Tax Planning Archives - Page 2 of 4

Handling S Corporation Interests in Estate Planning: Electing Small Business Trusts and Qualified Subchapter S Trusts from Estate Planning Attorney Liz Nielsen

Liz Nielsen / October 4, 2022

One of the many challenges of owning a small business is determining the appropriate tax classification of the business. When an individual owns a business entity that is classified either entirely or partially as an S Corporation, it is important to seek the guidance of an experienced estate planning attorney and tax advisor for planning how […]

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Generation-Skipping Transfer Tax from Estate Planning Attorney Liz Nielsen

Liz Nielsen / September 23, 2022

When it comes to federal taxes, most people are very aware of the federal income tax.. This is because, if they earn a paycheck, they cannot help but notice the deductions each pay period. But there are lesser-known taxes such as the capital gains tax (a form of income tax), the estate tax, the gift tax, […]

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Why Can’t I Use a DIY Website for My Estate Plan? from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / August 30, 2022

There are many software programs, as well as websites, that sell do-it-yourself estate planning documents. These websites and form tools seem to offer a convenient and cost-effective alternative to working with an estate planning attorney. But do they really meet your needs and protect your family? Is online, do-it-yourself estate planning worth the perceived upfront savings? […]

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Are Payable-On-Death Accounts Right For You? from Austin Estate Planning Lawyer Liz Nielsen

Liz Nielsen / June 7, 2022

A payable-on-death account, also called a POD account or sometimes a transfer-on-death (TOD) account, is a common way to keep bank and investment accounts out of probate, the court-supervised process that oversees distributing a deceased person’s property. Most people want to avoid their estate going through probate because their heirs will receive the inheritance faster, privately, […]

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When Rock Legends Pass Away: The Possible Fates of Meat Loaf’s $40 Million Estate From Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / May 24, 2022

Meat Loaf, whose real name was Michael Lee Aday, passed away earlier this year at the age of seventy-four. The singer behind 1977’s Bat Out of Hell—one of the best-selling albums of all time—experienced ups and downs befitting his larger-than-life persona. He hit bottom with his 1983 bankruptcy but rode a 1990s career rebirth to newfound […]

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How to Protect Your Home when Naming Your Child Recipient on Your Home from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 19, 2022

The American Dream envisions home ownership for everyone. And most of us save for this purchase with the thought of passing it on to our families one day. But questions about ownership and how it’s passed on are pretty common. Questions like, “If I give my home to my child in my will, can they take […]

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How Can Remarriage Affect Your Estate Planning from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / April 12, 2022

Divorce is more common now than it was in the past, as is remarriage. Depending on how long a prior marriage lasted, the former couple may have done a certain amount of estate planning together. When that is the case, it is important to understand how a subsequent marriage can impact the estate planning from a […]

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Qualified Personal Residence Trust: What Is It and When Should You Consider One? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / February 22, 2022

Americans have enjoyed historically high estate tax exemption rates for most of the last twenty years. Such high exemption amounts have kept many of them from needing to seek out more advanced estate planning strategies to avoid estate taxes, which have been as high as 60 percent during those same years. However, it is uncertain what […]