Have you heard of a “rabbi” trust?
Did somebody say “rabbit” trust? Let’s talk about an interesting type of trust – the “rabbi” trust. Named for their originator, a rabbi and his congregation, these trusts are occasionally used by employers to provide key employees with compensation in an irrevocable package. In essence, rabbi trusts are a type of irrevocable trust. […]
Quick Guide to Probate
What is probate? Why does it matter in estate and legacy planning? Could you use a quick guide to probate in an easy-to-follow video primer? This short video explains the basic steps in a Texas probate. At its most fundamental level, probate is the process of determining who will carry out your wishes, what you […]
When Might I Pay Capital Gains Taxes?
Here at the Slaton Schauer Law Firm, PLLC, people often ask us about taxation of capital gains. Commonly, you may wonder if you are responsible for capital gains that accumulated during the life of the person that left you the inheritance. If they never realized a gain, the taxes would be unpaid, so it would […]
The Importance of Being Earnestly Insured
Transferring real estate to a trust has become a widely used tool in estate planning. Unfortunately, it’s easy to overlook important aspects of the transfer that lead to unintended consequences. With careful planning, you can avoid these traps. Read on to learn more.
Guardianship: Planning for Your Children’s Future
As a parent, you want to do everything you can to protect your children, even after you’re gone. This includes planning for their future in the event that something happens to you. One important aspect of this planning is guardianship. If you have questions or concerns about this, contact Regina or me here at the […]
Application of the Updated Life Expectancy Tables
Since the creation of Individual Retirement Accounts in 1971, they have become an increasingly important part of a well-balanced Estate Plan. Taxpayers contribute to the IRA. Upon attaining a certain age, the taxpayer begins taking distributions based upon tables promulgated by the Internal Revenue Service. The Internal Revenue Service recently updated those tables which will significantly impact certain taxpayers
Love and Your Estate
Instead of thinking about chocolates or flowers this Valentine’s Day, let’s focus on a practical way to demonstrate our love by creating an Estate Plan. If you don’t yet have an estate plan, now’s a great time to make an appointment with an Estate Planning attorney to talk about your particular situation, along with your goals and any long-term concerns that you may have. If you already have an Estate Plan, demonstrate your love by ensuring that the plan accomplishes your objectives. If the plan needs updating, make an appointment with a qualified Trusts and Estates practitioner to review the documents and make recommendations for you.
The Not-So Transparent Corporate Transparency Act
Estate Planning attorneys need to understand multiple issues ranging from taxes to asset protection to create a comprehensive estate plan. Passage of the Corporate Transparency Act adds yet another layer to the already complex world of Estate Planning. Beginning on January 1, 2024, any company that qualifies as a Reporting Company needs to file a report with the Financial Crimes Enforcement Network (FinCEN) regarding its Beneficial Owners and individuals who helped register the Reporting Company. The provisions of the Corporate Transparency Act are designed to help prevent and combat money laundering, terrorist financing, corruption, tax fraud, and other illicit activity.