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Anticipated changes to the federal tax code that will affect estates and gifts have many Texas residents hurrying to make an end of the year deadline. Without any further action, tax rates for inheritances and for gifts will go up. The current law allows for no taxes to be taken out of gifts or inheritances of up to $5.12 million. For any amount given to a single person above that amount, the remainder is taxed at 35 percent. For many Texas residents and financial planners around the country, the high exemption amount means that many people have been able to pass assets to their children, grandchildren, friends, and charities without too much concern over the tax implications.
Digital estate planning: don't forget to leave your passwords
Good estate planning often comes down to the details and the backup plan. If things don't go exactly the way they were supposed to, what should the next step be? And what about that small antique coin collection or those government savings bonds that you forgot to include? Details and a backup plan can help make sure that loved ones know what your wishes were and aren't left to fight it out with the court system to come to a resolution.
Texas Medicaid reform debate continues
The debate in Texas is continuing over whether or not the state should expand Medicaid per the requirements to get more funding under the new healthcare law, or if it should back off and downsize the whole program. There are differing views on which tactic would ultimately help balance the state budget, with Governor Perry advocating for shrinking the program.
Cancer patient's court battle shows importance of care planning
The court battle between a terminally ill brain cancer patient and her family has come to a close, as her father has chosen to drop his challenge to her wish to remove life support. The patient allegedly made a request to her doctors and through her court-appointed attorney to have breathing and feeding tubes removed, but her father challenged the hospital's right to honor that request, arguing that his daughter was not mentally competent at the time.
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