What You Need to Know About the Impact of the SECURE Act on Your Estate Plan

secure act estate planning

The Setting Every Community Up for Retirement Enhancement Act (SECURE Act) went into effect on January 1, 2020, and we saw some major changes…especially with regard to estate planning. More specifically, the SECURE Act impacted IRAs and 401(k)s, including the ability to delay distribution, as well as reduced flexibility for inherited IRAs. In light of…

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Understanding Special Needs Trusts in Texas

If you have a close family member with special needs, you most likely never stop thinking about the future of your loved one. Parents with a special needs child want to ensure that even when they are no longer there, the child will continue to receive the care and attention they need and deserve. Special…

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Key Considerations When Choosing a Probate Lawyer

If you have been named executor of a loved one’s estate, it is natural that you might feel overwhelmed by the many tasks that lay ahead. After all, the executor’s role involves more than ensuring the deceased’s assets are distributed according to the wishes outlined in their Will (which itself is an involved process). In…

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Protecting Your Assets from Long-Term Care Costs: Five Essential Steps

Aging is an expensive endeavor. While many financial burdens are relieved by reaping the benefits of your peak earning years and seeing children start their own adult lives, many more await just ahead in the form of retirement and long-term care needs. The latter is especially burdensome. In Texas, a private room in a nursing…

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Federal Estate Tax May Be Coming for You and Here’s What to Do

In December of 2017, then-President Trump signed the Tax Cuts and Jobs Act which increased the federal estate tax (FET) exemption from $5.49 million to $11.18 million for an individual. In 2019 this number rose to $11.4 million and in 2020 it rose again to $11.58 million. In 2021, the FET exemption for an individual…

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Asset Protection Is for Everyone, Not Just The Wealthy

Asset protection in the context of estate planning is often thought of as a process only for those that have a substantial estate to be protected from the government, creditors and/or predators.  However, you do not need a mansion on the hill, millions of dollars in the bank or a limousine driver to need asset…

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The Truth About Probate: It’s Only as Bad as You Make It

Take a tour of what the internet has to say about probate and you’ll come away believing there is no worse place to end up. After all, bountiful articles warn about accumulating fees, administrative hassle, and the potential for family conflict; and while these are valid concerns, they are not inevitabilities in the probate process.…

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What is Estate Planning, Anyway? (And Why Is It So Important?)

In the simplest possible terms, estate planning is the process by which you ensure your assets and health are well-managed in the event of incapacitation or death. Everyone, regardless of age, condition, or wealth, needs an estate plan because every one of us will one day pass on. And while it is true that executing…

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The Pandemic Squeeze: How to Manage Being Both Parent and Caretaker in 2021

Young parents nation-wide are managing a heroic task. With children spending more time at home and aging parents requiring special care as the most vulnerable portion of the population, middle-aged adults with kids are under extraordinary pressure. This is especially true of those whose parents suffer from illness or incapacitation. After all, folks in this…

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Estate Planning and Loss: What to do When a Loved One Dies

The grief of losing a loved one can be blinding and it is easy to forget that important estate planning decisions need to be made in such moments. Without swift action, costs can pile up and so while administering a deceased loved one’s estate may be the last thing you want to do in the…

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