You might think that any doctor seeing patients over a certain age would automatically screen for Alzheimer’s or other dementia-related diseases, but until now that has not been the case. Starting in January, Medicare will now begin reimbursing doctors for screening and providing information about care planning for patients with…
New Year’s Eve is the deadline for taking RMDs if you are older than 70 ½. Haven’t started yet? Get on this right away to get it done in time. Otherwise, be prepared to pay a penalty. You still have a little time to beat the last minute rush on…
If you’re walking down the aisle again, there are a number of smart steps to take before you say “I do” another time. Just as your life was probably simpler the first time you married, your subsequent marriage, especially if it occurs late in life, can become problematic, if good…
There are a number of tasks that need to be done after a loved one passes. A Houston estate planning attorney can help make these tasks easier. Most people don’t know that there is a time limit on certain tasks that need occur after someone passes away. According to WXYZ…
TOM’S 8 TIPS FOR SUCCESSION PLANNING(1) © Realize that your Exit Strategy is not business as usual. Get knowledgeable guidance e.g. from financial/legal advisors (team approach). Start now. Be realistic about objectives: Is it first and goal to go or is it a goal line defense? Anticipate Buyer’s due diligence. Financial statements…
Incapacity might be harder for some people to imagine than death. They can’t wrap their thoughts around the idea of being alive yet unable to function. Making decisions for how you want to be cared for while you are still able to choose, is a gift to yourself and your…
When the greed nerve gets tapped, relationships suffer. There are things you can do now that will lessen the likelihood of family battles after you pass. Every family has its own dynamics, and some siblings that never resolve their differences, no matter how many years go by. When both parents…
Estate planning for entrepreneurs is not complete until it includes a succession plan. Individuals who create successful businesses often find it hard to consider handing over the reins. Entrepreneurs would not succeed without their ability to focus all of their energies on their business. It is not easy for this…
TOM’S 9 TAX TIPS AND FACTS RELATED TO SUCCESSION PLANNING(1)© 1. Estate tax, the cruelest tax. You are taxed once on the income you earn. You save some of what you earn and are successful. If you die with “too much”, you are taxed again on your hard earned savings.…
There are some steps you can take now, just in case your financial savvy becomes less sharp as you age. You may have watched first-hand as a beloved parent’s money management skills went from smart to questionable. Scam artists take advantage of this, stealing homes and emptying bank accounts of…