As another tax season closes, it’s a good time to review the list of “Dirty Dozen” tax schemes published by the Internal Revenue Service for the year. Many of these schemes peak during tax time and involve fraudsters looking for ways to steal taxpayers’ money, personal information, and data. Attorneys can help their clients by alerting them to these scams and providing advice on how to avoid them.
The best Estate Planners stay current on the latest trends. The American Academy of Estate Planning held its semi-annual conference providing education and learning for and inspiring excellence in its Members.
There are numerous reasons why we tend to procrastinate and avoid doing what we should, but when it comes to estate planning, procrastination can have serious consequences. Here are five reasons why avoiding procrastination is crucial when it comes to estate planning: While everyone’s reasons for estate planning are unique, the common goal is to ensure that … Read more
While we may have different ideas about what we want to happen after our death, there is a fundamental connection that unites us all – we all cherish our children’s future, and we are all mortal, as President John F. Kennedy once said. As such, most of us strive to provide for our families and … Read more
When the Supreme Court issued its opinion in Dobbs v. Jackson Women’s Health Organization, 576 U.S. 644 (2015), Estate Planning practitioners took note. Justice Clarence Thomas, in his concurring opinion, indicated that it would be appropriate to revisit that were decided on substantive due process rights. This led Trust and Estate attorneys to question whether Estate Planning for same-sex couples needs to change. President Biden answered the question in the negative by signing into law the Respect for Marriage Act.
Nowadays, divorce is a common occurrence. In 2020, the National Center for Health Statistics reported 2.1 divorces per 1,000 in Texas. If you have gone through a divorce and remarried, it is crucial to update your estate planning documents to reflect your changed circumstances. Failure to do so can lead to a nightmare scenario for … Read more
When Bruce Willis announced his retirement from acting because of aphasia, it sent shockwaves through Hollywood and across the country. Just a few weeks ago, Bruce’s family indicated that the disease had progressed to frontotemporal dementia highlighting the importance of incapacity planning. While Estate Planning typically focuses on planning for what happens at death, a comprehensive Estate Plan includes provisions regarding what happens during life should an individual become incapacitated.
When determining whether an individual qualifies for Medicaid, states impose both functional and financial tests. Functional means that the applicant must demonstrate medical need. Financial means that such an individual must demonstrate financial need. With proper planning though, it’s possible to meet the financial need prong even if assets exceed the threshold amount set by the state.
When you visit a savings institution in the United States, you’ll often see a “Member FDIC” seal on the door. The Federal Deposit Insurance Corporation (FDIC) was established in 1933 as a response to the Great Depression’s bank runs. The FDIC provides each person with up to $250,000 of insurance for funds in that bank … Read more
If you are a high-net-worth individual, estate planning is a crucial aspect of your financial strategy. Estate planning is the process of preparing for the distribution of assets after your death, and it can be especially complex for individuals with significant assets. Here are some considerations to keep in mind when planning your estate: Determine … Read more