Author name: Liz Nielsen

grandchildren
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The One Thing Every New Grandparent MUST Do As Soon as Possible

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Congratulations on welcoming the newest addition to your family. Being a new grandparent changes everything — including how you approach your finances — and is one of the most joyous occasions in life. The excitement of a new baby — and all of the firsts that come with this bundle of joy — can grab all of your attention and focus. That being said, there is one thing that every new grandparent must do as soon as possible that is often overlooked. Specifically, every new grandparent should immediately create (or revise) an estate plan so that it includes your family’s newest generation.

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blended families
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Beneficiary Designations and Blended Families: Why You Need to Think Before You Sign from Austin Estate Planning Lawyer Liz Nielsen

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Whether you are in your first marriage or have remarried after a divorce, blended families are a common part of modern society. That being said, it is important to understand that blended families and subsequent marriages create important and unique issues when it comes to estate planning. You may need to account for a prior spouse […]

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checking beneficiary designations
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The Importance of Checking Beneficiary Designations from Austin Estate Planning Lawyer Liz Nielsen

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One of the biggest estate planning mistakes I see is people who do not have updated beneficiary designations for their retirement assets or life insurance.  However, as further explained this article from Forbes, there are many IRS rulings that show the disastrous effects of families who fail to take this important step. When deciding who inherits […]

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grandkids
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Did you include your grandkids in your will? 5 Tips to Avoid Common Problems from Austin Estate Planning Lawyer Liz Nielsen

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As we build wealth, we naturally desire to pass that financial stability to our offspring. With the grandkids, especially, we often share a special bond that makes us want to provide well for their future. However, that bond can actually turn into a weakness if proper precautions aren’t set in place. If you’re planning to include […]

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Retirement Account
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5 Reasons to Protect Your Retirement Account Now from Austin Estate Planning Lawyer Liz Nielsen

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During your lifetime, your retirement account has asset protection, but as soon as you pass that account to a loved one, that protection evaporates. This means one lawsuit and POOF! Your life long, hard earned savings could be gone. Fortunately, there is an answer.  A special trust called a “Standalone Retirement Trust” (SRT) can protect inherited […]

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Roth IRA Conversions
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Roth IRA Conversions After Tax Reform from Austin Estate Planning Lawyer Liz Nielsen

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Twenty years ago, the Roth IRA first became available to investors as a financial tool for their estate planning needs. These accounts have maintained their popularity because unlike their traditional IRA counterpart, a Roth IRA provides account owners tax-free income during retirement.

In fact, many people chose to convert their traditional IRA or 401(k) plan into a Roth IRA to benefit from this long-term tax advantage. (Of course, there is a current tax bill that has to be considered when you make a conversion.) The recently enacted tax reform, however, has removed one helpful opportunity: the ability to recharacterize — or undo — a Roth IRA conversion.

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Pet Parents
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A Trust for Fluffy or Fido? Why Pet Parents Need to Consider a Pet Trust Today from Austin Estate Planning Lawyer Liz Nielsen

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Estate planning is about protecting what’s important to you. Although much of the traditional estate planning conversation focuses on surviving spouses, children, grandchildren, many pet parents wonder about what could happen to their “furry children” after their death or if they become incapacitated and unable to care for the pets. Read on if you’ve ever thought, “What will happen to my cat, dog, or other pet if I pass away?” “What if I’m incapacitated and unable to care for them?”

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