Estate Planning Archives - Page 64 of 67

Why Factoring Long-Term Care Into Your Estate Plan Pays Off from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 29, 2018

For most people, thinking about estate planning means focusing on what will happen to their money after they pass away. But that misses one pretty significant consideration: the need to plan for long-term care.

The last thing any of us want to contend with when a health issue arises later in life is having to throw together a hasty estate planning solution in the face of mounting medical costs. Your best defense is careful planning with the help of a trusted expert.

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How to Leave Assets to Minor Children from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 22, 2018

Most parents want to make sure their children are provided for in the event something happens to them while the children are still minors. Grandparents, aunts, uncles, and good friends sometimes want to leave gifts to beloved young children too. Unfortunately, good intentions and poor planning often have unintended results. Don’t make these common, expensive mistakes. Instead, here’s how to both protect and provide for the children you love.

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How Estate Planning Can Help You Dream About Your Future from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 15, 2018

A dream without a plan is simply a wish. Estate planning is not just about death and taxes — it puts you in the driver’s seat of your financial life, allowing you to set achievable goals. It is a great opportunity to focus on the legacy you want to leave behind for loved ones and your community, help you avoid the expense and delay of probate, as well as help you save on taxes.

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

Liz Nielsen / March 8, 2018

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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Three Questions Your Estate Planning Lawyer Should Ask You About Charitable Giving from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / March 5, 2018

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

Liz Nielsen / March 1, 2018

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

Liz Nielsen / February 26, 2018

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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Bitcoin Should Be Part of Estate Planning, Too, from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / February 22, 2018

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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Attorney Liz Nielsen