May 2021 be better than 2020!
Dallas Probate Lawyer
The Bottom Line: Be Sure Before You Go This Route The lesson should be clear: Do not create an irrevocable trust unless you need estate tax savings, government benefits, or creditor protection, and make sure you will want to continue this benefit for the rest of your life. The (Only) 3 Reasons You Should Have an Irrevocable Trust | Kiplinger
Do you have a will? Or are you satisfied with the Texas intestacy laws that will determine who inherits from you when you die? Do you have a statutory durable power of attorney so that if you got sick someone could act for you paying your bills and taking care of other financial matters? Do you have a health-care power of attorney so that someone can make healthcare decisions for you if you are in a ventilator and cannot communicate? … Continued
As the coronavirus threatens to push the global economy into recession, the Trump administration is rolling out an unusual idea: handing out free money. Secretary Steven Mnuchin on Tuesday proposed mailing out checks of up to $1,000 to American adults to quickly pump hundreds of billions of dollars into the U.S. economy at a time when airlines are slashing flights and officials are shuttering restaurants, sports arenas and other public venues. Though details remain unclear, Washington could turn to the … Continued
Though 2020 is rapidly approaching, there is still time to mitigate tax liability for 2019. Below are some strategies and tax tips to consider before the ball drops in Times Square. In addition, the Internal Revenue Service (“IRS”) has released inflation-adjusted amounts for gifts made and decedents dying next year. We conclude with a snapshot of the 2020 transfer tax amounts relevant to your estate plan. Year-End Tax Planning and Considerations: Annual Exclusion Gifts. Annual exclusion gifts are a great … Continued