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...
Life insurance can be beneficial in numerous ways to estate plans – even for those who are older with less means. Here are but a few ways it can be helpful: Provide long-term care benefits. Some policies allow you to add a rider for long-term...
Donald Trump’s election will likely result in a proposal to eliminate estate tax as part of an overall tax reform package. However, the passage of such a bill and the compromises needed to make such a change will likely evolve over time – although the...
A common question of executors is how much they are entitled to for serving as an executor (someone who is responsible for gathering or collecting the resources belonging to the estate or to which estate is entitled, selling property of the estate, paying all bills,...
Although it is unlikely that the proposed estate tax change of either presidential candidate will be enacted as is, there is a stark contrast which should be considered for those interested in estate planning. If Clinton’s estate tax proposals were to become effective, there would be...
Although this author is not an accountant (and one should discuss his or her own individual tax situation with his or her personal accountant), I am often asked if estate planning fees are tax deductible. The answer is sometimes it is, and sometimes it is...
Many Americans probably converted to a Roth IRA to take advantage of the tax-free growth without the requirement of minimum distributions after one reaches 70 ½ years of age. Of course, one of the requirements is to take income taxes on the amount converted. So, for...
On January 8, 2016, the “Veterans Care Financial Protection Act of 2016” was introduced allegedly to protect individuals who are eligible for increased pension under laws administered by the Secretary of Veterans Affairs on the basis of need of regular aid and attendance from “dishonest,...
A Pennsylvania court recently ruled that a man who had adopted his same sex partner as his son in 2012, cannot annul his adoption so that he could marry his partner (adopted son). Prior to the U.S. Supreme Court decision which prohibited the ban by states...
