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...
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...
The government encourages saving for medical expenses by allowing before-tax contributions to a Health Savings Account (HSA) which can grow without taxation on the condition the funds are used for qualified medical expenses (ranging from acupuncture to vaccines and from hearing aids to dental work...
Texas law does not provide domestic partners or significant others the same home protection rights as a surviving spouse. If you are married, your surviving spouse has a right to live in the homestead of the deceased spouse for the remainder of the surviving spouse’s...
There are numerous ways real estate can be transferred to avoid probate (which is also a way to avoid a successful Medicaid estate recovery claim in Texas), but which way is best will depend on the circumstances. The most common choices are either a transfer...
It is very common for a family member to be named to serve as a trustee of a special needs trust of a loved one with special needs (usually to save money), but the recent felony charges for financial exploitation against a Minnesota mother who...
It was recently reported in the Dallas Morning News that Tyler Pride (“Tyler”)”, who is the biological son of famed country-western singer Charley Pride (“Charley”), has contested the Last Will and Testament of his father. Tyler was not born of Charley’s long-time marriage to Rozene...
There are various reasons why a parent would disinherit an adult child ranging from failure to communicate for a period of time to verbal disagreements. Under Texas law, there is no legal requirement to name a family member as a beneficiary. The following are suggestions to...
IRS publication 590-B issued recently has surprised almost everyone with its erroneous proposal that designated beneficiaries (“DBs”) will need to take required minimum distributions (“RMDs”) of inherited individual retirement accounts (IRAs) in years one through nine following the year of death of the IRA owner....
Although Wills are often not difficult to probate in Texas, many times the probate process of determining that the Will is valid (so that the Executor can pay the debts of the estate of the deceased and transfer the assets in accordance with the Will)...
