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Inheritances Archives

Critical mistakes with your inheritance and the IRS

One of the greatest gifts in the world can also be the most costly in terms of taxes and the IRS. If one is the heir of a baby boomer in Texas, chances are his or her benefactor may have been saving a bundle in IRAs and employer sponsored accounts toward an inheritance. Over a lifetime, baby boomers reduced their tax bills using these plans, and an estimated $30 trillion in wealth will be handed down over the next 30 to 40 years.

Important to protect assets when developoing inheritance plans

Division of assets is a critical component of a will or estate plan for Texas residents. Most individuals want to ensure that heirs are treated fairly and an inheritance is divided equitably. An estate planning expert recently offered insight on how to protect assets for future heirs and ensure that someone's intentions for distribution are respected.

Should parents discuss their resources with beneficiaries?

Many families in Texas avoid conversations about old age and death. While it is certainly not a subject on which to dwell, certain discussions are necessary. Heirs often find it difficult to locate statements, settle accounts and more because a deceased loved one's finances were not discussed. Silence about inheritances can also lead to contention between beneficiaries down the line.

Without estate plans, beneficiaries may be denied digital assets

Advancing technology has changed many aspects of daily life. The way people in Texas work, learn, shop and entertain themselves have all been altered by the internet. Because use of the internet may place a person's privacy and safety at risk, laws were made to protect people's online accounts from intruders. Unfortunately, those same laws may cause frustration for fiduciaries and beneficiaries if access to them is not granted before a person dies.

High costs cause many to ignore long-term care needs

The federal government estimates that 70 percent of persons 65 and older will need help with daily activities during their later years. Despite that figure, other reports indicate that over one-third of people 40 and over have done nothing to prepare for the time when they may need such care. Generally, people throughout the country, including here in Texas, are lacking the confidence that they will be able to pay for long-term care needs, and they have in a sense blocked the subject from their consciousness.

Elderly planning features many varieties of residential living

Many older people will someday have to confront the issue of living accommodations. If staying in the marital residence is not a feasible option, some alternative housing choice will have to be made. This is ideally a joint effort between the elderly parent, or the elderly couple, and their children. In Texas and all other states, the good news is that the choices for post-retirement living are greatly expanded and take in a wide variety of lifestyles and assisted living options, but elderly planning should be done in advance of the time when there is an immediate need.

Ways for Texas heirs to use an inheritance

When someone comes into an inheritance, the individual can be conflicted about where to spend the money. Should they spend their inheritance on cars, pay off the house or invest it? It is important for Texas beneficiaries to use and invest the newfound money wisely.

Complex family structures call for specialized estate plans

These days family structures in the United States are generally more complex than they were 60 years ago. Divorce is more common now among people over age 50, and families more often include stepchildren, foster children, domestic partnerships and all of the family dynamics that follow.

Options for protecting a Texas IRA inheritance

Say your retirement account is or will be filled to the brim. Each year you've contributed the maximum allowed, and you're comfortable in the knowledge that your children will inherit a sizable chunk of your wealth. That's all you need to know, right?

Our Office Locations

The Livens Law Firm
2516 Harwood Road
Bedford (Fort Worth), TX 76021
Phone: 817-545-3425
Toll Free: 800-569-2663
Fax: 817-545-9847
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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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