The former head coach of the Penn State football team, Joe Paterno, has come under fire again, this time for his estate planning tactics.

This summer, Paterno chose to transfer ownership of his home from him to his wife, Susan. Critics of the coach challenged that choice on the grounds that Paterno knew his termination was imminent based on the sexual abuse allegations that were made against a coach who resided under him.

The house was already mutually owned by the couple and couldn’t be targeted by a creditor of just one of the spouses. According to lawyers, the ownership transfer was more than likely made because a beneficial estate tax rule was about to expire. Susan Paterno bought their Pennsylvania home for $1. The estate tax, which exempts $5 million for estate taxes per spouse, will drop to only $1 million per spouse in 2013.

If you have questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C., by calling 281-362-2865 today.

Estate planning can be an uncomfortable situation to discuss with your loved ones. It isn’t the most appealing news to plan for the death of a family member. Celebrity situations could be a great solution to take the edge off the topic.

Celebrities including Kim Kardashian and Michael Jackson are currently invading the tabloids and news channels and most likely, your dinner table. Discussing the divorce of Kim Kardashian could allow the topic of wills and inheritance to come up and the ability to plan an estate in the case that a death occurs before a divorce is finalized.

By talking about the Michael Jackson trial, you can enable a conversation about funding trusts. Jackson did not properly set up his trust before passing away and therefore his family and children have yet to receive any money from his estate.

If you have any questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C., by calling 281-362-2865 today.

It is currently being considered the best time for estate planning. This is due largely to the poor economy and minimal interest rates. These two factors make this a perfect time to plan your estate.

The tax exemption on estates, which is $5 million and $10 million for married couples, will last for the next two years. This is an opportunity for individuals to sidestep taxes on their estates.

Low interest rates make it possible for well-off parents to provide loans to their children and trusts with little to no interest at all. It is necessary to know your options and choices when dealing with estate planning to be successful.

If you have any questions regarding estate planning, please contact the Houston estate planning lawyers of Garg & Associates, P.C. by calling 281-362-2865 today.

The battle of Don Barden’s estate has mostly been conducted in private. The casino developer and business entrepreneur passed away after a battle of his own, with lung cancer. He was 67.

Last Friday, a hearing took place to assess the situation of the Barden estate. The estate in question consists of expensive cars, jewelry and The Barden Companies office building. Most of the documents in this battle have been sealed from the public.

One complaint against the estate comes in the form of a report that the office building was potentially contaminated which would become a responsibility of the estate. Barden’s daughter has stated she believes her father was mentally incompetent when composing the will and that it should be void. If this matter is approved in court, then the Barden estate will be controlled by Don’s widow.

If you need assistance in planning your estate, please contact the Houston estate planning lawyers of Garg & Associates, P.C., by calling 281-362-2965 today.