Posted on: December 3, 2023
Adding a payable-on-death (POD) or transfer-on-death (TOD) designation to an account allows the assets (money and property) in that account to be passed to a named beneficiary when the original account holder dies. Like trusts, POD and TOD accounts bypass probate. They are also fast, easy, and usually free to set up. However, they do […]
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Posted on: November 30, 2023
Jimmy Buffett died on September 1, 2023, at age 76, after a diagnosis of Merkel cell carcinoma (skin cancer) four years earlier. He was a renowned singer-songwriter, film producer, businessman, novelist, and philanthropist. Buffett released his first album, Down to Earth, in 1970. By 2023, his net worth was officially $1 billion,[1] including a $180 million stake […]
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Posted on: November 29, 2023
In the complex world of estate planning, understanding the nuances of different trusts and their tax implications is crucial for modern families, especially those balancing the care of minor children and aging parents. With myriad options available, it's essential to navigate this landscape wisely to ensure your family's financial security and compliance with the law. […]
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Posted on: November 28, 2023
Starting on January 1, 2024, under a new law called the Corporate Transparency Act (CTA), owners of certain business entities must file a report with the federal government including details regarding the ownership of their entity. The CTA was enacted to help combat money laundering, financing of terrorism, tax fraud, and other illegal acts. If […]
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Posted on: November 27, 2023
As the holiday season approaches, parents sandwiched between raising children and caring for aging parents often face a whirlwind of responsibilities. It's a time when the season's joy can be overshadowed by the demands of caregiving on both ends of the spectrum. This unique challenge calls for specialized holiday wellness strategies tailored for those who […]
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Posted on: November 26, 2023
Lifetime gifts are a popular way to reduce estate and inheritance taxes. Currently, 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 […]
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Posted on: November 16, 2023
Navigating the intricate terrain of estate and gift tax exemption planning strategies is paramount for the astute investor, particularly within the dynamic financial thresholds that define our present economy. As we edge closer to the sunset provisions of the Tax Cuts and Jobs Act, the impetus to harness the full potential of the available $12,920,000 […]
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Posted on: November 15, 2023
Strolling through The Domain, with its vibrant storefronts and the hum of shoppers, you pause to respond to a text message. It's your mother mentioning she's not feeling too well today—nothing urgent, but enough to cloud your mind with concern. You glance down at your toddler tugging at your hand, her patience wearing thin, signaling […]
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Posted on: November 14, 2023
One area where the threads of family dynamics and legal intricacies significantly intertwine for Austinites is estate planning. Particularly for parents with minor children and aging parents, the fusion of family law and estate planning becomes critical. This is more than just preparing for the future; it's about Integrating Family Law into Estate Planning to […]
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