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Estate Planning Professionals Providing Peace of MindCPAs and Attorneys

February 2017 Archives

IRA rules can make probate administration complicated

Many Texas residents have individual retirement accounts as part of their investment portfolios. IRAs are attractive to investors due to beneficial tax considerations. However, investors should be aware of tax rules when including an IRA in their estate. A recent ruling by the U.S. Tax Court details a complicated case involving an IRA involved in probate litigation.

Estate planning should be a priority

Most Texas residents don't give much thought to what might happen when they die or if they become incapacitated. Many believe they do not have enough assets to worry about creating a plan. However, financial experts contend that those with assets over $150,000 total, including their home, should carefully consider estate planning.

Go beyond just signing documents in estate planning

Most Texas residents don't want to think about the possibility of being incapacitated and no longer able to make decisions. They also often avoid discussing what will happen with their property after they die. But those issues must be addressed in detail when estate planning. But even having a plan in place with all the documents signed may not be enough. Experts suggest several things to keep in mind to ensure that someone's wishes are carried out after his or her death.

Consider many factors in long-term care planning

Many Texas residents believe they have invested wisely for the future and that they are prepared to handle any medical expenses they may incur in their retirement years. However, a certified care resource specialist, who has recently studied America's aging demographic, believes that many in the elder population will be ill-equipped to handle their financial burdens. He suggests a careful evaluation of long-term care issues and their effects on the elderly.

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2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
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Addison Office
14135 Midway Rd.
Suite G-250
Addison, TX 75001
Phone: 972-685-5202
Fax: 972-685-5206
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