering a new law permitting a motor vehicle owner to simply designate who will be entitled to the car upon the owner’s death. If a car title is jointly owned, then the sale of the vehicle requires both owners. Also...
One of the bills introduced in the Texas Senate requires doctors keep a patient alive (even if the doctor does not think that it is the right decision) pursuant to the patient’s advance directive (i.e., living will) or the decision of the patient’s family to...
There are some key bills up for debate during this legislative session. An important one involves expanding the Silver Alert Program to include those younger than 65 that have been diagnosed with younger-onset Alzheimer's. Expanding the Silver Alert public notification system can lead to a...
A bill has been passed by the Texas House of Representatives giving disabled veterans the same rights as those over 65 to defer property taxes on their homestead. Under present law, if you are over 65 and you own and occupy a residence homestead, you...
Although it is unknown what suggested changes will be made to tax laws in light of the recent failure to overhaul the Affordable Care Act (Obamacare), President Trump has often asserted that federal estate tax should be eliminated. At the present time, only estates greater...
The National Institute on Aging and scientists at Massachusetts General Hospital are working together to detect and track vascular dementia at an early stage by the use of biomarkers in small blood vessels. Small vessel disease is the most frequent type of vascular disease seen...
A couple of bills and a proposed constitutional amendment has been made in the Texas legislature to give tax relief for certain seniors and their surviving spouses. A joint resolution proposes a constitutional amendment that grants an exemption from ad valorem taxes on a residence...
Home Sale. Often those over 50 have lived in their home a long time resulting in a substantial equity increase. If you have lived in your home for at least two of the five years before you sell your homestead, you can have a...
