Dinner will be served during the workshop. To RSVP, contact Glynis Strause at 361-436-1098 or email firstname.lastname@example.org.
Estate and Tax Planning
Attorney David M. Butterbaugh will cover the estate and tax planning. He will discuss the problems with failing to effectively plan for your estate as well as taxes, the ways to effectively plan and the advantages of good planning for yourself, your family and your community.
Butterbaugh has over 15 years of experience in estate planning (wills and trusts), probate, guardianship, and trust and estate administration law, including estate and gift tax planning and charitable planning. He is board certified in estate planning and probate law by the Texas Board of Legal Specialization. He is also a Member of The College of the State Bar of Texas, an honorary society for lawyers who complete at least double the required hours of continuing legal education each year. He is licensed to practice law in Texas and Florida.
Butterbaugh speaks regularly on estate planning topics to various organizations. He also serves on the board of several organizations including the Partnership for Philanthropic Planning San Antonio, The Salvation Army San Antonio Area Command, and Boysville Texas, Inc. He is an attorney with the Gardner Law Firm in San Antonio, www.gardner.sa.com, a full service law firm that served the legal needs of individuals and businesses in south Texas for over 40 years.
American Investment Planners LLC vice president Barbara Magor will be among the guest speakers. For nearly 30 years she has focused on her work as a certified financial planner and is among the top 100 independent investment advisors in the country. Magor began her career in equity research after earning her MBA in statistics and running a mutual fund.
Magor will bring her expertise in promoting generational legacy planning to the Live Oak area and is helping investors with their financial security. Helping families employ more efficient tax strategies while they become comfortable with their cash-flow needs is all part of her six-step financial planning program.
The program includes establishing goals, gathering the data necessary to create a financially organized life, evaluating financial status while planning for contingencies such as family illness and longevity, developing a plan using different life scenarios, implementing a plan among the uncertainties of the market and monitoring.
Magor’s workshop will discuss topics such as financing college.
At a record $1.1 trillion, student debt eclipses all other forms of household debt except for home mortgages. Recent legislation is aimed to assist future student borrowers over the next two years, but does nothing for existing student debtors. Bankruptcy rarely discharges student debt. The 529 Plans offered by various states provide federal tax benefits by allowing investments to grow tax deferred and all distributions used to pay for the beneficiary’s college costs come out federally tax free.
It also offers one of the few ways to gift assets away from an estate while still retaining control of the funds.
Texas is one of only three states to offer creditor protection to both the owner of the 529 and the beneficiary. With its simplified tax reports and flexible investment options, it’s possible to fund a college savings with as little as $15 a month.
There is a 10 percent penalty on earnings for distributions that are not used for college costs, but the beneficiary can be changed to another deserving student.
One scenario would be a $100,000 college savings plan grew to $150,000 and $30,000 was needed for the student’s unexpected wedding. Since $20,000 would be considered return of principal, there would only be penalty of $1,000 and a possible $1,500 in taxes due. With a few cuts to the guest list, the wedding could be provided for, college saved for, estate taxes reduced, and everyone in the family could still enjoy the benefits of the longterm plan.
Magor asks participants to write questions to her in advance in preparation for the upcoming workshop on methods of saving for college. Questions can be sent to email@example.com.