A will is the legal instrument used to direct the disposition of a person’s estate upon his or her death. If a person dies without a valid will, the intestacy law of the state in which that person resided will be applied in the disposition of his or her estate. This article discusses the intestacy law of the State of Texas. The intestacy laws are different [...]
The future of federal estate tax law was a mystery until Congress recently passed the “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010.” This legislation included, among many tax law items, changes to the estate tax law for years 2010, 2011, and 2012. The following is a summary of the new changes in the federal estate tax [...]
Admittedly, no one is perfect. We all make mistakes. However, when it comes to an IRA beneficiary, mistakes can be costly. Over the years, I have observed a number of mistakes clients have made before they were our clients. Here are a few that you should avoid: Failing to name a beneficiary. If no beneficiary is named, the [...]
Ownership of property can take several different forms, such as sole ownership by one person or concurrent ownership by two or more persons. Within the category of concurrent ownership, there are various arrangements by which people can own property together. The form of concurrent ownership may depend on facts such as how and when the [...]
A gift is a transfer of property from a giver to a receiver without the giver receiving something of at least equal value in return. The federal government has the power to tax individuals who give gifts of money or property. Whenever federal gift tax is owed, the tax is always owed by the giver, never by the receiver. The [...]
Community property law is recognized in the following states: Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Any community property laws stated in this article should be considered applicable only in community property states. Community property is a form of joint ownership between married couples which specifies that all money, personal property, and real property accumulated by [...]