Many Baby Boomers are just now reaching the point where they are thinking about retiring and leaving inheritances for their children. Unfortunately, they are often finding it difficult to make plans because they have to care for their parents. The parents of Boomers did not expect to live as long as they are, and as a consequence they did not plan for it. When they run out of money, they often look to their Boomer children for help. The need to take care of their parents leaves many Boomers in … [Read more...] about Baby Boomers and Estate Plans
Many wealthy people wish they could amend their parents' estate plans after their parents pass away. Few know that they can. What often happens is that a wealthy person's parents will leave a large estate to someone who does not need it. The estate will be subject to the estate tax. The wealthy person who inherited the estate will then just keep the assets and leave them to his or her own children eventually. The same assets will be subject to the estate tax again. The way around this double … [Read more...] about Amending Your Parents’ Estate Plans
Most people do not have a difficult time determining what they want to happen with their property and assets after they pass away. You know who you want to have your stuff. For this reason, some people decide that they can make their own estate plans. They purchase a Will from an online source and fill in the blanks. However, there is a problem with that line of thought: estate planning is not about who you want to have your stuff. Estate planning is about how to go about giving people your … [Read more...] about Do Not Limit Your Options
If you currently have an estate plan, you should visit an attorney to have it updated this year. The laws concerning the gift tax and the estate tax are currently scheduled to change at the end of this year. You need to make sure that your estate plan is up to date and conforms with any new laws. If you don't, then your family might not receive all of the inheritance that you thought you were leaving them. Estate planning attorneys have many different ways to lessen the gift tax and estate tax … [Read more...] about Updating Your Estate Plan in 2012
Continuing our two-part blog series focusing on the rights of illegitimate children or children born out of wedlock, we’ll cover when an illegitimate child can inherit from your biological father. As you know from reading the first blog in this series, an illegitimate child can inherit from his or her natural mother if she includes him or her in her Will and even if she failed to create a valid Will. Under the state’s intestacy laws, an illegitimate child has intestacy rights to inherit from … [Read more...] about Texas Intestacy Estate Planning for Children Born out of Wedlock: Part 2 of 2
In most states, including Texas, a child born out of wedlock is an illegitimate child. Rightfully, illegitimate children are treated as heirs in some cases. According to Texas law, they can take advantage of many of the state’s intestacy statutes. However, illegitimate children may not be able to receive inheritances under the state’s intestacy laws. Texas law gives illegitimate children or children born out of wedlock the intestate rights to inherit from their natural mothers but not from their … [Read more...] about Texas Intestacy Estate Planning for Children Born out of Wedlock: Part 1 of 2
In 2010, Texas made news headlines for making its first posthumous exoneration of an inmate wrongfully imprisoned. In 1985, Tim Cole was convicted of raping a fellow classmate at Texas Tech University while he was attending as an Army veteran. Cole maintained his innocence for the next 14 years. In 1999, he died in prison from asthma complications at the young age of 39. In 2008, a DNA test cleared Cole of the 1985 rape. Two years later, Texas Governor Rick Perry posthumously officially … [Read more...] about Estranged Father of Texan Inmate Posthumously Exonerated Stakes a Claim to Large Inheritance
At a recent awards ceremony, Jackie Chan told the press that he intends to leave his entire estate to charity, and leave nothing to his son, singer Jaycee Chan. “If he is capable, he can make his own money. If he is not, then he will just be wasting my money,” Chan said. This stance actually reflects the feelings held by more than a few wealthy Americans. When U.S. Trust surveyed a group of 457 individuals with investable assets of more than $3 million, only 49 percent said that passing assets … [Read more...] about How’s This for Tough Love?