Why Portability, and Estate Taxes, are Important for You

Let’s face it: it’s an unfortunate fact that the vast majority of people, because of recent changes to the estate tax system, won’t ever have to worry about estate taxes, because they won’t even have enough in the bank to justify attracting the notice of the IRS. I say “unfortunate” because, through informal polling, I’ve determined that 99% of people won’t own enough stuff to trigger estate taxes, and 100% of people would be happy to own enough assets to qualify to pay those estate taxes, even if they weren’t happy about the tax itself. Continue reading

5 Reasons You Need a Will. Right Now.

Death and taxes. As the old saying goes, both are inevitable, and none of us likes to ponder too closely our mortality or the result. But the law allows us to take the initiative in advance and make a plan that distributes your property in the way you see fit. As a Dallas-Fort Worth estate planning attorney, I recommend wills for my clients as part of a comprehensive estate plan to accomplish goals, protect property and pass assets to loved ones.

An experienced estate planning lawyer can help you put together a plan with a will that allows you to control where your property goes when you pass in a way that ensures your property is left to those most deserving. Whether it be the homestead, a family heirloom, the family business, or the car in the driveway.

These are a few of the reasons, but far from the only, to get your estate plan in place before you have shuffled off this mortal coil. Continue reading

Saving for College – the 529 College Savings Plan

We all want to see our children succeed, even see them surpass our own successes, in their chosen path. Whether it be a career, a calling, or a passion, we want to give our kids the best possible chance for success.

One of the useful tools for helping that process, and one that gives some benefits to the contributors, is a 529 college savings plan. Created under Title 26 §529 of the United States Code, a 529 college savings plan is a tax exempt/deferred account which allows contributors to gift funds to a beneficiary for use on ‘qualified’ higher education expenses essentially tax-free. Continue reading