Author name: Liz Nielsen

IRA Charitable Rollover
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IRA Charitable Rollover Basics from Austin Estate Planning Lawyer Liz Nielsen

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The IRA charitable rollover provisions provide an important giving opportunity for retirees who are charitably inclined. This is particularly following the recently passed Tax Cuts and Jobs Act of 2017 (the “Tax Act”). Because the Tax Act will significantly reduce the number of taxpayers who itemize, and so fewer taxpayers will benefit from a charitable deduction for annual giving. However, the IRA charitable rollover provisions allow some retirees to receive a tax benefit for their generosity, regardless of whether they itemize deductions or not.

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donor advised fund
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Setting Up a Donor Advised Fund to “Bunch” Charitable Contributions from Austin Estate Planning Lawyer Liz Nielsen

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Under the Tax Cuts and Jobs Act of 2017 (the Tax Act), it is estimated that fewer than 10% of Americans will itemize on their income tax returns. However, you only receive a deduction for charitable giving if you itemize. Therefore, the vast majority of Americans will not benefit from a charitable deduction under the Tax Act.

One option for those who are charitably inclined is to “bunch” charitable deductions together and to itemize every two or three years. This can be done via a large gift directly to the charity, prepaying a pledge for the following year, or, if you would like to have the ability to decide when and how to make the contributions in future years, through a gift to a donor advised fund.

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charitable giving austin attorney liz nielsen
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Three Questions Your Estate Planning Lawyer Should Ask You About Charitable Giving from Austin Estate Planning Lawyer Liz Nielsen

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All estate planning attorneys should be talking with their clients about charitable giving during an initial consultation. Ignoring the possibility of donating to charity can result in a lost opportunity both to you as the client and to the community.

Here are three questions your attorney should be asking you about charitable giving, either on your initial client worksheet or during your initial consultation.

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Small Business Owner
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Small Business Owner? Know What Can Happen to Your Business If You Become Incapacitated or Pass Away from Austin Estate Planning Lawyer Liz Nielsen

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Preparing your company for your incapacity or death is vital to the survival of the enterprise. Otherwise, your business will be disrupted, harming your customers, employees, vendors, and ultimately, your family. For this reason, proactive financial planning — including your business and your estate plan — is key. Below are some tips on how to protect your company and keep the business on track and operating day-to-day in your absence.

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Successor Trustee
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What do Successor Trustees and Executors Do? from Austin Estate Planning Lawyer Liz Nielsen

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Executor’s Duties An executor, sometimes called a personal representative, is the person who is named in a will, appointed by the court, and responsible for probating the will and settling the estate. Depending on the state, an executor may work under court supervision or, as is often seen in Texas, may use so-called “independent” administration for […]

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estate planning bitcoin austin
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Bitcoin Should Be Part of Estate Planning, Too, from Austin Estate Planning Lawyer Liz Nielsen

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As more people are dipping their toes in to the secretive, and notoriously volatile, cryptocurrency markets, such as bitcoin, estate planning attorneys are starting to think about how to include those potentially valuable assets in their clients estate plans. According to this Barron’s article, the secretive nature of cryptocurrency, as well as its digital format, means […]

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Digital Assets from Austin Estate Planning Lawyer
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Estate Planning for your Digital Assets from Austin Estate Planning Lawyer Liz Nielsen

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These days, nearly everyone has email, a facebook account, and digital photos.  But what happens to your digital assets after you die?  According to a recent article in Scientific American, judges and lawmakers are only recently trying to figure out how to handle the ever-changing realm of digital technology. The article suggests starting with making a list […]

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