You have probably heard stories when someone who is very old marries their caretaker or someone significantly younger (do you remember Anna Nicole Smith?) – especially when the older “spouse” has significant assets. However, you probably are not aware that
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What Do Jerry Jones, Charley Pride And Charles Manson Have In Common?
Last month a lawsuit was filed against Jerry Jones to determine if Jones is the father of a child (Alexandra Davis) who was not born of Jones’ marriage to his wife.
Last year a will contest was filed against the…
Nine Different Types Of Wills
There are certain requirements for a last will and testament to be valid in Texas including: (1) being of sound mind; (2) being the age of majority (or married or a member of the armed forces of the U.S.); (3)…
Five Significant Provisions Under Secure Act 2.0 That Changes Retirement Planning
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…
Avoid “Tales From The Crypt” – Estate Planning With Cryptocurrency
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…
Eight Circumstances To Leave Assets In A Trust For Your Beneficiary
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, then the beneficiary…
Ira Beneficiary Income Tax Planning
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…
Five Common Tax Issues In Estate Planning
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.
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Six Different Trusts Used In Public Benefits Planning
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”,…
Seven Situations When Your Named Executor Cannot Be Your Executor
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…