Wills Archives - Page 12 of 35

What Is the Difference Between a Probate and Trust Administration Attorney and an Estate Planning Attorney? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / February 6, 2024

Estate planning attorneys and probate and trust administration attorneys play crucial but distinct roles in the legal processes involving legacy planning, asset distribution, and wealth preservation. As part of the estate planning process, you should discuss with your attorney the role they will play during your lifetime and whether they can also assist your loved ones […]

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What Happens to My Twitch Account When I Die? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / January 30, 2024

In the digital age, our online presence extends beyond social media. Platforms like Twitch, where users engage with live-streamed content, present unique considerations when it comes to estate planning. Do you know what happens to a Twitch account after an individual passes away? If you die and a loved one needs to take care of your […]

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Celebrating International LEGO Day from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / January 23, 2024

Mark your calendars: January 28 is International LEGO day, which celebrates the date when the patent for the globally famous plastic brick system was filed. Since the 1940s, people have been creating their own worlds, brick by brick, with LEGOs. With an estate plan, you can help your loved ones build a great future. Make your estate […]

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Watch Out for Stolen Items in Your Loved One’s Estate from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / January 16, 2024

Your family member went through a meticulous estate planning process to organize and distribute money and property for the benefit of their loved ones, including you. But you may suspect that some of the high-value items in their estate originated as stolen property. The possibility of discovering stolen items within an estate is often overlooked, but […]

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I’m a Survivor … and Now I Have My Own Trust? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / January 9, 2024

Many married couples share almost everything, including finances. This may be reflected in their estate plan by using one joint living trust instead of two separate trusts. Separate trusts can provide greater flexibility, but a joint trust can be structured so that when one spouse passes away, the trust is split into two subtrusts: a survivor’s […]

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What Is the Last Surviving Spouse Rule? from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / January 5, 2024

Estate planning can be a significant part of successful financial management, especially for married couples. One key consideration is minimizing estate taxes, which can substantially affect the distribution of money and property to a married couple’s loved ones. Portability can make a significant difference when it comes to the taxation of an estate. What Are Gift […]

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The Real Story Behind Trust Fund Kids from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / November 24, 2023

When we hear the phrase “trust fund kid,” words like “entitled,” “privileged,” and “financially irresponsible” might come to mind. But another word we should associate with “trust fund kid” is “protected.” Below we discuss some of the misconceptions of and benefits to being a trust fund kid. What Is a Trust Fund Kid? According to a […]

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Estate Plan Lessons from DeMuth v. Commissioner from Austin Estate Planning Attorney Liz Nielsen

Liz Nielsen / November 22, 2023

Lifetime gifts are a popular way to reduce estate and inheritance taxes. Here in 2023, only estates worth $12.92 million or more are subject to the federal estate tax. Twelve states and the District of Columbia levy an additional estate or inheritance tax. To lower their taxable estate at death, an individual may consider giving gifts to […]