If you are receiving an inheritance, you are probably wondering: Is there an inheritance tax in Texas? Understanding the tax implications of passing down an inheritance is also critical when planning your estate. There is no inheritance tax in Texas. However, if you are inheriting property from a person who lived in another state, you might have to pay...
Continue ReadingIf you’re going through the big D and it doesn’t mean Dallas, there’s understandably a lot on your mind and your proverbial plate. Whether you’ve been with someone one year or 25, divorce can put an immense amount of stress on an individual for several reasons including the financial details that need to be taken care of in order...
Continue ReadingAs anyone with a special needs person in their life might already know, there are a lot of details and things that need to be done in order to protect and care for your loved one in the best way possible. If you happen to have a loved one with special needs and you don’t have a Special Needs...
Continue ReadingForbes recent article, “Two Key Steps to Successful Estate Planning” explains that, in many instances, the ultimate goal in estate planning is to ensure the wealth you accumulated, lasts for a while and is used to improve the lives of your family. Unfortunately, the process of passing on the wealth often creates problems within the family. Disagreements can arise, and conflicts about...
Continue ReadingThe new tax law will greatly decreases the number of people who will be subject to the federal estate tax. This does not mean you don’t need an estate plan. In fact, you need to review your plan now. Forbes’ recent article, “7 Reasons To Revisit Your Estate Plan, Trump Tax Law Aside,” says that even if one’s estate is unlikely to...
Continue ReadingLet’s say that you and your spouse both have life insurance policies of $500,000 on each other and have no children. Each spouse is named as the primary beneficiary on the other’s policies, and the contingent beneficiaries are a brother and a niece. The issue that’s often raised, is whether the brother and the niece would be subject to...
Continue ReadingChances are that your biggest expense in retirement will be taxes. KSL.com discussed this issue in its recent article, “5 retirement tax traps that could needlessly cost you thousands of dollars!” According to the article, you shouldn’t ignore the one thing that could have the greatest impact on your savings and investments: taxes. Here are some retirement tax traps that could needlessly...
Continue ReadingThe changes to the federal estate tax law or “death taxes” went into effect on January 1. MarketWatch’srecent article, “Watch out for the gift tax trap in the new tax law,” reports the new law significantly increases the amount allowed to calculate taxes on estates, where no federal tax would be applied. A single person could now die owning up to $11.2...
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