When you run a business, you can amass a significant number of assets over your lifetime. However, these assets could potentially be a hindrance to your family after your death. They may have to pay federal taxes because of the size of your estate. As you put together...
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Understanding Community Property in a Marriage
When it comes to marital property, a couple has many issues to consider. In Texas, a community property jurisdiction, property acquired during the marriage belongs to both parties. This arrangement could have significant implications when a couple maps out its estate...
Some issues involving federal inheritance and gift taxes
The federal government may levy an estate tax on heirs based on the value of an estate at the time of the property owner's death. As reported by Kiplinger Personal Finance magazine, if a one-person estate holder dies in 2021, his or her heirs may expect a tax...
Does your online business need to collect Texas sales tax?
Most Texas businesses with brick and mortar locations and required to collect and submit state and local sales taxes on the sale of goods and services to Texas residents. However, Texas law has not always held online businesses to the same standards. The 2018 South...
Do you know these strategies for avoiding probate?
Either you or your older parents want to prepare your estate. While reading up on estate planning, you learn how long the probate process may take. How can you save your loved ones time? AARP offers tips for sidestepping probate. While some assets go through probate...
How do I separate personal and business finances?
Keeping your business and personal finances separate is a golden rule of running your own business. It allows you to protect yourself and your business. Plus, it will pay off big time when you go to do your business taxes. Square explains that it is much easier to do...
What is generation-skipping transfer tax?
There are many taxes associated with estate distributions, depending on the specific situation. Proper estate planning crucial when it comes to easing the tax burden for your beneficiaries. There is nothing worse than leaving your heirs a huge tax bill that all but...
Understanding property ownership in a common law state
As a common law state, Texas does not require couples to have a legal piece of paper to have a marriage. However, this can pose problems when a couple no longer wants to be together. A common law marriage is still subject to community property statutes, which can make...