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Texas residents may have heard of some changes to estate planning law that went into effect at the beginning of 2013, and they may wonder how the changes could affect them. The American Tax Relief Act of 2012 was passed by Congress and signed into law by President Obama on Jan. 2. One of the most important provisions of this new law is that it takes temporary portability between spouses and makes it permanent. Understanding portability can be essential to estate planning.
Gandolfini's estate may be hit with hefty estate tax bill
James Gandolfini left behind a $70 million dollar estate; however, the government may be getting a hefty 40 percent of that amount, which adds to up to $30 million in taxes. The actor drew up his last will and testament just six months before his death, and, because of his generous gifts to his sisters and infant daughter, they may be getting less than the actor wanted them to receive.
Important steps in estate planning
Many Texas individuals prefer to put off estate planning for as long as possible, but this avoidance is unnecessary and may be unwise unwise. A recent article condensed the operation of creating a quality estate plan down to five steps.
What to do with inherited debt
Many older Americans find themselves in debt because of falling housing prices, and debt incurred with credit cards and student loans that were taken to help their kids through college. Texas families may be curious to know what happens to this kind of debt when the holder of it dies. The answer varies based on the type of debt andestate planning.
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