Will Liability Iceberg Sink Finances?

if the assistance you provide strains your own finances so you don’t have funds to provide for yourself, then you must cease. Further, if your friends and their families have been pressuring you into these gifts, they may be illegally exploiting your generosity. Gifts must come from your desire to help, not from their requests for assistance.

How to Refuse an Inheritance

This column first appeared in the SA Express-News and its MySA website on June 23, 2015. Dear Mr. Premack: I was recently informed that my aunt died and left a respectable inheritance for me. This may sound odd, but I am doing well and do not need this money from her. I would very much…

Estate Tax & Gift Tax Exemptions

This column first appeared in the San Antonio Express-News and the MySA website on January 14, 2015. Dear Mr. Premack: It is a new year. What has the IRS done with the federal estate tax for 2015, and what about the gift tax? – I.R. The federal estate tax is imposed upon an individual’s death…

Title Transfer and Taxes under Lady Bird Deed

This column first appeared in the MySA Express-News on December 11, 2014. Dear Mr. Premack: My wife, as Grantee on a Lady Bird Deed, received ownership of her parents’ house after her mother’s death earlier this year. Her father is in a nursing home with no possibility of ever going home. Intentions are to sell…