On March 29, 2022, the House of Representatives passed (with almost unanimous bipartisan support) a bill (commonly referred to as SECURE Act 2.0) that builds on the SECURE Act that was passed a couple of years ago. The bill (which has now been submitted to...
Cryptocurrency (digital currency such as Bitcoin) is on the rise in the U.S. which causes a need for additional planning not previously contemplated by estate planners. Records are kept by blockchain (not by the government) and purchased on exchanges such as Coinbase. Owners can access their...
Instead of your beneficiary inheriting outright, below are eight situations whereby you may want a trust for various protection: If your beneficiary is a minor or too immature to handle assets If your beneficiary is a minor, then the beneficiary (as a matter of law) cannot make...
IRAs grow tax-deferred until you make a withdrawal. At the time of withdrawal, you are income taxed on the withdrawal. When you pass, beneficiaries are also income taxed when they withdraw from the IRA. Prior to the SECURE ACT (which became effective at the beginning...
There are often misconceptions on some basic tax issues in planning (income, gifts, estate, etc.). The following describes some of the common issues where there is a lack of understanding. Trusts do not need a separate tax identification number if you retain enough control Since you retain...
There are a variety of public benefits programs ranging from taking care of drug costs to long-term care costs to assistance for food and shelter. Although some public benefits programs such as Social Security Disability and Medicare are not “means-tested”, eligibility for most public benefits...
Many think that by simply naming an executor in their Will that the court will honor your selection to serve as executor for gathering assets, paying debts of the deceased, administering the estate, etc.However, the Texas Estates Code provides several situations whereby a person is...
Many do not realize the signature card on your bank account (as to the type of account established) determines how the funds in the account pass at the owner’s death. Thus, even if a person has a Will, the signature card could establish that the...
Revocable Living Trusts (RLTs) are commonly used for a variety of reasons ranging from avoiding probate to avoiding guardianship by retitling assets into the name of the trust if you should become disabled. However, not all assets can or should be transferred or even mentioned...
As the famous late N.Y. Yankee, Yogi Berra, once said “We made too many wrong mistakes.” Executors make many “wrong mistakes.” It may be an honor to be named as an executor in someone’s Will, but there are many pitfalls and errors that an executor...
