Part of our job as estate planning attorneys is to make sure our client population is up to date on recent acts, amendments, and changes in case law that might affect their long-term planning. Importantly, the SECURE Act (“Setting Every Community Up for Retirement Enhancement”) is important to know about,…
In the final days of 2022, the U.S. Congress passed a federal law known as the SECURE Act 2.0. This law addresses retirement accounts and distributions throughout the country and was signed by the president in late December. While this law primarily affects how Americans manage their personal retirement accounts,…
Planning for retirement can already be daunting. IRAs, 401(k)s, 403(b)s, and TSPs can sound like an alphabet soup of hoops to jump through and requirements to know. On top of general planning for retirement, Congress occasionally will enact legislation that changes the taxation scheme for various retirement accounts and tools.…
When family members think about what assets they may receive after a loved one has passed away, they often think about physical property or sentimental objects. However, another common inheritance is an individual retirement account or an IRA. An IRA allows an individual to save money for retirement with tax…
When people reach retirement age, many assume that the majority of the taxes they will need to pay are over. However, in many cases, taxes may be even more burdensome once a person has retired. Be it in the form of an estate tax, Roth IRAs, or life insurance plans,…
Creating a Houston estate plan and preparing for retirement can often be an extremely stressful process, especially with the passage of new laws and regulations that impact a person’s plans. One such law that affected many people’s retirement savings was the Setting Every Community Up for Retirement Enhancement (SECURE) Act.…
“When is the last time you updated your will? Could your beneficiaries have changed? If you have a trust, did you actually fund it? Is your plan ready for the new SECURE Act? Here are five mistakes you don’t want to make.” You don’t have to be super-wealthy to see…
Check out some often-overlooked retirement planning facts of life that everyone should be aware of. It’s crucial to have a plan for your retirement, so let’s get educated. There are some facts you might not know about retirement, like the way in which your Social Security benefit can be taxed…
“A new law could affect the IRAs and 401(k)s of millions of Americans in 2020.” The SECURE Act is the most substantial change to our retirement savings system in over a decade, says Covering Katy (TX) News’ recent article entitled “Laws Change for IRA and 401K Retirement Savings Plans.” The…