According to the Internal Revenue Service (IRS), a personal representative of an estate includes an administrator or executor appointed by a probate court or appointed by will to administer the decedent’s estate and distribute the property and assets within his estate. The personal representative also has specific federal and state tax liabilities and is responsible for paying creditors before distributing most of the estate’s assets. This three-part blog series covers a personal … [Read more...] about Your Federal Income Tax Duties as a Personal Representative: Part 1 of 3
Elderly Residents Warned of Living Trust Scams: Part 3 of 3
Elderly residents should be wary of high-pressure tactics from overbearing salespeople who pressure them into giving them your financial information. Be wary of con artists throwing around probate law terms like “executors.” You should always be suspicious of claims from scam companies promising that you can significantly reduce your estate taxes by creating living trusts. A written will can also help you reduce your taxes and are often less expensive to create. Promises that a living trust will … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 3 of 3
Elderly Residents Warned of Living Trust Scams: Part 2 of 3
As discussed in the last blog, the Texas Attorney General and Texas Bar brought living trust scams to our attention. Living trust scam artists purporting to sell living trust kits or documents prey upon elderly consumers’ fears. Unfortunately, these kits are often worthless and can cost thousands of dollars. Other living trust scam businesses sell living trust products in an effort to obtain a consumer’s private financial information. Deceptive living trust salespeople may visit you at home or … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 2 of 3
Elderly Residents Warned of Living Trust Scams: Part 1 of 3
Beware of living trust scams targeting elderly residents across the nation. A living trust is a written legal instrument allowing you to place your assets into trust for the benefit of your beneficiaries. A trustee manages the living trust on your behalf. The written instrument earns its name from the fact that you create a living trust while you are still living. A living trust may be irrevocable or revocable. You may not alter or revoke an irrevocable living trust document, unlike a revocable … [Read more...] about Elderly Residents Warned of Living Trust Scams: Part 1 of 3
Estate Planning: About Healthcare Directives
A health care directive is an instructional document providing your primary care physician, your family and anyone else you list the information necessary should you become incapacitated. This document outlines what you do want to happen medically, as well as what do you do not want to happen. This differs from a medical power of attorney that appoints an individual to speak on your behalf, as well as make medical decisions for you, should you become incapacitated. This instructional document … [Read more...] about Estate Planning: About Healthcare Directives
Drawbacks of Dying Intestate or Without a Will: Part 3 of 3
Another disadvantage of dying without a validly created will is that Texas law treats a lifetime gift only as a gift and not as an advancement of a future bequest. For example, if you intended to count a niece’s car as a gift against her future inheritance, you need to state such in your will. If you do not create a will, the Texas Probate Code treats the gifted car as a gift and not as an advance. This can become a problem if you intended to give your children equal shares of your assets but … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 3 of 3
Drawbacks of Dying Intestate or Without a Will: Part 2 of 3
As previously discussed, a major disadvantage to dying intestate is the lack of control you have as to who will inherit your property. If you wanted to leave a large portion of your estate to a special nephew, you must do so by will. If you do not create a will, your nephew only receives his intestate share of your property, as established by the Texas Probate Code. If you die with a surviving spouse and children, they will receive most of your property, and your nephew may not receive anything. … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 2 of 3
Drawbacks of Dying Intestate or Without a Will: Part 1 of 3
Each state’s intestacy laws will establish what happens to your property if you die without a will. In Texas, the Texas Probate Code governs who receives your property and the order of priority in those distributions. The Texas Probate Code establishes an order of intestate succession or distribution scheme for residents who died before and after Sept. 1, 1993. After Sept. 1, 1993, the beneficiaries of your property depend on their degree of kinship to you. The Texas Probate Code automatically … [Read more...] about Drawbacks of Dying Intestate or Without a Will: Part 1 of 3
About Estate Planning for Pet Owners
Do you have a pet you want to ensure has a good home and are well taken care of following your passing? Be aware that such provision allowances vary from state to state. While many pet parents view their pets as they would their own children, provisions for pets fall into a completely different category. Pet owners value the idea to provide care and comfort similar to children, but laws dictate that they be treated as possessions in some states. Based on the residence of the pet owner, … [Read more...] about About Estate Planning for Pet Owners
The Basics of Estate Planning for Blended Families
There are many challenges blended families face, and estate planning is no exception. Support groups and therapists are offered to help blended families learn to mesh in a way that works for everyone. Yet, it is uncommon to see this much attention paid to estate planning. This can be an unfortunate and expensive mistake, particularly if matters go into probate. Like estate planning for non-blended families, minimizing estate taxes is a priority. However, additional challenges include … [Read more...] about The Basics of Estate Planning for Blended Families
