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Austin Estate Lawyer

Recent Activity

Should I Pass a Certificate of Deposit in My Will? – from Austin Estate Planning

“Is there a Certificate of Deposit for a husband and wife where if one passes away, the CD is not subject to probate for the surviving spouse?” There are three categories of property, and only one requires probate, so it can be accessed when the owner passes away, says njmoneyhelp.com’s... Continue reading

Posted yesterday at Austin Estate Lawyer

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How Does the Generation-Skipping Transfer Tax Work in Estate Planning? – from Austin Estate Planning

“Estate planning can help you pass on assets to your heirs, while potentially minimizing taxes. When gifting assets, it’s important to consider when and how the generation-skipping tax transfer (GSTT) may apply.” The generation-skipping transfer tax, also called the generation-skipping tax, can apply when a grandparent leaves assets to a... Continue reading

Posted 2 days ago at Austin Estate Lawyer

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How Do I Use a Charitable Remainder Trust with a Large IRA? – from Austin Estate Planning

“Charitable remainder trusts give you more options and more control on how your heirs inherit, now that the “stretch” IRA is a thing of the past.” Since the mid-1970s, saving in a tax-deferred employer-sponsored retirement plan has been a great way to save for retirement, while also deferring current income... Continue reading

Posted 3 days ago at Austin Estate Lawyer

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Did Phil Spector Have an Estate Plan? – from Austin Estate Planning

“Phil Spector passed away Saturday at age 81, after being diagnosed with COVID-19, reports said. The legendary music producer and convicted murderer's net worth was estimated to be $50 million at the time of his death.” Music producer Phil Spector is regarded as one of the most influential producers of... Continue reading

Posted 4 days ago at Austin Estate Lawyer

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Should I Use a Living Trust in Estate Planning? – from Austin Estate Planning

“I understand that most people don’t need a living trust because probate is simple in the state, but can having a living trust save you time or money?” Nj.com’s recent article entitled “Will a living trust save time and money when settling an estate?” explains that, although probate avoidance is... Continue reading

Posted 5 days ago at Austin Estate Lawyer

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How Do I Cancel a Loved One's Credit Cards and Manage Their Points, After They Die? – from Austin Estate Planning

“How exactly do you deal with credit cards and rewards points when someone dies?” First, you should get legal advice before you start delving into the deceased person's estate. Contact an experienced estate planning attorney. Typically, the executor of the deceased’s estate will be in charge of these tasks. Insider’s... Continue reading

Posted Feb 26, 2021 at Austin Estate Lawyer

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Did the Pandemic Put a Premium on Estate Planning? – from Austin Estate Planning

“More Americans turned their attention to life insurance, wills and trusts last year, as the coronavirus pandemic made the reality of death unavoidable.” The number of life insurance applications from people under age 44 increased by more than 7% in 2020, according to the MIB Group, a data sharing service... Continue reading

Posted Feb 25, 2021 at Austin Estate Lawyer

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What’s the Difference between Per Stirpes vs. Per Capita in Estate Planning? – from Austin Estate Planning

“Here’s a closer look at what per stirpes vs. per capita means.” When creating an estate plan, one of the basic documents you need is a will. In estate planning, it’s important to distinguish between per stirpes and per capita distributions. These are two terms you are likely to come... Continue reading

Posted Feb 24, 2021 at Austin Estate Lawyer

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What are My Taxes on a House I Inherited? – from Austin Estate Planning

“When a house is sold, the seller is responsible for paying tax on the profit in the year of the sale.” Say your mom transferred the deed of the house over to you in November 2014 with a life estate for her. She dies in 2016. Mom paid about $18,000... Continue reading

Posted Feb 23, 2021 at Austin Estate Lawyer

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Should I Sell My Life Insurance Policy? – from Austin Estate Planning

“When a life insurance policy is no longer wanted or needed, many policy owners either abandon their policy by not paying the required premium or surrender it back to the carrier. In either situation, the insurance carrier wins, and the policy owner is stuck holding the empty bag.” It is... Continue reading

Posted Feb 22, 2021 at Austin Estate Lawyer

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When Did You Last Review Beneficiary Designation Forms? – from Austin Estate Planning

“When it comes to your retirement accounts, do you know who your beneficiaries are? These types of accounts have complex distribution rules and significant tax implications for those who inherit them. This complexity is compounded, if there are errors or missing information on your beneficiary forms, as is often the... Continue reading

Posted Feb 19, 2021 at Austin Estate Lawyer

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A Health Savings Account Can Improve Financial Outlook – from Austin Estate Planning

“Open an HSA in minutes to help you save on taxes, cover medical expenses and grow your retirement nest egg.” A health savings account or HSA can be a great help when it’s needed to tap the funds and it’s a tool to save money for retirement. Money Talks News’... Continue reading

Posted Feb 18, 2021 at Austin Estate Lawyer

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Am I Missing Retiree Tax Breaks? – from Austin Estate Planning

“For new retirees—especially those on a fixed income—it's more important than ever to take full advantage of every tax break available. After all, you have to stretch out your retirement savings to cover the rest of your life. However, holding on to your money is becoming more difficult these days,... Continue reading

Posted Feb 17, 2021 at Austin Estate Lawyer

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Some Veteran Caregivers Eligible for COVID-19 Vaccine through VA – from Austin Estate Planning

“Tens of thousands of caregivers providing critical medical support to disabled veterans will be eligible to receive coronavirus vaccine doses soon under a new policy announced by the Department of Veterans Affairs this week.” The move is the result of a coalition of veterans groups that lobbied for the caregivers... Continue reading

Posted Feb 16, 2021 at Austin Estate Lawyer

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Did Larry King have an Estate Planning? – from Austin Estate Planning

“Retirement can be a bigger drag on the assets than all the professional and romantic mistakes put together.” Larry King’s health was not good the past few years before he died in the hospital last week. He was 87, with a history of heart trouble, a stroke and then he... Continue reading

Posted Feb 15, 2021 at Austin Estate Lawyer

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Why Is a Trust Smart Estate Planning for Farmers? – from Austin Estate Planning

“Depending on your family situation and the value of your estate, forming a trust can be an important addition to your farm transition plan.” A will gives people the basic assurance of where farm and personal assets will go at an owner’s death. However, a trust can give you added... Continue reading

Posted Feb 12, 2021 at Austin Estate Lawyer

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Am I Named in a Will? How Would I Know?

“How can we see if there was a will and if it’s worth pursuing?” Imagine a scenario where three brothers’ biological father passed away a decade ago. The father wasn’t married to the brothers’ mother, plus, he had another family with three children, grandchildren, and great grandchildren. The father never... Continue reading

Posted Feb 11, 2021 at Austin Estate Lawyer

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Can I Fire the Executor of My Will? – from Austin Estate Planning

“It’s possible to make changes to your will after it’s written, including removing or adding an executor, if necessary.” If you are wondering how to change the executor of a will after the fact, KAKE.com’s recent article entitled “How to Change the Executor of a Will” says that the process... Continue reading

Posted Feb 10, 2021 at Austin Estate Lawyer

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Who Can Witness Will? – from Austin Estate Planning

“When making a will and testament, it’s important to follow the rules in your state to ensure the will is valid. One of those rules centers on the requirements for witnesses.” For a will to be binding, there are a number of requirements that must be met. While state laws... Continue reading

Posted Feb 9, 2021 at Austin Estate Lawyer

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Was the Rock Star’s Estate Undervalued? – from Austin Estate Planning

“Prince’s 2016 death created one of the largest and most complicated probate court proceedings in Minnesota history.” The ongoing battle over the estate of Prince has been complicated because he died without a will. Now, the IRS says that executors of the rock star's estate undervalued it by 50% or... Continue reading

Posted Feb 8, 2021 at Austin Estate Lawyer

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Do I Assume My Parents’ Timeshare when They Die? – from Austin Estate Planning

“Can an owner of a timeshare will the timeshare back to the timeshare corporation and does the corporation have to accept it?” Ridding yourself of a timeshare can be difficult. Frequently, heirs of a timeshare owner don’t want to take on the liability and the responsibility. Nj.com’s recent article entitled... Continue reading

Posted Feb 5, 2021 at Austin Estate Lawyer

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How do I Settle an Estate if I’m Named Executor? – from Austin Estate Planning

“Usually when asked to be the executor of a family member’s estate, the person feels honored and trusted. It’s a big responsibility, since the executor will be tasked with carrying out a loved one’s final wishes.” If you are asked to be an executor, you should learn some of the... Continue reading

Posted Feb 4, 2021 at Austin Estate Lawyer

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Can You Answer Key Retirement Questions? – from Austin Estate Planning

“You’re closing in on retirement, but you’re not there yet. Are you on track?” Kiplinger’s recent article entitled “Turning 60 Checklist: 10 Key Retirement Questions to Ask” can help find out if you will be ready when it is time to retire. Turning 60 can be an important milestone and... Continue reading

Posted Feb 3, 2021 at Austin Estate Lawyer

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Marilyn Monroe’s Estate Makes Money 50 Years after Her Death – from Austin Estate Planning

“Marilyn Monroe’s estate makes millions every year. At the time of her death in 1962, the icon’s net worth was $10 million, when accounting for inflation. In 2020 alone, she made almost as much as that. But fans of the late star might be surprised to learn that it isn’t... Continue reading

Posted Feb 2, 2021 at Austin Estate Lawyer

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How to Plan for a ‘Fragile’ Beneficiary – from Austin Estate Planning

“Today, estate planning can encompass more than addressing your potential tax exposure. It frequently requires protection of a “fragile beneficiary,” who can include family members with disabilities, individuals struggling with addiction, spendthrifts and even minors and there are planning options available to do so.” Frequently, estate plans will include an... Continue reading

Posted Feb 1, 2021 at Austin Estate Lawyer

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